Cambricon(SH:688256) GUOTAI HAITONG SECURITIES·2025-09-09 03:40Investment Rating - The report maintains an "Accumulate" rating with a target price of 1674.00 CNY [5][11] Core Views - The company is a leading player in the domestic AI chip market, with expectations for continued high growth driven by increasing demand from domestic CSP manufacturers and accelerated AI chip deployment [2][11] - The company reported significant year-on-year revenue growth of 4347.8% in H1 2025, achieving revenue of 2.88 billion CNY, compared to only 0.06 billion CNY in the same period of 2024 [11] - The report highlights the company's ongoing product iteration and advanced 7nm process technology, which enhances product performance across its AI core scenarios [11] Financial Summary - Revenue projections show a substantial increase from 709 million CNY in 2023 to 11.66 billion CNY by 2027, with a compound annual growth rate (CAGR) of 506.5% from 2024 to 2025 [4][12] - The net profit (attributable to the parent company) is expected to turn positive in 2025, reaching 2.11 billion CNY, up from a loss of 848 million CNY in 2023 [4][12] - The gross margin is projected to be 55.9% in H1 2025, indicating a slight decrease compared to previous periods [11] Market Data - The company's market capitalization is approximately 507.37 billion CNY, with a 52-week stock price range of 208.87 to 1587.91 CNY [6][11] - The company has a total share capital of 418 million shares, all of which are A-shares [6] Product and Technology Development - The company has developed a comprehensive product ecosystem covering cloud, edge, and terminal applications, addressing diverse AI training and inference needs [11] - The product line includes the Siyuan series of intelligent chips and boards, as well as the Xuansi series of intelligent machines, which are widely used in data centers and cloud server scenarios [11]