Cambricon(SH:688256) 证券时报·2025-04-20 00:12Core Viewpoint - The impressive performance of Cambricon Technologies in its financial reports indicates a significant growth in the domestic AI chip market, particularly as it capitalizes on the restrictions faced by Nvidia [1][3][4]. Financial Performance - In 2024, Cambricon achieved total revenue of 1.174 billion yuan, representing a year-on-year increase of 65.56% [1][3]. - The company's net loss attributable to shareholders was 452 million yuan, but it turned profitable in the fourth quarter of the same year [1]. - For Q1 2025, Cambricon reported total revenue of 1.111 billion yuan, a staggering year-on-year growth of 4230.22%, with a net profit of 355 million yuan, marking a turnaround from losses [1][3][4]. Revenue Breakdown - The cloud product line accounted for 99.30% of total revenue, showing a growth of 1187.78% compared to the previous year [3]. - The gross margin for Q1 2025 was 55.99%, slightly down from 56.71% in 2024 [3]. Inventory and Supply Chain - Cambricon's inventory increased significantly, with Q1 2025 inventory at 2.755 billion yuan, up over 50% from 1.774 billion yuan at the end of 2024 [4][5]. - The company’s prepaid accounts also rose to 973 million yuan in Q1 2025, indicating active inventory preparation [5]. Market Trends and Future Outlook - Analysts suggest that Cambricon's recent performance may only be the beginning, with expectations of continued growth driven by advancements in AI technology and market expansion [6][7]. - The domestic chip industry is experiencing a shift towards localization, particularly in light of restrictions on certain Nvidia products, which is expected to enhance the competitiveness of domestic alternatives [7]. - The ongoing demand for AI capabilities is anticipated to further boost Cambricon's revenue and profitability in the upcoming quarters [7].