Cambricon(688256) 东吴证券·2025-02-26 10:23Investment 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, with a focus on developing artificial intelligence chips and technology innovation. It aims to build a complete ecosystem covering cloud, edge, and terminal scenarios [8]. - The domestic computing power market is expected to experience significant growth, driven by government policy support and increasing enterprise demand. The year 2025 is anticipated to be a pivotal year for computing power procurement [8]. - The company is expected to capture significant market share during the upcoming growth cycle due to its technological advantages and product layout [8]. Summary by Sections 1. Company Overview - The company has rapidly expanded its product matrix and focuses on AI chip development, with a stable shareholding structure and a motivated core management team [11][12]. - Financially, the company is expected to achieve substantial revenue growth in 2024, with projected revenues between 1.07 billion to 1.2 billion yuan, representing a year-on-year increase of 50.8% to 69.2% [11][16]. 2. Domestic Computing Power Market Space - The government has set ambitious targets for computing power infrastructure, 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 projected spending rising from 80 billion yuan in 2024 to 160 billion yuan in 2025, indicating a robust demand for AI computing power [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 are well-suited for various applications [8][36]. - Compared to competitors like NVIDIA and Google TPU, the company has distinct advantages in chip architecture and design, allowing it to effectively support a wide range of AI algorithms [40][41]. 4. Profit 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 (PS) ratios of 292, 91, and 60 [8][20]. - The report highlights the company's potential to benefit from the booming AI industry and the domestic computing power substitution trend, justifying a premium valuation [8].