Cambricon(SH:688256) Huachuang Securities·2025-12-12 13:48Investment Rating - The report gives a "Buy" rating for the company, Cambricon Technologies Co., Ltd. (寒武纪-U) [1] Core Insights - Cambricon is a leading player in the domestic AI chip sector, focusing on the development and innovation of AI chips, with a comprehensive product matrix covering cloud, edge, and terminal solutions [6][22] - The company has experienced explosive revenue growth, with a projected revenue increase from 1.17 billion yuan in 2024 to 20.69 billion yuan in 2027, reflecting a compound annual growth rate of 56.4% [2][9] - The AI chip market in China is expected to grow significantly, with projections indicating a market size increase from 142.54 billion yuan in 2024 to 1,336.79 billion yuan by 2029, driven by the demand for AI computing power [6][8] Summary by Sections 1. Strong Research and Technical Background - Cambricon, established in 2016, is recognized as a leading enterprise in the AI chip field, focusing on AI chip research and technology innovation [13] - The company has developed a complete technical system from instruction set architecture to chip design and basic system software, making it one of the few domestic AI computing solution providers with full-stack self-research capabilities [6][20] 2. Explosive Demand in the GPU Market - The global GPU market is undergoing structural changes, with AI, big data, and cloud computing driving a continuous increase in computing power demand [6][44] - The domestic AI chip market is expected to see a compound annual growth rate of 53.7% from 2025 to 2029, with the GPU market share projected to rise from 69.9% in 2024 to 77.3% in 2029 [6][8] 3. Hardware and Software Synergy - Cambricon has iterated its MLUarch microarchitecture to the fifth generation, supporting high-performance computing needs and establishing a strong technical barrier [8][20] - The NeuWare platform enhances software development efficiency, reducing barriers for developers and increasing ecosystem stickiness [8][20] 4. Profitability Forecast - The company is expected to achieve significant revenue growth, with projected revenues of 72.62 billion yuan in 2025, 132.28 billion yuan in 2026, and 206.85 billion yuan in 2027, alongside corresponding net profits of 25.20 billion yuan, 48.97 billion yuan, and 77.99 billion yuan [2][9][22] 5. Investment Logic - The investment logic is based on three dimensions: solidifying technical barriers, explosive demand from AI models driving GPU needs, and strategic positioning to capture domestic replacement opportunities [8][9]