Cambricon(SH:688256) Guoxin Securities·2025-06-16 14:16Investment Rating - The investment rating for the company is "Outperform the Market" [6] Core Views - The company has shown significant revenue growth driven by the booming demand for AI applications, with a revenue increase of 4230.22% year-on-year in Q1 2025, reaching 1.111 billion yuan [1] - The company is actively stocking up to meet strong downstream demand, which is expected to support future order deliveries [1][4] - The cloud product line has become the core driver of revenue growth, achieving a revenue of 1.166 billion yuan in 2024, a year-on-year increase of 1187.78% [2][12] - The company is positioned as a leading player in the domestic AI chip market, leveraging its proprietary technology and software platform [10][29] Summary by Sections Financial Performance - In Q1 2025, the company achieved a revenue of 1.111 billion yuan and a net profit of 355 million yuan, marking a turnaround from losses [1] - For 2024, the company reported a revenue of 1.174 billion yuan, a year-on-year increase of 65.56%, with a net loss of 452 million yuan [2][5] - The company expects revenues to grow to 5.024 billion yuan in 2025, with net profits projected at 1.119 billion yuan [4][33] Product and Market Development - The company’s products are widely recognized across various industries, including internet, finance, and transportation, contributing to its revenue growth [3][12] - The cloud product line accounted for 99.31% of total revenue in 2024, indicating its dominance in the company's product portfolio [12][26] - The company is continuously updating its software ecosystem to support its hardware products, enhancing its competitive edge [3][10] Future Outlook - The company anticipates significant revenue growth in the coming years, with projections of 50.24 billion yuan in 2025, 72.81 billion yuan in 2026, and 101.9 billion yuan in 2027 [4][33] - The gross margin is expected to remain stable at around 56% over the next three years [33][34] - The company is focusing on maintaining high R&D investment, which reached 12.16 billion yuan in 2024, accounting for 103.5% of total revenue [5][26]