The "Chinese Nvidia" that has been struggling with losses for years is anticipated to achieve profitability in a single quarter.

Considered the "Chinese Nvidia", Camtek's market value once reached RMB30bn. On the evening of January 14, Camtek released its full-year 2024 performance forecast, expecting a more than 50% year-on-year increase in revenue and a significant narrowing of its net loss.

Camtek expects its revenue in 2024 to be RMB1.07bn-RMB1.2bn, up 50.83%-69.16% YoY; its net loss attributable to parent will be RMB396mn-RMB484mn, a narrowing of 42.95%-53.33% YoY.

Camtek said that it continued to expand its market and actively helped the application of artificial intelligence in 2024, leading to a significant increase in revenue compared with the same period last year.

Camtek expects to remain in the red in 2024 but with a significantly narrowed loss. After its 2024 Q3 report, many investors judged from its inventory and prepayments that the company was increasing its inventory and expected to turn profitable in 2025.

Only looking at Camtek's performance in Q4 2024, it may be a very important milestone. According to this performance forecast, Camtek's revenue in Q4 2024 may reach RMB885mn-RMB1.015bn, up 57%-80% YoY; its net profit attributable to parent may reach RMB240mn-RMB328mn, turning profitable.

It is noteworthy that since 2025, Camtek's stock price has climbed steadily, with its total market value once topping RMB30bn, jumping to the third largest on the Sci-tech Innovation Board, only behind China's Semiconductor International and Hai Guang Information.

Camtek was founded in 2016 and listed on the Sci-tech Innovation Board in July 2020. It has yet to turn profitable. Its net loss attributable to parent was RMB435mn in 2020, RMB825mn in 2021, RMB1.257bn in 2022 and RMB848mn in 2023. In the first three quarters of 2024, its revenue was RMB185mn, up 27.09% YoY; its net loss attributable to parent was RMB724mn.

It is noteworthy that more AI chip unicorns are preparing for IPOs since 2024. For example, Moore's Law Technology, founded by Zhang Jianzhong, former global vice president and China general manager of Nvidia, has already started its A-share IPO process by filing for guidance with the Beijing Securities Regulatory Commission in November 2024. In August 2024, Spark Technology also disclosed that it completed the guidance filing for its IPO, with its founder Zhaoli Dong and co-founder Zhang Yalin having worked at AMD for many years. In September 2024, Biren Technology also disclosed that it filed for guidance with the Shanghai Securities Regulatory Commission, starting its IPO process.