Cambricon(688256) 东吴证券·2025-04-25 03:23Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown significant revenue contributions from its largest customer, with inventory levels continuing to rise [7] - The company is positioned as a leader in the domestic AI chip market, with expectations of capturing significant market share due to expanding product offerings and ecosystem development [7] - The financial performance for 2024 and Q1 2025 indicates a strong upward trend in revenue and net profit, with substantial growth rates projected for the coming years [7] Financial Summary - Total revenue for 2023 is projected at 709.39 million, with a year-on-year decrease of 2.70%. For 2024, revenue is expected to increase to 1,174.46 million, reflecting a growth of 65.56% [1] - The net profit attributable to the parent company is forecasted to improve from a loss of 848.44 million in 2023 to a loss of 452.34 million in 2024, with a significant turnaround expected in 2025 with a profit of 1,313.01 million [1] - The earnings per share (EPS) is expected to transition from a loss of 2.03 in 2023 to a profit of 3.15 in 2025, indicating a strong recovery trajectory [1] - The company’s gross margin is projected to remain robust, with a slight decrease from 56.71% in 2024 to 54.99% in 2027 [8]