Cambricon(SH:688256) Minsheng Securities·2025-10-19 10:44Investment Rating - The report maintains a "Recommended" rating for the company [3][5]. Core Insights - The company has demonstrated significant revenue growth, with total revenue for Q3 2025 reaching 1.727 billion yuan, a year-on-year increase of 1332.52%. The net profit attributable to shareholders for the same period was 567 million yuan, showing substantial improvement [1]. - For the first nine months of 2025, the company achieved total revenue of 4.607 billion yuan, a year-on-year increase of 2386.38%, and a net profit of 1.605 billion yuan, indicating strong market expansion and support for AI application implementation [1]. - The company has successfully issued new shares, raising approximately 3.985 billion yuan, which will enhance its competitive strength in the AI chip and software technology sectors [2]. - The company is actively developing new generations of intelligent processor micro-architectures and instruction sets, with expected net profits for 2025-2027 projected at 1.993 billion, 3.563 billion, and 5.047 billion yuan, respectively [3][4]. Financial Performance Summary - For 2025, the company is projected to have total revenue of 6.359 billion yuan, with a growth rate of 441.4%. The net profit is expected to be 1.993 billion yuan, reflecting a growth rate of 540.6% [4][9]. - The earnings per share (EPS) for 2025 is estimated at 4.76 yuan, with a price-to-earnings (PE) ratio of 262 [4][9]. - The company’s total assets are projected to reach 12.864 billion yuan by 2025, with a significant increase in inventory indicating strong supply chain resilience [1][4].