Cambricon(688256) 南方都市报·2025-04-21 15:12Core Viewpoint - The company, Cambrian, reported significant revenue growth and profitability in its recent financial statements, indicating a strong market position in the AI chip sector and a successful transition to profitability after previous losses [1][2][5]. Financial Performance - Cambrian achieved a total revenue of 1.174 billion in 2024, representing a year-on-year increase of 65.56% [1][2]. - The company reported a gross profit of 666 million, up 35.77% from the previous year [2]. - In Q1 2025, Cambrian's revenue surged to 1.111 billion, a staggering increase of 4230.22% year-on-year, with a net profit of 355 million, compared to a loss of 227 million in the same period last year [3][4]. Revenue Sources - The majority of Cambrian's revenue in 2024 came from its cloud product line, which generated 1.166 billion, accounting for 99.3% of total revenue [2][3]. - The company primarily generates income through the sale of intelligent chips, boards, and integrated systems [2]. Research and Development - Cambrian invested 1.072 billion in R&D in 2024, which constituted 91.30% of its total revenue, highlighting a strong commitment to innovation [6]. - The company has a research team of 741 members, making up 75.61% of its total workforce, with over 78.95% of R&D personnel holding master's degrees or higher [6]. Market Position and Competition - Cambrian is positioned as a significant player in the AI chip market, especially in light of export restrictions affecting competitors like NVIDIA, which has created opportunities for domestic companies [8][9]. - The company has launched new products, such as the "Siyuan" chip, which competes directly with NVIDIA's offerings [9]. Cash Flow and Financial Health - Despite the positive revenue growth, Cambrian reported a negative cash flow of -1.399 billion in Q1 2025, raising concerns about its financial sustainability given the high R&D expenditure [9].