Guangfa Securities: Maintains a "buy" rating on Hanwu Ji, with a significant increase in inventory in the fourth quarter of 25.

Guangfa Securities research report pointed out that in the 25 years of Cambrian, the revenue reached 6.5 billion yuan, an increase of 453.2% year-on-year, compared to 1.12 billion yuan in the same period last year; the net profit attributable to the mother was 2.06 billion yuan, compared to -450 million yuan in the same period last year. With the significant increase in revenue in the past 25 years and the smooth progress in cooperation with top Internet clients, it is expected that the company's AI chip sales to commercial clients such as the Internet in 2026 may see a breakthrough. In Q4 of the 25th year, the company's inventory increased significantly by 1.21 billion yuan, reflecting not only the company's optimistic expectations for product delivery in subsequent quarters, but also enhancing the sustainability and certainty of high revenue growth in subsequent quarters. As the company's industry chain position and technological competitiveness gradually gain market consensus, the company's long-term premium outlook is expected to be further highlighted. Taking into account the company's industry position, competitive advantages, downstream demand prospects, and the scarcity of independent third-party platforms, and referring to valuation of comparable companies, the judgment maintains a reasonable value of 1367.31 yuan per share for the company, maintaining a "buy" rating.