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研報掘金丨浙商證券:寒武紀定增加碼研發 上調至“買入”評級

浙商證券研報指出,寒武紀於6月4日發佈2025年度向特定對象發行A股股票公告,擬投入面向大模型的芯片平臺和軟件平臺研發項目,爲產品持續迭代奠定基礎。公司25Q1單季營收環比增長12.4%,歸母淨利潤環比增長31%,存貨環比增加9.8億元,一季度財務表現已顯露放量增長的積極信號,2025年有望成爲公司全面收穫之年。公司作爲國產AI芯片領軍,着力推進供應渠道多元化,產能瓶頸逐步緩解,一季度財務表現已顯露放量增長的積極信號,2025年有望成爲公司全面收穫之年。該行預計公司25-27 年分別實現收入75.3億、134.6億、205.6億,同比增速爲541%、79%、53%;歸屬母公司股東的淨利潤爲18.3億、28.2億、46.5億。6月23日收盤價對應25-27年PE估值分別爲129、84、51 倍,上調至“買入”評級。

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