Cambricon Q1 Net Profit Doubles, Sequential Growth Quells Slowdown Concerns
Cambricon (688256) 2026Q1 Performance Analysis
I. Did the performance exceed expectations? — High probability of exceeding expectations
Indicator | 2026Q1 Actual | Institutional Full-Year Forecast (Implied Q1) | Judgment |
|---|---|---|---|
Revenue | 2.885 billion | Full-year consensus expectation 14.673 billion → Implied Q1 about 3.67 billion (by 25% quarterly allocation) | Close to allocation pace |
Net Profit | 1.013 billion | Full-year consensus expectation 4.934 billion → Implied Q1 about 1.23 billion (by 25% allocation) | Close to allocation pace |
YoY Growth Rate | Revenue +159.6%, Net Profit +185% | Full-year consensus expectation Revenue +126%, Net Profit +140% | Q1 growth rate far exceeds full-year expected growth rate ✅ |
Key Comparison - Sequential improvement is the biggest highlight:
Quarter | Revenue | Net Profit | Sequential Change |
|---|---|---|---|
2025Q3 | ~1.73 billion | 567 million | — |
2025Q4 | 1.89 billion | 455 million | Net profit sequential **-19.8%** ⚠️ |
2026Q1 | 2.885 billion | 1.013 billion | Revenue sequential **+52.6%**, Net profit sequential **+122.6%** ✅✅ |
Previously,
市场有风险，内容仅供研究参考，不构成投资建议。