研報掘金丨廣發證券:維持寒武紀“買入”評級,目標價713.98元
廣發證券研報指出,寒武紀(688256.SH)24年營收大幅增長,供給和需求都呈現良好的改善趨勢。2024年,公司營收預計同比增加50.8%至69.2%;單季度來看,24Q4,公司營收預計同比增加57.0%至80.0%。在供給和需求都呈現出良好改善的趨勢下,公司整體營收實現快速增長,結合24Q3財報,符合產業週期規律。2024年,公司與互聯網、大模型頭部客户合作進展順利的情況下,預計2025年公司的AI芯片向互聯網等商業客户的銷售規模有望上台階。綜合考慮公司行業地位、競爭優勢、下游需求前景以及獨立第三方平台的稀缺性等因素,參考可比公司估值,給予公司25年85倍PS,對應合理價值713.98元/股,維持“買入”評級。
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