Cambricon(SH:688256) Changjiang Securities·2025-09-03 13:45Investment Rating - The investment rating for the company is "Buy" and is maintained [6] Core Insights - The company reported a total revenue of 2.881 billion yuan for the first half of 2025, representing a year-on-year increase of 4347.82%, and a net profit attributable to shareholders of 1.038 billion yuan, up 295.82% year-on-year. The strong growth is attributed to robust downstream demand in the AI computing industry and the company's strong product capabilities, with net profit exceeding market expectations [2][4][10] - The company has entered a performance explosion phase, with significant improvements in net profit margin due to scale effects. The net profit margin reached a historical high of 38.57% in Q2 2025 [10] Summary by Sections Financial Performance - For the first half of 2025, the company achieved a net cash flow from operating activities of 911 million yuan, a significant turnaround from a negative 631 million yuan in the same period last year. In Q2 2025, the company reported total revenue of 1.769 billion yuan, a year-on-year increase of 4425.01% and a quarter-on-quarter increase of 59.19%, with a net profit of 683 million yuan, up 324.97% year-on-year and 92.03% quarter-on-quarter [4][10] Market Dynamics - The AI computing chip industry is experiencing a transformation driven by large model technology, leading to a rapid increase in demand for high-end computing chips globally, including in China. The domestic market is seeing accelerated replacement of imported AI chips due to U.S. export controls [10] Product and Operational Insights - The company has seen a significant increase in contract liabilities, which rose to 543 million yuan, reflecting a supply-demand imbalance. The company’s inventory remained stable, indicating a continuous increase in supply to support future performance growth [10] - The company is currently developing a new generation of AI chip microarchitecture and instruction sets, continuously optimizing its foundational software platform, which positions it well for sustained high growth in the AI industry [10]