Cambricon(SH:688256) Western Securities·2025-08-29 08:33Investment Rating - The investment rating for the company is "Buy" [5] Core Views - The company achieved a revenue of 2.881 billion yuan and a net profit of 1.038 billion yuan in the first half of 2025, with a significant quarter-on-quarter revenue growth of 59% in Q2 2025 [1][5] - The company is experiencing a high elasticity of profit due to relatively rigid costs and stable gross margins, with R&D expenses slightly decreasing by 1.2% in Q2 2025 [1][2] - The company is actively iterating its hardware and software to enhance competitiveness in the generative AI inference market, which is expected to expand its market share following the commercialization of new products [2] Financial Summary - Revenue projections for 2025-2027 are 6.890 billion yuan, 11.570 billion yuan, and 17.352 billion yuan, representing year-on-year growth rates of 486.7%, 67.9%, and 50.0% respectively [3] - The net profit for 2025 is projected to be 1.595 billion yuan, with a growth rate of 452.7% [3] - The earnings per share (EPS) is expected to reach 3.81 yuan in 2025, with a price-to-earnings (P/E) ratio of 416.4 [3]