Investment Rating - The report maintains a "Buy" rating for the company, Cambricon Technologies (寒武纪-U) [3][4]. Core Insights - Cambricon Technologies is a leading AI chip company in China, focusing on the development and innovation of AI chips, with a strong emphasis on research and development to build a competitive moat [10][12]. - The company achieved revenue of 709 million yuan in 2023, a year-on-year decline of 2.70%, and a net loss of 848 million yuan, although the loss has narrowed compared to the previous year [17][18]. - The AI chip market is expected to grow significantly, with AMD projecting a market size of $400 billion by 2027, and the ongoing U.S. sanctions are likely to enhance the market share of Chinese AI chips [23][31]. Summary by Sections 1. Company Overview - Cambricon Technologies specializes in AI chip development and has a comprehensive grasp of core technologies related to general-purpose AI chips and their foundational system software [10][12]. - The company has developed a series of products including cloud-based AI chips and accelerators, edge computing devices, and terminal processors, aiming to meet the growing demand in the AI market [10][12]. 2. Financial Performance - In 2023, the company reported a revenue of 709 million yuan, with a net loss of 848 million yuan, showing a reduction in losses compared to the previous year [17][18]. - The first quarter of 2024 saw revenue of 26 million yuan and a net loss of 22.7 million yuan [17]. - The company has set ambitious revenue targets in its stock incentive plan, aiming for at least 1.1 billion yuan in 2024 and a cumulative revenue of 2.6 billion yuan from 2024 to 2025 [12][16]. 3. Market Potential - The global AI chip market is vast, with increasing demand driven by advancements in AI applications and the ongoing arms race in computing power [23]. - The U.S. government's sanctions on companies like NVIDIA are expected to accelerate the domestic replacement of AI chips, benefiting companies like Cambricon [31]. 4. Product Development - Cambricon has developed a robust product matrix, including cloud-based AI chips and accelerators, which are being applied across various industries such as internet services, finance, and energy [10][12]. - The company’s foundational system software, Cambricon Neuware, supports mainstream AI programming frameworks, enhancing the usability of its AI chips [10][12]. 5. Future Outlook - The company is well-positioned to benefit from the expanding AI chip market, with projections for revenue growth to 1.794 billion yuan in 2024 and 2.697 billion yuan in 2025 [3][4]. - The ongoing development of AI technologies and the increasing complexity of AI applications are expected to drive demand for Cambricon's products [23][31].

Investment Rating - The report assigns an "Overweight" rating to Cambricon (688256) for the first time [1] Core Views - Cambricon is a global pioneer in AI chips, benefiting from multiple growth drivers including rapid development of large models, AI chip localization, and new product iterations [5] - The company is a leading AI chip provider with a comprehensive product portfolio covering cloud, edge, and terminal applications [5] - Cambricon's revenue reached 709 million yuan in 2023, with intelligent computing clusters contributing 605 million yuan, up 31.85% YoY [5] - The company has set ambitious revenue targets through its equity incentive plan: ≥1.1 billion yuan in 2024, ≥2.6 billion yuan cumulative for 2024-2025, and ≥4.6 billion yuan cumulative for 2024-2026 [5] Market Performance - Cambricon's stock price was 180.10 yuan as of June 5, 2024, with a total market capitalization of 75.03 billion yuan [2] - The stock has underperformed the CSI 300 index over the past year, with a -21.8% return compared to the index's -6.5% [3] Industry Analysis Demand Side - Global large model development is accelerating, with OpenAI's GPT-4o achieving twice the inference speed of GPT-4 Turbo under the same hardware conditions [5] - Major cloud service providers (CSPs) and telecom operators are increasing AI infrastructure investments, with Microsoft, Google, AWS, and Meta expected to account for 20%, 17%, 16%, and 11% of global AI server purchases in 2024 respectively [5] - China Mobile initiated a tender for 7,994 AI servers in 2024, indicating strong domestic demand [5] Supply Side - The global AI chip market is projected to reach $67.1 billion in 2024, growing 26% YoY [5] - China's accelerator chip market reached nearly 1.4 million units in 2023, with domestic brands accounting for 14% of shipments [5] - Inference chips dominated the Chinese market with a 67% share in 2023 [5] Product Portfolio Cloud Products - Core products include Siyuan 290 and 370 series chips, with Siyuan 590 under development [5] - The company has expanded into training machines (Xuansi 1000 and 1001) and intelligent computing systems [5] - Cloud products contributed significantly to revenue growth, particularly through participation in computing infrastructure projects in Taizhou and Shenyang [5] Edge Products - The Siyuan 220 edge chip has cumulatively shipped over 1 million units by the end of 2023 [6] - Edge products have established partnerships with major industry clients, though revenue remains concentrated with a few key customers [6] IP Licensing and Software - Cambricon's IP products have been integrated into over 100 million smartphones and other smart devices [6] - The company provides a unified software platform (Cambricon Neuware) for its cloud-edge-terminal product ecosystem [6] Financial Projections - Revenue is expected to grow significantly: 1.4 billion yuan in 2024 (+97% YoY), 2.49 billion yuan in 2025 (+78% YoY), and 3.48 billion yuan in 2026 (+40% YoY) [6] - Net profit is projected to turn positive in 2025 at 18 million yuan and reach 250 million yuan in 2026 [6] - The company's PS ratio is expected to decline from 53.59x in 2024 to 21.53x in 2026 as revenue grows [6] Competitive Landscape - Cambricon faces competition from domestic players like Hygon (688041), Loongson (688047), and Jingjia Micro (300474) [90] - The company's valuation multiples remain higher than peers, reflecting its growth potential in the AI chip market [90]

本次电话会议仅供符合国海证券投资者适当性管理要求的客户以及受邀客户使用国海证券不会因接收人收到本次会议相关通知或参加本次会议而视其为客户本次会议内容不构成任何投资建议据此作出的任何投资决策与国海证券国海证券员工或者关联机构无关本次会议只是转发国海证券已发布研究报告的部分观点仅反映国海证券研究人员于发布完整报告当日的判断 相关内容请以研究所已公开发布报告为准 会议严禁录音或转发任何人不得对本次会议的任何内容进行发布复制编辑改编转载播放展示或以其他任何方式非法使用本次会议的部分或者全部内容否则将承担相应的法律责任国海证券就此保留一切法律权利在任何情况下国海证券及其员工对使用本次会议信息或内容所引发的任何直接或间接损失概不负责市场有风险投资需谨慎 欢迎各位投资人参加国海计算机航母机公司深度交流我是国海计算机刘希今天的会议正式开始首先会议分两个部分首先我们会对这个公司的核心提要做一个介绍然后我们对公司的那个深度报告的PPT展开做一个十分钟到十五分钟的讲解主要讲公司的那个核心的框架那后面的话关于这个细节的问题欢迎投资人跟我们进一步联系那下面会议正式开始那首先的话的航母技能 作为整个国产的AI芯片的先行者其实是在在国内市 ...

本次电话会议仅供符合国海证券投资者适当性管理要求的客户以及受邀客户使用国海证券不会因接收人收到本次会议相关通知或参加本次会议而释其为客户本次会议内容不构成任何投资建议据此做出的任何投资决策与国海证券国海证券员工或者关联机构无关本次会议只是转发国海证券已发布研究报告的部分观点仅反映国海证券研究人员于发布完整报告当日的判断 相关内容请以研究所已公开发布报告为准 会议严禁录音或转发任何人不得对本次会议的任何内容进行发布复制编辑改编转载播放展示或以其他任何方式非法使用本次会议的部分或者全部内容否则将承担相应的法律责任国海证券就此保留一切法律权利在任何情况下国海证券及其员工对使用本次会议信息或内容所引发的任何直接或间接损失概不负责市场有风险投资需谨慎 好的那个欢迎各位投资人参加国海计算机航母机公司深度交流我是国海计算机刘希那今天的会议正式开始首先会议分两个部分首先我们会对这个公司的核心提要做一个介绍然后我们对公司的那个深度报告的PPT展开做一个10分钟到15分钟的讲解主要讲公司的那个核心的框架那后面的话关于这个细节的问题也欢迎投资人跟我们进一步联系那下面会议正式开始那首先的话呢航母机呢 作为整个国产的AI芯片的先行者其 ...

证券代码：688256 证券简称：寒武纪 公告编号：2024-017 中科寒武纪科技股份有限公司 2023 年年度股东大会决议公告 本公司董事会及全体董事保证公告内容不存在任何虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 重要内容提示： 本次会议是否有被否决议案：无 一、 会议召开和出席情况 （一） 股东大会召开的时间：2024 年 5 月 27 日 （二） 股东大会召开的地点：北京市海淀区知春路 25 号北京丽亭华苑酒店三层 鸿运 1 厅 （三） 出席会议的普通股股东、特别表决权股东、恢复表决权的优先股股东及 其持有表决权数量的情况： | 1、出席会议的股东和代理人人数 | 388 | | --- | --- | | 普通股股东人数 | 388 | | 2、出席会议的股东所持有的表决权数量 | 252,249,588 | | 普通股股东所持有表决权数量 | 252,249,588 | | 3、出席会议的股东所持有表决权数量占公司表决权数量的比例 | 60.7745 | | （%） | | | 普通股股东所持有表决权数量占公司表决权数量的比例（%） | 60.774 ...

北京市中伦律师事务所 关于中科寒武纪科技股份有限公司 2023 年年度股东大会的 法律意见书 二〇二四年五月 北京市中伦律师事务所 关于中科寒武纪科技股份有限公司 2023 年年度股东大会的 法律意见书 致：中科寒武纪科技股份有限公司 北京市中伦律师事务所（以下简称"本所"）接受中科寒武纪科技股份有限 公司（以下简称"公司"）委托，指派本所律师列席公司 2023 年年度股东大会， 并出具本法律意见书。 为出具本法律意见书，本所律师列席了公司 2023 年年度股东大会，并根据 《中华人民共和国公司法》（以下简称"《公司法》"）、《中华人民共和国证券法》 （以下简称"《证券法》"）、《上市公司股东大会规则》（以下简称"《股东大会规 则》"）、《律师事务所从事证券法律业务管理办法》等法律、法规和规范性文件的 要求以及《中科寒武纪科技股份有限公司章程》（以下简称"《公司章程》"），按 照律师行业公认的业务标准、道德规范和勤勉尽责精神，查阅了本所律师认为出 具法律意见所必须查阅的文件，对公司本次股东大会的召集和召开程序、出席会 议人员资格（但不包含网络投票股东资格）、表决方式、表决程序的合法性、有 效性进行了认真核查。 ...

中信证券股份有限公司 关于中科寒武纪科技股份有限公司 2023 年度持续督导跟踪报告 中信证券股份有限公司（以下简称"中信证券"或"保荐人"）作为中科寒 武纪科技股份有限公司（以下简称"寒武纪"或"公司"或"上市公司"）首次 公开发行股票并在科创板上市及 2022 年度向特定对象发行 A 股股票的保荐人， 根据《证券发行上市保荐业务管理办法》、《上海证券交易所科创板股票上市规 则》等相关规定，中信证券履行持续督导职责，并出具持续督导 2023 年度跟踪 报告。 3、本持续督导期间，保荐人通过与公司的日常沟通、现场回访等方式开展 持续督导工作，并于 2024 年 5 月 6 日、5 月 7 日及 5 月 10 日对公司进行了现场 检查。 4、本持续督导期间，保荐人根据相关法规和规范性文件的要求履行持续督 导职责，具体内容包括： （1）查阅公司章程、三会议事规则等公司治理制度、三会会议材料； （2）查阅公司财务管理、会计核算和内部审计等内部控制制度，查阅公司 2023 年度内部控制评价报告、2023 年度内部控制鉴证报告等文件； （3）查阅公司与控股股东、实际控制人及其关联方的资金往来明细及相关 内部审议文件、信 ...

Investment Rating - The report gives a "Buy" rating for the company, with a target price of 187.00 CNY [2]. Core Insights - The company is a leading player in the domestic AI chip market, providing integrated solutions for cloud, edge, and terminal computing, with a strong focus on R&D and product innovation [5][12]. - The AI industry in China is expected to experience rapid growth, driven by increasing demand for AI computing power and significant procurement plans from major telecom operators [18][23]. - The company has set ambitious revenue targets through its stock incentive plan, aiming for revenues of at least 11 billion CNY in 2024 and a cumulative 46 billion CNY by 2026 [11][12]. Summary by Sections 1. Company Overview - The company specializes in AI chip development and has a clear ownership structure with experienced leadership [5]. - It has achieved a compound annual growth rate (CAGR) of 111% in revenue from 2017 to 2023, with significant growth in its intelligent computing cluster system business [6][7]. 2. Market Potential - The demand for AI computing power in China is projected to grow at a CAGR of 33.9% from 2022 to 2027, reaching 1117.4 EFLOPS by 2027 [18]. - Major telecom operators have announced substantial procurement plans for AI servers, indicating a robust market environment [23]. 3. Financial Projections - The company forecasts revenues of 1.536 billion CNY in 2024, 2.674 billion CNY in 2025, and 3.342 billion CNY in 2026, with corresponding price-to-sales (PS) ratios of 51X, 29X, and 23X [2][6]. 4. R&D and Product Development - The company maintains a high R&D expenditure, with a focus on developing next-generation AI processors and software platforms [8][25]. - It has a strong patent portfolio, with over 2,639 applications filed, indicating a commitment to innovation and technology leadership [8][9]. 5. Business Segments - The company's revenue is primarily derived from its intelligent computing cluster system business, which accounted for 85.22% of total revenue in 2023 [9][10]. - It offers a diverse range of products, including cloud and edge computing solutions, IP licensing, and software, catering to various industries [12][13].

华福证券 数字芯片设计 2024年05月21日 公 司 寒武纪（ ） 688256.SH 买入（首次评级） 研 究 国产 AI 龙头，算力国产替代高歌猛进 当前价格： 195.93元 基本数据 投资要点： 总股本/流通股本(百万股) 416.59/416.59 流通A股市值(百万元) 81,623.35  公司概况：全球知名AI芯片新星，成就国内行业龙头 每股净资产(元) 13.13 资产负债率(%) 9.09 寒武纪是中国最具代表性的智能芯片厂商之一。公司自成立以来 一年内最高/最低价(元) 269.50/95.85 一直专注于人工智能芯片产品的研发与技术创新，致力于打造人工智 一年内股价相对走势 能领域的核心处理器芯片，让机器更好地理解和服务人类。公司的主 营业务是应用于各类云服务器、边缘计算设备、终端设备中人工智能 公 核心芯片的研发、设计和销售，以及为客户提供丰富的芯片产品。目 司 前，公司的主要产品线包括云端产品线、边缘产品线、IP授权及软件。 首 次 覆  行业格局：AI应用大势所趋，GPU需求高歌猛进 盖 目前AIGC、高端服务器、高性能计算、5G等应用快速发展，这 些应用离不开高制程算力芯 ...

中科寒武纪科技股份有限公司 2023 年年度股东大会会议资料 证券代码：688256 证券简称：寒武纪 2024 年 5 月 | 年年度股东大会会议须知 3 | 2023 | | | | | | --- | --- | --- | --- | --- | --- | | 年年度股东大会会议议程 6 | 2023 | | | | | | 年年度股东大会会议议案 8 | 2023 | | | | | | 议案一：关于《2023 | 年度董事会工作报告》的议案 8 | | | | | | 议案二：关于《2023 | 年度监事会工作报告》的议案 9 | | | | | | 议案三：关于公司《2023 | 年年度报告》及其摘要的议案 10 | | | | | | 议案四：关于《2023 | 年度财务决算报告》的议案 11 | | | | | | 议案五：关于《2024 | 年度财务预算报告》的议案 12 | | | | | | 议案六：关于 | 年度利润分配方案的议案 13 | 2023 | | | | | 议案七：关于确认 | 年度审计费用及续聘 | 年度财务和内部控制审计机构的议案 | 2023 | 2024 | ...