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.

证券代码：688256 证券简称：寒武纪 公告编号：2025-001 中科寒武纪科技股份有限公司 一、 回购股份的基本情况 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）。 二、 回购股份的进展情况 根据《上海证券交易所上市公司自律监管指引第 7 号——回购股份》等相关 规定，截至 2024 年 12 月末，公司回购股份的进展情 ...

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 （ % ） | - | - | - ...

中科寒武纪科技股份有限公司（以下简称"公司"）于 2024 年 12 月 26 日召 开了第二届董事会第二十八次会议，审议通过了《关于申请综合授信额度的议案》。 具体情况公告如下： 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 超过人民币 25 亿元的综合授信额度，综合授信品种包括但不限于：流动资金贷款、 银行承兑汇票、各类保函等。最终授信额度、利率、期限等，以银行审批为准。本 次申请综合授信额度有效期为自董事会审议通过之日起 36 个月内。在授信期限内， 授信额度可循环使用，可根据实际需求在不同银行间进行调整。 证券代码：688256 证券简称：寒武纪 公告编号：2024-054 以上授信额度不等于公司的实际融资金额，实际融资金额应在授信额度内，并 以银行与公司实际发生的融资金额为准，具体融资金额及品种将视公司经营实际 需求及银行审批情况合理确定。如在额度内实际融资时涉及对外担保或构成关联 交易的，公司将依照有关规定履行相应审议程序。 中科寒武纪科技股份有限公司 关于申请综合授信额度的公告 公司董事会授权董事长或其指定的授权代理人根据业务开展情况在上述授权 额度范围内行使决策权与签署相 ...