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研报掘金丨华福证券：首予寒武纪“买入”评级，在AI蓬勃发展的趋势下有望持续受益

Research Nuggets丨Huafu Securities: First Cambrian “buy” rating, which is expected to continue to benefit under the booming trend of AI

Gelonghui Finance ·  May 21 03:23

According to the Huafu Securities Research Report, AI computing power is a top priority for domestic production, and there is broad scope for future development. As a domestic AI chip leader, Cambrian (688256.SH) is expected to continue to benefit from the gradual construction of product advantages. Furthermore, the domestic policy side continues to provide policy support, and the company is expected to receive more orders in domestic intelligent computing construction to support the company's rapid growth. The bank believes that the company, as the target of scarce domestic AI chips, is expected to benefit from the booming development of the AI industry and the dual logic of replacing domestic computing power, so it can enjoy a certain valuation premium. The company is expected to achieve revenue of 12.99/20.17/3.06 billion yuan in 2024-2026, corresponding to the current PS valuation 63/40/25 times. First coverage, giving a “buy” rating.

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