Cambricon(SH:688256) Guoxin Securities·2025-10-21 06:08Investment Rating - The investment rating for the company is "Outperform the Market" [6] Core Views - The company reported a significant revenue growth of 2386.38% year-on-year for the first three quarters, achieving a revenue of 4.607 billion yuan and a net profit of 1.605 billion yuan, marking a turnaround from a loss of 724 million yuan in the same period last year [1] - The company expects a revenue range of 5 to 7 billion yuan for the year 2025, supported by continuous inventory growth to ensure future deliveries [2] - The successful completion of a private placement raised 3.985 billion yuan, with funds allocated for the development of new platforms, including a chip platform for large models and a software platform [3] - The company is well-positioned to meet the growing demand in the AI industry, with an upward revision of revenue forecasts for 2025-2027 to 6.773 billion, 12.185 billion, and 20.1 billion yuan respectively [4] Summary by Sections Financial Performance - For the first three quarters, the company achieved a revenue of 4.607 billion yuan, with a net profit of 1.605 billion yuan, compared to a loss of 724 million yuan in the previous year [1] - The gross margin for the first three quarters was 55.29%, with a net margin of 34.81% [2] - The company’s inventory reached 3.729 billion yuan by the end of the third quarter, an increase of approximately 1.04 billion yuan from the previous quarter [2] Future Projections - The company forecasts a revenue of 5 to 7 billion yuan for 2025, with a significant increase in revenue expected in the following years [2] - Revenue projections for 2025-2027 have been revised to 6.773 billion, 12.185 billion, and 20.1 billion yuan, reflecting a growth rate of 476.7%, 79.9%, and 65.0% respectively [4][12] Investment and Development - The company completed a private placement, raising 3.985 billion yuan, with 2.054 billion yuan allocated for chip platform projects and 1.452 billion yuan for software platform projects [3] - The company has launched the DeepSeek-V3.2-Exp, achieving Day 0 adaptation and optimizing performance through advanced development techniques [3] Profitability Forecast - The company is expected to achieve a net profit of 2.09 billion yuan in 2025, with significant growth projected in subsequent years [14] - The earnings per share (EPS) is projected to reach 5.00 yuan in 2025, increasing to 20.41 yuan by 2027 [5][16]