Key Points Industry and Company Involved - **Industry**: Computing Power Sector, specifically focusing on AI chips and related technologies. - **Company**: HongKey, a leading enterprise in the AI chip field. Core Views and Arguments - **Computing Power Sector Growth**: The computing power sector, particularly AI chips, is experiencing significant growth due to the rise of AI and data-intensive applications. [doc id='3'] - **HongKey's Position**: HongKey is a leader in the AI chip industry, with a strong focus on R&D and innovation. [doc id='4'] - **Management and R&D**: HongKey's management team, led by Dr. Tian Tian, has extensive experience and expertise in AI chips. The company has a mature R&D team and has made significant technological breakthroughs. [doc id='5'] - **Product Development**: HongKey has developed a range of AI chips, including the latest series of chips like 270, 290, 370, 590, and 690. [doc id='15'] - **Software Ecosystem**: HongKey has built a comprehensive software ecosystem, including a unified ARM development platform and a cloud-edge-end AI development ecosystem. [doc id='16'] - **Business Performance**: HongKey's revenue has been steadily increasing, with a significant growth rate expected in the coming years. [doc id='9'] - **Market Outlook**: The global GPU chip market is expected to grow significantly, with a projected market size of nearly $3 trillion by 2029. [doc id='10'] - **Government Support**: The Chinese government is actively supporting the development of the domestic computing power sector, including the construction of national data centers and the promotion of domestic chips. [doc id='13'] Other Important Points - **Revenue Growth**: HongKey's revenue is expected to grow significantly in the coming years, with a projected revenue of 8.8 billion yuan in 2024 and 20.8 billion yuan in 2025. [doc id='9'] - **Market Share**: HongKey's AI computing cluster business has a significant market share, with a revenue share of 85.52% in 2023. [doc id='8'] - **Technology Advancements**: HongKey has made significant technological advancements, including the development of new chip series and software ecosystems. [doc id='15', '16'] - **Government Policies**: The Chinese government has implemented various policies to support the development of the domestic computing power sector, including the construction of national data centers and the promotion of domestic chips. [doc id='13'] - **Industry Trends**: The global computing power industry is experiencing rapid growth, driven by the increasing demand for AI and data-intensive applications. [doc id='10']

公司研究 二、寒武纪-U：或迎来营收快速放量周期 ■预付款项（亿元） 敬请参阅最后一页特别声明 | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |--------------------------------------------------------|-----------------------------|---------|--------|--------|--------|----------------------------------------------------------------|--------------------------------|--------------|--------------|--------------|-----------| | 利润表（百万元） \n营业收入 729 709 1,872 4,437 5,804 | 2022 2023 2024E 2025E 2026E | | | | | 资产负债表（百万元） \n总资产 5,770 6, ...

事件：公司于 2024 年 12 月 26 日审议通过了《关于申请综合授信额 度的议案》，为满足日常经营和业务发展的资金需求，公司及控股子公 司拟向银行申请不超过 25 亿元的综合授信额度。 | --- | --- | --- | --- | --- | --- | |----------------------------------------------|--------|-------|-------|--------|--------| | [Table_Finance] | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业收入（百万元） | 729 | 709 | 1,182 | 3,507 | 5,942 | | 增长率 （ % ） | 1.1 | -2.7 | 66.6 | 196.7 | 69.5 | | EBITDA （百万元） | -1,096 | -652 | -118 | 398 | 1,084 | | 归母净利润（百万元） | -1,256 | -848 | -300 | 187 | 826 | | 增长率 （ % ） | - | - | - ...

| --- | --- | --- | |------------------------------|--------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

Company Update - Cambricon plans to invest RMB 200 million in its Shanghai subsidiary, with RMB 150 million from raised funds and RMB 185 million from its own capital [1][2] - The investment will increase the subsidiary's registered capital from RMB 24 billion to RMB 26 billion, while maintaining its status as a wholly-owned subsidiary [2] - The funds will be used for the "General Intelligent Processor Technology R&D Project for Emerging Application Scenarios", which has a total planned investment of RMB 233 million [2] Financial Performance - Cambricon's revenue for the first three quarters reached RMB 185 million, a year-on-year increase of 27.09% [7] - The company reported a net loss of RMB 724 million during the same period [7] - Inventory surged to RMB 1015 million by the end of Q3, representing a 331.18% increase from the end of H1 [7] - Prepayments reached a historical high of RMB 854 million, up 54% from the end of H1 [7] Industry Trends - AI application implementation has become a major focus this year, with emerging scenarios like intelligent robots and low-altitude economy driving chip demand [3] - Companies like Black Sesame Technologies, Unigroup Guoxin, and Chengdu Sino Microelectronics are actively developing chips for these emerging applications [4] - The rise of AIGC and large language models has created new market demands and higher requirements for intelligent computing power [4] Strategic Direction - Cambricon will intensify market exploration efforts and investigate new computing power scenarios in the second half of the year [5] - The company previously adjusted its fundraising plan, reallocating RMB 250 million from the "Stable Process Platform Chip Project" to permanent working capital [2] - Cambricon's stock price reached a historical high of RMB 525 per share this week, with a market capitalization exceeding RMB 200 billion [8] Analyst Perspective - The significant increase in inventory and prepayments indicates Cambricon's preparation for future product supply and potential performance growth [8] - The company has made substantial preparations in core supply chain areas, suggesting promising new product supply [8]

《科创板日报》11月22日讯 今日科创板晚报主要内容包括：国常会：要进一步加强对平台经济健康发展的统筹指导；上海累计划设 低空飞行航线不少于400条；精进电动股东拟合计减持不超过2.91%公司股份。 【热点聚焦】 简讯： 国常会：要进一步加强对平台经济健康发展的统筹指导 加大政策支持力度 李强主持召开国务院常务会议，研究推动平台经济健康发展有关工作。会议指出，发展平台经济事关扩 内需、稳就业、惠民生，事关赋能实体经济、发展新质生产力。要进一步加强对平台经济健康发展的统 筹指导，加大政策支持力度，壮大工业互联网平台体系，支持消费互联网平台企业挖掘市场潜力，强化 平台经济领域数据要素供给，促进数据依法有序跨境流动，增强平台经济领域政策与宏观政策取向一致 性。要规范市场竞争秩序，健全常态化监管制度，推动平台企业规范经营、有序竞争、提升质量，促进 各方主体互利共赢。要切实保障消费者和劳动者合法权益，健全线上消费投诉公示、消费后评价等制 度，指导平台企业依法规范用工，更好发挥平台经济对促进就业的重要作用。 上海：推进低空飞行服务管理能力建设 累计划设低空飞行航线不少于400条 上海市交通委员会近日印发《上海市低空飞行服 ...

Investment Rating - The report maintains a "Buy" rating for Cambricon-U (688256 SH) [8] Core Views - Cambricon-U reported revenue of 1 85 billion yuan in the first three quarters of 2024, a year-on-year increase of 27 09%, with a net loss attributable to the parent company of 7 24 billion yuan [2] - In Q3 2024, the company achieved revenue of 1 21 billion yuan, a year-on-year increase of 284 59%, and a net loss of 1 94 billion yuan, showing significant improvement in losses both year-on-year and quarter-on-quarter [2][6] - The company's inventory increased significantly, reaching 1 015 billion yuan at the end of Q3 2024, up by 780 million yuan from the mid-year report, indicating strong preparation for future growth [6] - The AI industry is in a rapid growth phase, with increasing demand for domestic AI chips, which is expected to drive Cambricon-U's future performance [2][6][7] Financial Performance - Cambricon-U's gross margin in Q3 2024 was 51 20%, a decrease of 14 88 percentage points quarter-on-quarter, likely due to changes in product structure [7] - The company's R&D expenses were effectively controlled, with some low-margin R&D projects being paused [7] - The company's cash flow showed active preparation in the supply chain, with cash used for purchasing goods and receiving services reaching 1 128 billion yuan in Q3 2024, an increase of 514 million yuan quarter-on-quarter [7] Industry Outlook - The AI hardware demand is expanding, and the demand for domestic AI chips in China is continuously increasing, providing long-term growth momentum for the industry [6][7] - Cambricon-U, as a leading domestic AI chip company, is expected to benefit from the industry's growth and the increasing demand for domestic AI chips [6][7]

上周五上交所副总经理王泊表示，上交所将加快推动"科创板八条"落地见效，加大科创领域并购重组支 持力度。分析师认为，从今年以来的三个季度收入同比增速中位数看，半导体好于电子，电子好于全部 A股，且半导体板块公司净利润增速中位数有明显提升，看好未来中国科技产业将迎来更多的创新机 遇。 科创半导体（中芯国际、海光信息、寒武纪、中微公司）精要： ①首创证券何立中指出，早于今年9月，美国商务部工业和安全局便发布新规，加强了科技领域的管 制，且大选前美半导体行业已被迫移除中企供应商，因此未来更需要从头到尾的自主创新突破； ②从今年以来的三个季度收入同比增速中位数看，半导体好于电子，电子好于全部A股，且半导体板块 公司净利润增速中位数有明显提升； ③何立中认为，通过参与创业板、科创板的ETF，成为新开户投资者间接参与创业板、科创板的途径， 看好权重较大的科创板股票将受益科创ETF规模增长； ④风险因素：本土提到不及预期、投资者申购科创板ETF不及预期。 上交所再提加大科创领域并购重组支持力度，分析师认为半导体板块三季报收入增速已好于全部A股， 并看好这些科创半导体企业有望获得更多新开户投资者的基本盘 上周五，在2024年上 ...

证券研究报告 | 首次覆盖报告 gszqdatemark 2024 11 05 年 月 日 寒武纪-U（688256.SH） 国产算力核心，时代的主角 国产算力底座，推动人工智能赋能产业升级。寒武纪成立于 2016 年，专 注于人工智能芯片产品的研发与技术创新，致力打造人工智能领域核心处 理器芯片。寒武纪提供云边端一体、软硬件协同、训练推理融合、具备统 一生态的系列化智能芯片产品和平台化基础系统软件。寒武纪产品广泛应 用于服务器厂商和产业公司，面向互联网、金融、交通、能源、电力和制 造等领域的复杂 AI 应用场景提供充裕算力，推动人工智能赋能产业升级。 国产算力发展正当时，优质算力厂商显著受益。自 2022 年 ChatGPT 持续 爆火出圈，全球科技龙头纷纷大幅增长算力投入，拉开本轮全球算力大增 长序幕。当前时点往后看，训练侧投资仍在扩张，对标 GPT3.5 及 GPT4， o1 的参数量或可达到 10 万亿级别；微软"星际之门"项目成本预计超千 亿美元。另外，近期发布的 OpenAI o1 说明"Scaling-law"在推理侧或同 样成立，即推理效果随着更多的强化学习和更多的思考时间而提高，推理 需求空 ...