寒武纪：寒武破晓，算力腾飞-20250226

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [8]. Core Views - The company is positioned as a leader in the AI chip sector in China, focusing on the development and innovation of artificial intelligence chips, with a product matrix covering cloud, edge, and terminal scenarios [8][11]. - The domestic computing power market is expected to experience significant growth, driven by government policies and increasing enterprise demand, with 2025 anticipated to be a pivotal year for procurement [8][27]. - The company is expected to achieve substantial revenue growth, with projected revenues of 10.7-12.0 billion yuan in 2024, representing a year-on-year increase of 50.8% to 69.2% [8][16]. Summary by Sections 1. Company Overview - The company has rapidly expanded its product matrix and focuses on AI chip development, aiming to create a core processor chip for the AI field [11]. - The ownership structure is stable, with the controlling shareholder holding 28.63% of the shares, and the management team is incentivized to drive long-term growth [12][13]. 2. Market Potential for Domestic Computing Power - The government has set ambitious targets for computing power, with plans to build 105 EFlops of intelligent computing power by 2025 [27][29]. - Major internet companies are significantly increasing their capital expenditures, with ByteDance's CapEx projected to rise from 80 billion yuan in 2024 to 160 billion yuan in 2025, indicating a robust demand for AI infrastructure [32]. 3. Competitive Position - The company is leading the domestic computing power landscape by developing general-purpose AI chips that offer high performance and low power consumption, which is advantageous compared to competitors [8][36]. - The company’s product iterations, such as the MLU370-X8 training accelerator card, are expected to enhance its market position as a pioneer in domestic computing power [41][43]. 4. Financial Forecast and Investment Recommendations - The company is projected to achieve revenues of 11.16 billion yuan in 2024, 35.88 billion yuan in 2025, and 54.12 billion yuan in 2026, with corresponding price-to-sales (P/S) ratios of 292, 91, and 60 [8][20]. - The report highlights the potential for valuation premiums due to the company's unique position in the rapidly growing AI chip market [8].