寒武纪-U（688256.SH）2025 年业绩预告点评 国产算力龙头迎来重要业绩拐点 glmszqdatemark 2026 年 02 月 01 日 分析师：吕伟 分析师：方竞 执业证书：S0590525110033 执业证书：S0590525120003 推荐 维持评级 当前价格： 1,258.89 元 相对走势 -10% 57% 123% 190% 2025/2 2025/8 2026/1 寒武纪-U 沪深300 相关研究 本公司具备证券投资咨询业务资格，请务必阅读最后一页免责声明 证券研究报告 1 [Table_Author] 分析师：郭新宇 执业证书：S0590525110034 邮箱：guoxinyu@glms.com.cn 邮箱：lvwei_yj@glms.com.cn 邮箱：fangjing@glms.com.cn 事件概述：2026 年 1 月 30 日，公司发布 2025 年度业绩预告，预计营收 60 亿 元-70 亿元，同比增 410.87%-496.02%；归母净利润 18.5 亿元-21.5 亿元，实 现扭亏为盈；扣非归母净利润 16 亿元-19 亿元。 业绩大幅增长，收入有望达到预 ...

寒武纪-U（688256.SH）2025 年业绩预告点评 国产算力龙头迎来重要业绩拐点 glmszqdatemark 2026 年 02 月 01 日 分析师：吕伟 分析师：方竞 执业证书：S0590525110033 执业证书：S0590525120003 推荐 维持评级 当前价格： 1,258.89 元 相对走势 -10% 57% 123% 190% 2025/2 2025/8 2026/1 寒武纪-U 沪深300 相关研究 本公司具备证券投资咨询业务资格，请务必阅读最后一页免责声明 证券研究报告 1 [Table_Author] 分析师：郭新宇 执业证书：S0590525110034 邮箱：guoxinyu@glms.com.cn 邮箱：lvwei_yj@glms.com.cn 邮箱：fangjing@glms.com.cn 事件概述：2026 年 1 月 30 日，公司发布 2025 年度业绩预告，预计营收 60 亿 元-70 亿元，同比增 410.87%-496.02%；归母净利润 18.5 亿元-21.5 亿元，实 现扭亏为盈；扣非归母净利润 16 亿元-19 亿元。 业绩大幅增长，收入有望达到预 ...

Suspension and Resumption of Trading - Fenglong Co., Ltd. has completed the suspension review and resumed trading, with UBTECH committing not to inject assets within 36 months [1] - Jiamei Packaging has also completed the suspension review and resumed trading [1] - Jihua Group's controlling shareholder is planning a change in control, leading to stock suspension [2] - Minexplosion Optoelectronics intends to acquire 51% of Xiamen Xizhi Precision Technology Co., Ltd. in cash, and has resumed trading. Xizhi focuses on the R&D, production, and sales of micro-drilling needles, deepening its core consumables in PCB manufacturing [2] External Investments and Daily Operations - Jerry Holdings has signed a sales contract for gas turbine generator sets for a U.S. data center worth 1.265 billion yuan [3] - Liyang Chip plans to raise no more than 970 million yuan through a private placement for integrated circuit testing projects [4] - Aoshikang intends to invest 1.82 billion yuan in a high-end printed circuit board project, which will achieve an annual production capacity of 840,000 square meters of high multilayer boards and HDI boards upon completion [4] - Huayou Cobalt plans to collaborate on building an integrated battery industry chain project in Indonesia [5] - Parker New Materials aims to raise no more than 1.58 billion yuan for key components of high-end energy equipment and integrated intelligent manufacturing projects [6] - Seres reported January automobile sales of 45,900 units, a year-on-year increase of 104.85% [7] Performance Changes - Zhongji Xuchuang expects a net profit of 9.8 billion to 11.8 billion yuan in 2025, representing a year-on-year growth of 89.50% to 128.17%, with a continuous increase in the proportion of high-speed optical modules [8] - Xinyi Sheng anticipates a net profit of 9.4 billion to 9.9 billion yuan in 2025, a year-on-year increase of 231.24% to 248.86%, benefiting from sustained growth in computing power investment and rapid demand for high-speed products [8] - Cambrian expects a net profit of 1.85 billion to 2.15 billion yuan in 2025, turning profitable year-on-year [9] - Guoxuan High-Tech forecasts a net profit of 2.5 billion to 3 billion yuan in 2025, a year-on-year increase of 107.16% to 148.59%, driven by rapid growth in demand for new energy vehicles and energy storage [9] - Lio Co., Ltd. expects a net profit of 190 million to 250 million yuan in 2025, turning profitable year-on-year [10] - HNA Holding anticipates a net profit of 1.8 billion to 2.2 billion yuan in 2025, turning profitable year-on-year [11] - *ST Songfa expects a net profit of 2.4 billion to 2.7 billion yuan in 2025, turning profitable year-on-year [12] - China International Capital Corporation forecasts a net profit of 8.542 billion to 10.535 billion yuan in 2025, an increase of 50% to 85% year-on-year, driven by steady growth in core business segments [12] - Shandong Gold expects a net profit of 4.6 billion to 4.9 billion yuan in 2025, an increase of 56% to 66% year-on-year, mainly due to optimized production layout and rising gold prices [12] - Obsidian expects a net profit of 123 million yuan in 2025, turning profitable year-on-year, focusing on niche industry demands and product development [12][13]

浪指站稳4100点 基式在蔡主力资金青睐 34.34 25.95 11.97% 主要清污 16.23 6.33% 15.03% 3.76% 6.46 0.61 4.47% 创业板指 科创综指 北证50指数 上订品器 深证成指 天普股份 234.08% 志特新材 -44.16% 锋龙股份 荣科科技 -36.80% 213.97% 图 图计派制 湖南白银 森廣窗业 -34.59% 175.14% 图 婴计致电 普串股份 平潭发展 -32.79% 140.55% 四川黄金 海南发展 -30.45% 137.54% 东珠生态 -29.25% 133.68% 白银有色 华夏幸福 -28.77% 133.33% 通源石油 连城数控 130.47% 思林 态 -28.67% 恒合股份 122.33% 晓程科技 -28.18% 118.92% 可川科技 锦好医疗 -27.85% 34.35 25.45 24.02 21.36 21.15 20.86 18.19 17.56 16.21 14.94 E 37 16 漫 派 指 70 北 न्न bod 美 T දිණ 方 华 宿科 东方 的集 商银 造长 商 l 米 武 净流) ...

一图速览>> ( 指数 涨跌幅 深证成指 上证指数 234.08% 志特新 4 = 03 : 1 锋龙股 213.97% 累计涨幅 175.14% 湖南白 累计跌幅 普冉 股 140.55% 四川黄 137.54% 133.68% 白银有 133.33% 遛源石 连城数 130.47% 122.33% 膀程科 118.92% 可川科 一图速览>> E = 7 分分 浄流） (亿元) 净流出 (亿元) 34.35 25.45 24.02 21.36 . . . . . 兴 北 招 獸 商 小 方 华 武 银 银 纪 创 行 行 180.43 139.91 139.37121.42 立 胜 三花 金 坛 讯 风 矢 业生 手机 手 14 个十 自 个月 控 技 技 容 82.05 相关会会 54.34 33.61 31.81 净流入 (亿元) 彩 招 中 大 子 金 商 E न्त 遛 银 矿 安 业 信 行 国后 中际旭创 62 649.00 股价市值 源杰科技 最新收盘价 823.00 7 (元/股) 寒武纪 MACD金叉信号形成，这些股涨势不错！ 责任编辑：江钰涵 all and the see and t ...

Investment Rating - The industry investment rating is "Positive" and maintained [9] Core Views - The report highlights a continued price increase trend in the AI infrastructure supply chain, suggesting that multiple segments such as CPU and cloud services may experience simultaneous volume and price growth, benefiting related industries [8][58] - The report recommends focusing on the domestic computing power supply chain, particularly leading companies in computing chips like Cambricon and Haiguang Information, as well as domestic CPU, cloud, and AI infrastructure suppliers [8][58] Summary by Sections Market Performance - Last week, the computer sector rebounded slightly, with an overall decline of 0.25%, ranking 27th among major industries in the Yangtze River region, and accounting for 7.08% of total market turnover [2][18] Key Recommendations - The report emphasizes the importance of the domestic basic resource supply chain, particularly in light of ongoing price increases that are expected to benefit various segments, including computing chips and cloud services [8][58] Notable Developments - Recent updates include the IPO progress of three companies in the commercial aerospace sector, and announcements from Elon Musk regarding the Optimus humanoid robot, which is expected to be available to the public by the end of 2027 [2][23][29] - The report also notes that the full version of Tesla's FSD (Full Self-Driving) may receive regulatory approval soon, which could accelerate investment opportunities in the smart driving industry [37][41]

Group 1 - The core viewpoint of the article highlights significant advancements in various technology sectors, including laser communication, semiconductor production, commercial aerospace, battery supply contracts, and LNG transportation [2][3][5]. Group 2 - China's space-ground laser communication has achieved a new milestone with a communication speed of 120 Gbps, marking a significant improvement from previous benchmarks of 10 Gbps in 2023 and 60 Gbps in 2025 [2]. - The shipment of the PPU chip by Alibaba's subsidiary, PingTouGe, has reached several hundred thousand units, surpassing the output of Cambricon, positioning it as a leader among domestic GPU manufacturers [2]. - The first commercial aerospace industry park in Shenzhen has been inaugurated, with the company Galactic Glory focusing on the research, manufacturing, and launch services of rockets and related products [2]. - Samsung SDI's U.S. subsidiary has secured a battery supply contract, likely related to Tesla's energy storage systems, although specific details remain confidential [2]. - The delivery of the "Tianshan" LNG carrier, featuring advanced dual-fuel propulsion technology, has been completed, with significant reductions in carbon emissions compared to traditional fuel systems [2].

Group 1 - The nomination of Kevin Warsh as the next Federal Reserve Chairman by President Trump has sparked hawkish expectations, leading to a significant sell-off in the global precious metals market, with silver dropping over 35% and gold nearly 13% [3][5] - The Federal Reserve's policy framework may see a notable shift if Warsh assumes leadership, as Deutsche Bank suggests a unique combination of "rate cuts and balance sheet reduction" could emerge under his guidance [3] - The U.S. Treasury Department reported a projected decline in national fiscal revenue for 2025, with total revenue expected to be 21.6 trillion yuan, a decrease of 1.7% year-on-year [4] Group 2 - The World Trade Organization ruled that U.S. clean energy subsidy measures violate WTO rules in the dispute initiated by China regarding the Inflation Reduction Act [4] - The China-UK economic relationship is set to deepen with the signing of four economic cooperation documents, focusing on "Export to China" initiatives and service trade agreements [4] - The Panama Supreme Court ruled that the contract for the operation of ports along the Panama Canal held by CK Hutchison is invalid, prompting a response from the Chinese government to protect its legitimate rights [4] Group 3 - The China Securities Regulatory Commission (CSRC) is working to enhance the attractiveness and flexibility of refinancing systems to support the capital market's stable growth [6] - The A-share market experienced a decline, with the Shanghai Composite Index falling by 0.96% and significant sell-offs in gold stocks [6] - The CSRC is revising the registration management measures for listed companies to clarify the types of strategic investors and enforce a minimum holding requirement of 5% [6] Group 4 - The regulatory body has issued new guidelines for fund sales and marketing practices, prohibiting collaborations with unqualified internet influencers and requiring the removal of misleading features from fund platforms [7] - The Hong Kong Securities and Futures Commission is addressing issues related to the surge in IPO applications expected in 2025, highlighting deficiencies in the preparation of listing documents [8] - The Shanghai Stock Exchange is monitoring stocks with abnormal fluctuations and has reported several cases of suspected violations to the CSRC [8]

Core Viewpoint - The leading domestic AI chip company, Cambricon, has reported a significant turnaround in its financial performance for the year 2025, achieving substantial revenue growth and profitability for the first time in its history [1][4]. Financial Performance - Cambricon is expected to achieve an operating revenue of between 6 billion to 7 billion yuan in 2025, representing an increase of 4.826 billion to 5.826 billion yuan compared to 1.174 billion yuan in 2024, with a year-on-year growth rate of 410.87% to 496.02% [4]. - The net profit attributable to the parent company is projected to be between 1.85 billion to 2.15 billion yuan, a significant recovery from a net loss of 0.452 billion yuan in 2024 [4]. - The net profit after deducting non-recurring gains and losses is expected to reach between 1.6 billion to 1.9 billion yuan, indicating strong core business competitiveness [4]. - In Q1 2025, the company reported a revenue increase of 4230.22% year-on-year, with both net profit and net profit excluding non-recurring items turning positive, setting a solid foundation for the annual performance [4]. - By the end of Q3 2025, cumulative revenue reached 4.607 billion yuan, a year-on-year increase of 2386.38%, with net profit of 1.605 billion yuan, nearing the lower limit of the annual forecast [4]. Growth Drivers - The substantial growth and turnaround in profitability are primarily attributed to the continuous rise in demand for computing power in the AI industry, alongside the company's focus on research and development in AI chip products and technological innovation [5][6]. - Cambricon has established a comprehensive product system covering cloud, edge, and end devices, meeting various AI computing needs across different scales [6]. - The company’s core products, such as the Siyuan 590 and Siyuan 370, have become mainstream market choices, while the edge product Siyuan 220 has also seen significant growth [6]. Industry Context - The remarkable performance of Cambricon reflects broader opportunities within the domestic AI chip industry, driven by the explosive demand for AI computing power and the acceleration of domestic substitution processes [7]. - The Chinese AI chip market is experiencing rapid growth, with increasing space for domestic alternatives, positioning Cambricon favorably to capitalize on these industry trends [7].

Market Overview - US stock indices closed lower, with the Dow Jones down 0.36%, Nasdaq down 0.94%, and S&P 500 down 0.43%. Tech stocks fell broadly, with AMD down over 6% and Intel down over 4% [1] - International oil prices saw slight increases, with WTI crude up 0.49% at $65.74 per barrel and Brent crude up 0.33% at $69.82 per barrel [1] - International precious metals experienced significant declines, with spot gold dropping 9.25% to $4880.03 per ounce and spot silver down 26.42% to $85.26 per ounce [1] European Market - Major European stock indices closed higher, with Germany's DAX up 0.89% at 24526.14 points, France's CAC40 up 0.68% at 8126.53 points, and the UK's FTSE 100 up 0.51% at 10223.54 points [2] Chinese Economic Policies - The Ministry of Commerce announced the signing of multiple cooperation documents between China and the UK during the visit of UK Prime Minister Starmer, aiming to deepen economic relations [3] - The Ministry of Commerce welcomed the WTO ruling against the US regarding the Inflation Reduction Act, stating that the US's clean energy subsidies violate WTO rules [4] Financial Sector Developments - The China Securities Regulatory Commission proposed to expand the types of strategic investors and clarify minimum shareholding requirements [5] - The Ministry of Finance reported that China's fiscal revenue for 2025 is projected to be 216045 billion yuan, a decrease of 1.7% from 2024 [6] Healthcare and Insurance - The National Healthcare Security Administration announced that the total income of China's basic medical insurance fund for 2025 is expected to be approximately 29544.06 billion yuan, with total expenditures of 24231.24 billion yuan [7] Automotive Industry - Shanghai announced subsidies for vehicle replacement, offering up to 1.5 million yuan for purchasing new energy vehicles [8] Banking Sector Regulations - The China Banking Association released guidelines for the collection of personal consumption loans to promote healthy industry development [9] Corporate News - Cambrian announced a projected profit of 1.85 billion to 2.15 billion yuan for 2025, marking a significant turnaround from losses [15] - Apple is prioritizing the production of high-end iPhone models for 2026, delaying standard models due to rising memory chip prices [19] - Novo Nordisk's China president will leave the company, with a new appointment effective March 31, 2026 [21] - The European government blocked the sale of ground antenna assets by a European communication satellite company to protect national security [22] - Beijing Automotive Group appointed a new general manager, which may positively impact the company's strategy and electric vehicle initiatives [23]