寒武纪（688256）：时代的主角，利润率大超预期

Investment Rating - The report maintains a "Buy" rating for the company [4][6] Core Views - The company has demonstrated exceptional revenue and profit growth, with a revenue of 2.881 billion and a net profit of 1.038 billion in H1 2025, reflecting year-on-year increases of 4348% and 296% respectively [1] - The company is expected to benefit from the ongoing AI wave and the increase in domestic chip production, leading to strong demand for computing power [3] - The financial indicators are promising, with a stable gross margin of 55.88% in Q2 2025 and a significant increase in contract liabilities, indicating robust future revenue growth [2] Financial Performance - In H1 2025, the company achieved a revenue of 28.81 billion (up 4348% YoY) and a net profit of 10.38 billion (up 296% YoY) [1] - Q2 2025 saw a revenue of 17.69 billion (up 4425% YoY) and a net profit of 6.83 billion (up 325% YoY) [1] - The gross margin for Q2 2025 was 55.88%, showing stability despite a slight decrease from Q1 [2] - Cash flow was strong, with operating cash inflow of 23.11 billion in Q2 2025 [2] Future Projections - Revenue projections for 2025-2027 are 85.22 billion, 170.36 billion, and 255.50 billion respectively, with net profits expected to reach 29.12 billion, 59.55 billion, and 91.53 billion [4] - The report anticipates a significant increase in the company's market position, similar to the rise of Dongfang Fortune during the previous internet wave [4]