Cambricon(688256) 德邦证券·2024-11-03 03:23Investment Rating - Maintain "Buy" rating for Cambricon (688256 SH) [1] Core Views - Cambricon's revenue in the first three quarters of 2024 reached 190 million yuan, a YoY increase of 27 1%, indicating a recovery in market expansion despite being on the "entity list" [2] - The company's gross margin in Q3 2024 was 51 2%, a QoQ decline of 14 9 percentage points, primarily due to procurement costs [3] - Cambricon's R&D expenses for the first three quarters of 2024 were 660 million yuan, reflecting continued high investment in innovation [4] - The company is expected to achieve revenues of 1 476 billion yuan, 3 491 billion yuan, and 5 003 billion yuan in 2024, 2025, and 2026, respectively, with net profits of -748 million yuan, -55 million yuan, and 504 million yuan [5] Financial Performance - In Q3 2024, Cambricon achieved revenue of 120 million yuan, a QoQ increase of 208 3%, and a net loss of 190 million yuan, a QoQ reduction of 110 million yuan [3] - Prepaid accounts and inventory increased significantly, with prepaid accounts reaching 850 million yuan and inventory reaching 1 02 billion yuan at the end of Q3 2024, indicating active preparation for future deliveries [3] - The company's R&D team consists of 727 members, with 78 82% holding master's degrees or higher, supporting its technological innovation [4] Industry and Market Performance - Cambricon operates in the electronics/semiconductor industry, with its stock price showing significant growth, including a 380% increase in market performance [1] - The company's absolute and relative stock price increases were 84 77% and 79 76%, respectively, compared to the CSI 300 index [1] Strategic Adjustments - Cambricon is developing a new generation of intelligent processor microarchitecture and instruction sets, focusing on optimizing scenarios such as natural language processing, video image generation, and recommendation systems [4] - The company has adjusted its R&D strategy by suspending projects with lower expected gross margins, which is expected to alleviate financial pressure in the short term and improve profitability in the long term [4]