Investment Rating - The report assigns a positive investment rating to Cambricon (寒武纪), highlighting its strong position in the AI chip market and expected growth due to increasing demand for computing power driven by AI applications [2][12]. Core Insights - Cambricon is positioned as a leading player in the domestic intelligent computing chip sector, providing a comprehensive range of cloud-edge-end intelligent chips and foundational software development kits, benefiting from the AI wave [3][4]. - The company has a robust product lineup, including cloud intelligent chips, acceleration cards, and edge intelligent chips, with the latest product, the SiYuan 590, outperforming NVIDIA's A100 in single-card performance [10][14]. - The demand for computing power has surged globally due to the rise of generative AI, with significant capital expenditures expected from major cloud service providers and domestic companies [12][13]. Company Overview - Cambricon, established in 2016, has a market capitalization of 250 billion RMB and is recognized for its innovations in AI chip architecture [3][4]. - The company’s founder, Chen Tian Shi, is a pioneer in specialized AI chip research, contributing to the development of the first dedicated AI chip [4][6]. - The company has a strong R&D focus, with expenditures of 1.136 billion RMB in 2021, 1.523 billion RMB in 2022, and 1.118 billion RMB in 2023, placing it among the top A-share chip companies [11]. Product Portfolio - Cambricon's main products include cloud intelligent chips, acceleration cards, training machines, and edge intelligent chips, with the SiYuan 590 being the latest high-performance offering [10][11]. - The SiYuan 590 chip is expected to significantly enhance performance in comparison to previous models, with a dual-chip structure planned for future iterations [14]. Market Dynamics - The report notes that the U.S. restrictions on high-end semiconductor supplies to China have created a favorable environment for Cambricon, allowing it to fill the supply gap in the domestic market [16]. - The short to medium-term market potential for AI servers is estimated to reach 100 billion RMB, driven by demand from major internet companies [15].

证券代码：688256 证券简称：寒武纪 公告编号：2025-004 具 体 内 容 详 见 公 司 于 2024 年 7 月 27 日 在 上 海 证 券 交 易 所 网 站 （www.sse.com.cn）上披露的《关于以集中竞价交易方式回购公司股份方案的公告》 （公告编号：2024-028）、《关于以集中竞价交易方式回购公司股份的回购报告书》 （公告编号：2024-029）。 二、 回购股份的进展情况 中科寒武纪科技股份有限公司 关于以集中竞价交易方式回购公司股份的进展公告 本公司董事会及全体董事保证本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、准确性和完整性承担法律责任。 重要内容提示： | 回购方案首次披露日 | 2024/7/27 | | --- | --- | | 回购方案实施期限 | 董事会审议通过本次回购方案之日起 12 个月 | | 预计回购金额 | 万元~4,000 万元 2,000 | | 回购用途 | □减少注册资本 √用于员工持股计划或股权激励 | | | □用于转换公司可转债 □为维护公司价值及股东权益 | | 累计已回购股数 | 万股 0 | | ...

证券代码：688256 证券简称：寒武纪 公告编号：2025-003 中科寒武纪科技股份有限公司 关于回购期限过半的进展公告 本公司董事会及全体董事保证本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、准确性和完整性承担法律责任。 中科寒武纪科技股份有限公司（以下简称"公司"）于 2024 年 7 月 26 日召开 第二届董事会第二十次会议，审议通过了《关于以集中竞价交易方式回购公司股 份方案的议案》，同意公司使用自有资金通过集中竞价交易方式进行股份回购。回 购股份将全部用于员工持股计划或股权激励，回购价格不超过 297.77 元/股（含）， 回购资金总额不低于人民币 2,000 万元（含），不超过人民币 4,000 万元（含），回 购期限为自董事会审议通过本次回购方案之日起 12 个月内。具体内容详见公司于 2024 年 7 月 27 日在上海证券交易所网站（www.sse.com.cn）上披露的《关于以集 中竞价交易方式回购公司股份方案的公告》（公告编号：2024-028）、《关于以集中 竞价交易方式回购公司股份的回购报告书》（公告编号：2024-029）。 结合公司经营状况，综 ...

Core Viewpoint - The company, Cambricon (688256.SH), anticipates improved performance in 2024 due to increased operating revenue and non-recurring gains, although it will continue to face losses [1] Group 1: Financial Performance - For 2024, Cambricon expects operating revenue between 1.07 billion to 1.20 billion yuan, representing a year-on-year growth of 50.83% to 69.16% [1] - The net loss attributable to shareholders is projected to be between 396 million to 484 million yuan, narrowing the loss by 42.95% to 53.33% year-on-year [1] - The net loss after excluding non-recurring gains is expected to be between 765 million to 935 million yuan, with a year-on-year reduction of 10.34% to 26.64% [1] Group 2: Inventory and Prepayments - As of the end of Q3 2024, Cambricon's inventory balance was 1.015 billion yuan, an increase of 338.09% compared to the end of Q2 2024 [2] - Prepayments amounted to 854 million yuan, reflecting a 55.22% increase from the end of Q2 2024 [2] - The significant increase in inventory and prepayments is interpreted by the market as a sign of improving chip production capacity, enhancing future growth prospects [2] Group 3: Non-Recurring Gains - For 2024, the impact of non-recurring gains on net profit is estimated to be between 369 million to 451 million yuan, primarily from the reversal of prior bad debt provisions and government subsidies [2] - In the first three quarters of 2024, Cambricon recorded a total of 138 million yuan in non-recurring gains, indicating that the fourth quarter will see non-recurring gains of approximately 231 million to 313 million yuan [2] Group 4: Stock Performance and Financing - Since its A-share listing in July 2020, Cambricon has raised a total of 4.254 billion yuan through direct financing, with a cumulative net loss of 4.089 billion yuan and no cash dividends [3] - Public funds hold a significant stake in Cambricon, with 100 fund companies collectively owning 10.28796 million shares, accounting for 24.64% of the total share capital, with a market value of approximately 29.749 billion yuan [3] - From September 24, 2024, to January 17, 2025, Cambricon's stock price fluctuated between 210.50 yuan and 777.77 yuan, with a cumulative increase of 178.44%, outperforming the sector and the broader market [3]

Group 1: Market Overview - The major stock indices opened higher on January 16, with the Shanghai Composite, Shenzhen Component, and ChiNext Index all showing varying degrees of increase, and the North Star 50 Index rising over 4% [1] - The small red book concept stocks led the market, with oil and gas, and precious metals sectors performing well, while rare earth permanent magnets and photovoltaic equipment sectors saw slight declines [1] Group 2: Cambrian's Performance - Cambrian, a popular stock in the chip sector, experienced a rapid decline, with a drop exceeding 15% at one point, and still down over 8% at the time of reporting [2] - Cambrian's 2024 earnings forecast indicates a potential revenue of 1.1 billion to 1.2 billion yuan, with a projected net loss of 390 million to 480 million yuan, representing a narrowing of losses by 43% to 53% [2] - The company expects to achieve a net profit of approximately 240 million to 330 million yuan in the fourth quarter, with a potential turnaround in net loss to profit in the same period [2] Group 3: Haiguang Information's Growth - Haiguang Information anticipates a revenue of 8.72 billion to 9.53 billion yuan for 2024, reflecting a year-on-year growth of 45.04% to 58.52%, with a projected net profit of 1.81 billion to 2.01 billion yuan, also showing significant growth [2][3] Group 4: Xiaohongshu Concept Stocks - Xiaohongshu concept stocks have been actively rising, with companies like Tianxiexiu, Yaowang Technology, and Yili Media seeing consecutive gains, while others like Aimer and Huizhou Intelligent reached their price limits [4][5] - The international version of Xiaohongshu has gained significant traction in the U.S. market, topping the free app chart on Apple's App Store, leading to a surge in downloads [5] - Several listed companies have reported their business collaborations with Xiaohongshu, indicating a growing trend in leveraging the platform for marketing and sales [6][8][9] Group 5: Robotics and Gold Sectors - The robotics sector showed strong activity, with companies like Wuzhou Xinchun achieving six consecutive gains, and Beijing planning to host a humanoid robot marathon in April [12] - Gold concept stocks also saw increases, with companies like Suhao Hongye reaching their price limits, driven by heightened trading activity related to the upcoming Trump administration policies [13]

Group 1 - The stock price of Cambrian has been declining, with a drop exceeding 15% during the trading session [1] - The investor relations department indicated that the secondary market stock price is influenced by various factors [1] - There is currently no evidence of large institutional sell-offs according to the company's representative [1] Group 2 - The company is not aware of the institutional views regarding its latest earnings forecast [1]

Investment Rating - The investment rating for the company is "Buy" with a current price of 694.01 CNY and a fair value of 713.98 CNY [3]. Core Views - The company is expected to enter a phase of scale realization in Q4 2024, with significant revenue growth anticipated due to improved supply and demand dynamics [10][11]. - The company forecasts a substantial increase in revenue for 2024, with estimates ranging from 1.07 billion to 1.2 billion CNY, representing a year-on-year growth of 50.8% to 69.2% [10][11]. - The company is projected to achieve profitability in Q4 2024, with net profit estimates between 240 million to 330 million CNY, reflecting a net profit margin of 27.2% to 32.4% [12]. Summary by Sections Financial Forecast - Revenue for 2022 was 729 million CNY, with a slight decline to 709 million CNY in 2023. A significant increase is expected in 2024, with projected revenue of 1.136 billion CNY, followed by 3.507 billion CNY in 2025 and 5.942 billion CNY in 2026 [2][16]. - The company anticipates a return to profitability by 2025, with net profit estimates of 170 million CNY and 812 million CNY for 2025 and 2026, respectively [10][17]. - Earnings per share (EPS) are expected to improve from -1.05 CNY in 2024 to 1.95 CNY in 2026 [2][17]. Business Segments - The cloud product line is expected to see a revenue growth rate of 333.3% in 2024, with a projected revenue of 392.4 million CNY, and further growth in subsequent years [14][16]. - The intelligent computing cluster system business is projected to grow at rates of 21.7% in 2024, 165.4% in 2025, and 59.7% in 2026, with a high gross margin of around 72% to 74% [14][16]. - The edge product line is expected to decline, with revenue projections of -36.1% in 2024, indicating a shift in strategic focus towards cloud products [14][16]. Market Position and Competitive Landscape - The company is positioned favorably in the domestic AI chip market, benefiting from early commercialization and a growing demand for AI applications [19]. - Recent U.S. regulations limiting the export of high-end AI chips are expected to enhance the company's competitive position in the domestic market [12][19]. - The company is expected to capture a significant market share due to its established presence and the increasing demand for AI chips driven by advancements in AI technologies [19].

Revenue Forecast - The company expects to achieve operating revenue of between 1,070 million yuan and 1,200 million yuan in 2024, representing a growth of 50.83% to 69.16% compared to the same period last year[3]. - The company reported an operating revenue of 709 million yuan in the same period last year[7]. - The increase in revenue is attributed to the company's focus on research and development of artificial intelligence chip products and market expansion efforts[8]. Profit Forecast - The net profit attributable to the parent company is expected to be a loss of between 396 million yuan and 484 million yuan, narrowing the loss by 42.95% to 53.33% compared to the same period last year[5]. - The net profit attributable to the parent company, after deducting non-recurring gains and losses, is expected to be a loss of between 765 million yuan and 935 million yuan, narrowing the loss by 10.34% to 26.64% compared to the same period last year[5]. - Non-operating gains and losses are expected to impact net profit by approximately 369 million yuan to 451 million yuan, mainly due to the reversal of bad debt provisions and government subsidies recognized in the current period[9]. Performance Forecast Accuracy - The company emphasizes that there are no significant uncertainties that could affect the accuracy of this performance forecast[10]. - The forecast data is preliminary and the final financial data will be disclosed in the audited annual report for 2024[12].

Group 1 - On January 13, a total of 1,556 stocks experienced net capital inflows, with 61 stocks having net inflows exceeding 30 million yuan [1] - Eight stocks received net capital inflows of over 100 million yuan, with Sanhua Intelligent Control leading at 321 million yuan [2] - Other notable stocks with significant net inflows include Huaneng International, Runxin Technology, and Sanfeng Intelligent, with net inflows of 310 million yuan, 143 million yuan, and 138 million yuan respectively [2]

Summary of Conference Call Notes Company and Industry Overview - The conference call discusses the performance and outlook of a company involved in the AI chip industry, particularly focusing on its product offerings and market dynamics [1][2][3][4][5][6][10][11]. Key Points and Arguments 1. **Market Growth and Demand** - The AI chip market is expected to grow significantly, with estimates suggesting a market size of approximately $140.6 billion in 2024 and $178 billion in 2025 in China [11] - The global UPU market is projected to grow from $50 billion in 2023 to $65 billion in 2024, with a compound annual growth rate (CAGR) of 33.2% over five years [10] 2. **Company Performance and Strategy** - The company has maintained stable revenue, with a slight decline in 2023 due to supply chain issues, but is expected to recover with a focus on high-margin products [7][8] - The company aims for a revenue target of no less than $1.1 billion in 2024, with cumulative revenue targets set for 2020-2025 and 2020-2026 [9] 3. **Technological Advancements** - The company has developed a range of innovative technologies in AI chips, including smart assistive devices and micro-guidance technologies [5] - The architecture of AI models is evolving, requiring larger computational resources, which is driving demand for advanced chips [4][12] 4. **Competitive Landscape** - The company is positioned well against competitors, with a focus on domestic production in response to U.S. export restrictions on advanced chips [13] - The company’s products are recognized by major internet firms, indicating strong market acceptance [15] 5. **Product Offerings** - The company has a comprehensive product lineup covering cloud, edge, and mid-range scenarios, with a focus on AI inference and training chips [6][15][16] - The introduction of a new inference acceleration engine, Multimind, aims to enhance product performance and cost-effectiveness [16] 6. **Regulatory and External Factors** - Potential restrictions from the U.S. government on AI technologies could lead to increased domestic demand for local chip manufacturers [2][13] - The ongoing U.S.-China tech tensions are influencing procurement strategies among Chinese firms, pushing them towards domestic solutions [13] Other Important Insights - The company’s core team has extensive experience in chip development, contributing to a stable ownership structure and strong growth potential [5] - The company is actively involved in asset integration projects, leveraging past experiences to enhance its operational capabilities [17] - The overall sentiment is optimistic, with expectations for further order growth and market expansion in the coming years [18] This summary encapsulates the key insights from the conference call, highlighting the company's strategic positioning, market dynamics, and technological advancements within the AI chip industry.