{
  "market": "美股",
  "company": {
    "full_name": "Cerebras Systems Inc.",
    "code": "CBRS",
    "board": "纳斯达克",
    "sponsor": "待公布",
    "accounting_firm": "待公布",
    "business": "AI芯片和AI推理平台，提供高性能AI计算硬件（WSE-3晶圆级引擎）和云推理服务",
    "industry": "半导体/AI芯片"
  },
  "financials": {
    "revenue_2024_usd_k": 290252,
    "revenue_2025_usd_k": 509991,
    "revenue_hardware_2024": 211965,
    "revenue_hardware_2025": 358440,
    "revenue_cloud_2024": 78287,
    "revenue_cloud_2025": 151551,
    "cost_of_revenue_2024": 167514,
    "cost_of_revenue_2025": 310920,
    "gross_profit_2024": 122738,
    "gross_profit_2025": 199071,
    "gross_margin_2024": 42.3,
    "gross_margin_2025": 39.0,
    "rd_expense_2024": 158234,
    "rd_expense_2025": 243319,
    "sales_expense_2024": 20980,
    "sales_expense_2025": 70645,
    "admin_expense_2024": 44962,
    "admin_expense_2025": 30969,
    "operating_loss_2024": -101438,
    "operating_loss_2025": -145862,
    "other_income_2024": -378237,
    "other_income_2025": 390746,
    "net_income_2024": -481602,
    "net_income_2025": 237827,
    "cash_2025": 701706,
    "total_assets_2025": 2326037,
    "total_liabilities_2025": 971344,
    "equity_2025": -578655,
    "working_capital_2025": 824106
  },
  "segments": [
    {
      "name": "AI芯片硬件 (Hardware)",
      "revenue_usd_k": 358440,
      "pct": 70.3,
      "yoy": 69.1
    },
    {
      "name": "云推理服务 (Cloud)",
      "revenue_usd_k": 151551,
      "pct": 29.7,
      "yoy": 93.6
    }
  ],
  "issue_info": {
    "issue_price": 155.0,
    "issue_shares": 30000000,
    "ipo_date": "待公布",
    "industry_pe_median": 64.18,
    "industry_pe_source": "腾讯行情可比公司中位数"
  },
  "risks": [
    "高度依赖少数大客户（G42占2024年收入83%）",
    "持续亏损，仅2025年因其他收入转正",
    "面临NVIDIA、AMD等巨头激烈竞争",
    "美国对华出口管制可能影响业务",
    "股权结构复杂，IPO前有赎回型优先股"
  ],
  "_meta": {
    "source": "SEC EDGAR S-1/A (2026-05-11)",
    "extraction_date": "2026-06-06",
    "audit_passed": false
  },
  "peer_comparison": {
    "NVIDIA": {
      "code": "NVDA",
      "pe": 31.41,
      "pb": 6.53,
      "price": 205.1,
      "mv_billion": 4967.7
    },
    "AMD": {
      "code": "AMD",
      "pe": 152.91,
      "pb": 3.05,
      "price": 466.38,
      "mv_billion": 760.5
    },
    "Intel": {
      "code": "INTC",
      "pe": -165.28,
      "pb": -0.6,
      "price": 99.17,
      "mv_billion": 498.4
    },
    "Qualcomm": {
      "code": "QCOM",
      "pe": 23.22,
      "pb": 9.3,
      "price": 215.94,
      "mv_billion": 227.6
    },
    "Broadcom": {
      "code": "AVGO",
      "pe": 64.18,
      "pb": 6.01,
      "price": 385.73,
      "mv_billion": 1826.3
    },
    "Marvell": {
      "code": "MRVL",
      "pe": 90.54,
      "pb": 2.91,
      "price": 263.47,
      "mv_billion": 230.0
    },
    "TSMC": {
      "code": "TSM",
      "pe": 36.08,
      "pb": 11.51,
      "price": 415.17,
      "mv_billion": 2000.0
    }
  }
}