资料来源：中原证券研究所，聚源 相关报告 -17% 7% 31% 55% 79% 103% 127% 151% 2025.04 2025.07 2025.11 2026.03 寒武纪 沪深300 分析师：邹臣 登记编码：S0730523100001 zouchen@ccnew.com 021-50581991 AI 芯片产品持续迭代，巩固多领域竞争优 势 ——寒武纪(688256)年报点评 证券研究报告-年报点评 买入(首次) 市场数据(2026-03-31) | 收盘价(元) | 983.00 | | --- | --- | | 一年内最高/最低(元) | 1,595.88/520.67 | | 沪深 300 指数 | 4,450.05 | | 市净率(倍) | 35.02 | | 流通市值(亿元) | 4,145.17 | | 基础数据(2025-12-31) | | | 每股净资产(元) | 28.07 | | 每股经营现金流(元) | -1.18 | | 毛利率(%) | 55.15 | | 净资产收益率_摊薄(%) | 17.40 | | 资产负债率(%) | 11.87 | | 总股本/流通股(万 ...

Group 1: Monthly Performance Review - In March 2026, the CSI 300 index fell by 4.93%, and the ChiNext index decreased by 2.21%. The monthly gold stock portfolio recorded a return of -12.18%, underperforming the CSI 300 index by 7.24 percentage points and the ChiNext index by 9.96 percentage points [3][10]. - The March market was characterized by high volatility due to policy expectations from the Two Sessions and escalating geopolitical conflicts in the Middle East. Early in the month, the Two Sessions emphasized expanding investment, domestic demand, and technological innovation, which boosted market confidence. However, worsening Middle Eastern tensions led to international oil prices exceeding $100 per barrel, increasing global "stagflation" trading [3][17]. Group 2: Strategy Outlook for April 2026 - The A-share market in April is expected to remain volatile, primarily influenced by uncertainties in the Middle East, which limits the upward potential of the index. A prudent allocation strategy is recommended, focusing on dividend assets (banks, transportation, public utilities) to mitigate volatility while also investing in energy security sectors such as electric power equipment and new energy (lithium batteries, photovoltaics) [4][18]. - The macroeconomic fundamentals show that March, being a traditional peak season for work resumption, saw the PMI return to the expansion zone, with strong investment, social financing, and export figures in January and February. However, the internal driving force for consumption remains insufficient [3][17]. Group 3: Recommended Stocks for April 2026 - The recommended stocks for the April 2026 monthly gold stock portfolio include: - 300750.SZ Ningde Times - 301358.SZ Hunan Youneng - 600989.SH Baofeng Energy - 002648.SZ Satellite Chemical - 603806.SH Foster - 688630.SH Chipbond - 601952.SH Sukang Agricultural Development - 002594.SZ BYD - 300394.SZ Tianfu Communication - 600595.SH Zhongfu Industrial [5][21]. - The rationale for these recommendations includes: - Ningde Times is a leader in the lithium battery industry, benefiting from the growth in demand for energy storage and power batteries. - Hunan Youneng is a leader in the LFP industry, also benefiting from the increasing demand for energy storage batteries. - Baofeng Energy and Satellite Chemical are both leaders in coal chemical and light hydrocarbon chemical sectors, respectively, benefiting from rising oil prices [23].

Core Insights - The report highlights the ongoing fluctuations in the A-share market, with various sectors experiencing different levels of performance, particularly in the context of macroeconomic factors and geopolitical tensions [5][9][14] - The manufacturing and non-manufacturing sectors in China have shown signs of recovery, with key indices returning to expansion territory, indicating a potential stabilization in economic activity [5][11] - The report emphasizes the importance of monitoring macroeconomic data and policy developments, as these will significantly influence market sentiment and investment opportunities [5][14][16] Domestic Market Performance - The Shanghai Composite Index closed at 3,891.86, down 0.80%, while the Shenzhen Component Index fell by 1.81% to 13,478.06 [3] - The average P/E ratios for the Shanghai Composite and ChiNext indices are 16.21 and 46.09, respectively, suggesting a favorable environment for medium to long-term investments [5][9] - Trading volumes in the A-share market remain robust, with recent daily transaction amounts exceeding 20 billion yuan, indicating active market participation [5][14] International Market Performance - Major international indices, including the Dow Jones and S&P 500, experienced declines, reflecting broader market concerns over inflation and geopolitical tensions [4] - The report notes that the performance of international markets can impact domestic investor sentiment and capital flows [4] Industry Analysis - The agricultural sector, particularly the livestock and pet food industries, is facing challenges with declining prices for pigs and fluctuations in chicken prices, while pet food exports are experiencing significant growth [17][18] - The power sector is highlighted as outperforming the market, with a notable increase in electricity demand driven by high-tech industries and a stable supply of electricity [23][24] - The new materials sector is underperforming, with significant declines in metal prices and overall market sentiment, suggesting a cautious outlook for investments in this area [19][20] Investment Recommendations - The report suggests focusing on sectors such as consumer electronics, precious metals, and banking for short-term investment opportunities, given their current performance and market conditions [5][14][16] - In the power sector, the report recommends a defensive investment strategy, emphasizing stable returns from large hydroelectric companies and high-dividend coal enterprises [23][24] - The virtual power plant industry is identified as a growth area, with increasing government support and market potential, particularly in regions like Henan [36][37]

Market Overview - On March 31, the A-share market experienced a slight correction after an initial rise, with the Shanghai Composite Index facing resistance around 3948 points[2] - The Shanghai Composite Index closed at 3891.86 points, down 0.80%, while the Shenzhen Component Index fell 1.81% to 13478.06 points[7] - Total trading volume for both markets reached 20,061 billion yuan, above the median of the past three years[3] Sector Performance - Strong performers included automotive services, precious metals, aerospace equipment, and banking sectors[3] - Weaker sectors were coal, wind power equipment, electronic chemicals, and batteries[3] - The average P/E ratios for the Shanghai Composite and ChiNext were 16.21 times and 46.09 times, respectively, above the median levels of the past three years[3] Future Outlook - The market is expected to maintain a volatile trend, influenced by overseas factors such as potential escalation in Middle East conflicts and U.S. inflation rates[3] - Domestic macroeconomic policies are becoming clearer, providing a solid support base for the market[3] - Investors are advised to focus on sectors like consumer electronics, precious metals, banking, and aerospace equipment for short-term opportunities[3] Risk Factors - Risks include unexpected overseas recession impacting domestic recovery, slower-than-expected domestic policy implementation, and macroeconomic disturbances[4]

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [2][25]. Core Insights - The company reported a stable overall business performance with a 15.78% year-on-year increase in revenue, reaching 5.929 billion yuan in 2025, and a net profit of 1.836 billion yuan, up 11.63% year-on-year [10]. - The WPS personal business generated revenue of 3.626 billion yuan, growing by 10.42% year-on-year, with overseas growth at 53.67% and domestic growth at 7.87% [7]. - The WPS365 business remains the most growth-oriented segment, with a revenue increase of 64.93% year-on-year, reaching 720 million yuan [7]. - The company has significantly increased its investment in AI, achieving a threefold growth in monthly active users for WPS AI, reaching 80.13 million by the end of 2025 [11]. Financial Performance - The company’s gross profit margin stood at 85.95%, and the diluted return on equity was 14.29% [2][10]. - The company’s total market capitalization is approximately 108.2 billion yuan, with a price-to-earnings ratio of 58.93 [2][10]. - The earnings per share (EPS) for 2025 is projected at 3.96 yuan, with estimates of 4.72 yuan and 5.76 yuan for 2026 and 2027 respectively [13]. Business Segments - The WPS software segment generated 1.461 billion yuan in revenue, reflecting a 15.24% year-on-year increase, with notable seasonal fluctuations [8]. - The company is focusing on enhancing its AI capabilities, launching various AI products and services across different sectors, which is expected to further drive growth [11].

Investment Rating - The report assigns an "Accumulate" rating to the company, indicating a projected increase in stock price relative to the CSI 300 index over the next six months [8]. Core Insights - The company achieved a revenue of 11.233 billion yuan in 2025, reflecting a year-on-year growth of 5.33%. The liquid milk segment contributed 10.495 billion yuan, with a growth of 6.7%, accounting for 93.75% of total revenue [6]. - The company's net profit attributable to shareholders, excluding non-recurring items, reached 774 million yuan, marking a significant increase of 33.76% year-on-year [6]. - The gross margin improved to 29.18%, up by 0.82 percentage points, while the net profit margin rose to 6.72%, an increase of 1.56 percentage points [6]. - The company experienced a quarterly revenue growth acceleration, with the fourth quarter achieving a growth rate of 11.28%, the highest for the year [6]. - The product mix upgrade and cost benefits contributed to the gross margin increase, with higher-margin low-temperature fresh milk and yogurt segments showing double-digit growth [6][7]. - The company’s net profit margin is expected to meet its five-year plan target ahead of schedule, with a recorded net profit margin of 6.72% in 2025 [7]. - The East China region emerged as the core growth market, with revenue of 3.524 billion yuan, a year-on-year increase of 14.95% [6]. - The Direct-to-Consumer (DTC) model became a key growth channel, with revenue from direct sales reaching 7.163 billion yuan, a 15.07% increase [6]. - The price of raw milk continued to decline, providing cost advantages for dairy companies, with the average price at 3.03 yuan per kilogram, down 1.9% year-on-year [6]. Financial Projections - The company forecasts earnings per share (EPS) of 1.02 yuan, 1.15 yuan, and 1.29 yuan for 2026, 2027, and 2028, respectively, with corresponding price-to-earnings ratios of 17.81, 15.70, and 13.98 based on the closing price of 18.10 yuan on March 30 [8].

Investment Rating - The report assigns an "Accumulate" rating to the company for the first time [1]. Core Views - The company achieved a revenue of 879 million yuan in 2025, representing a year-on-year growth of 14.93%, and a net profit of 205 million yuan, up 16.42% year-on-year [6]. - The company's gross margin stood at 49.88%, while the net profit margin was 24.22%, indicating strong profitability [6]. - The cable car business is the largest revenue source, contributing 329 million yuan, a growth of 12.28%, and accounting for 37.45% of total revenue [6][7]. - The passenger transport business grew significantly, with revenue reaching 199 million yuan, a 25.02% increase, becoming a new growth engine for the company [6][7]. - The hotel business showed stable growth with revenue of 255 million yuan, up 7.50%, but had a lower gross margin of 13.35% [9]. - The travel agency business experienced a recovery with a revenue of 77 million yuan, growing 23.90% [9]. - The company is in a capital expenditure expansion phase, with ongoing projects like the Lion Peak cableway, which will alleviate capacity constraints and support long-term growth [9]. Summary by Sections Financial Performance - In 2025, the company reported a net cash flow from operating activities of 312 million yuan, a 19.06% increase [6]. - The company plans to distribute a dividend of 7.7 yuan per 10 shares (including tax) [6]. Revenue Breakdown - The revenue for the cable car business was 329 million yuan, with a gross margin of 85.39% [6]. - The passenger transport business accounted for 22.60% of total revenue, with a gross margin of 52.62% [6][7]. - The hotel business contributed 28.99% of total revenue but had the lowest profitability among segments [9]. Future Projections - The report forecasts earnings per share (EPS) of 2.19 yuan, 2.50 yuan, and 2.82 yuan for 2027, 2028, and 2029, respectively, with corresponding price-to-earnings ratios of 17.77, 15.62, and 13.83 [9].

Investment Rating - The report gives an "Accumulate" rating for the company, indicating a potential increase of 5% to 15% relative to the CSI 300 index over the next six months [12]. Core Insights - The company achieved a revenue of 11.233 billion yuan in 2025, representing a year-on-year growth of 5.33%. The liquid milk segment contributed 10.495 billion yuan, with a growth of 6.7%, accounting for 93.75% of total revenue [6]. - The company's net profit attributable to the parent company was 774 million yuan, a significant increase of 33.76% year-on-year. The gross margin improved to 29.18%, up by 0.82 percentage points, while the net profit margin rose to 6.72%, an increase of 1.56 percentage points [6][7]. - The fourth quarter saw a revenue growth of 11.28%, marking the highest quarterly growth rate for the year. The revenue growth showed a trend of acceleration throughout the year [6]. - The company benefited from product structure upgrades and cost advantages, leading to improved gross margins. The higher-margin low-temperature fresh milk and yogurt segments saw double-digit growth, contributing to overall profitability [6][7]. - The East China region emerged as a key growth market, with revenue reaching 3.524 billion yuan, a year-on-year increase of 14.95%, while the Southwest market showed minimal growth [6][7]. - The Direct-to-Consumer (DTC) model became a crucial sales channel, with revenue from this channel reaching 7.163 billion yuan, a 15.07% increase, accounting for 63.77% of total sales [6][7]. - The report forecasts earnings per share (EPS) of 1.02, 1.15, and 1.29 yuan for 2026, 2027, and 2028, respectively, with corresponding price-to-earnings ratios of 17.81, 15.7, and 13.98 [6][9].

Investment Rating - The report gives an "Accumulate" rating for the company, indicating a potential increase of 5% to 15% relative to the CSI 300 index over the next six months [12]. Core Insights - The company achieved an operating revenue of 879 million yuan in 2025, representing a year-on-year growth of 14.93%. The net profit attributable to the parent company was 205 million yuan, up 16.42% year-on-year [6]. - The company's gross margin was 49.88%, with a net margin of 24.22%. The return on equity (ROE) was 13.55%, an increase of 0.87 percentage points compared to the previous year [6]. - The cable car business is the largest revenue source, generating 329 million yuan in revenue, a 12.28% increase, and accounting for 37.45% of total revenue [6][7]. - The passenger transport business grew significantly, with revenue reaching 199 million yuan, a 25.02% increase, and contributing 22.60% to total revenue [6][7]. - The hotel business showed stable growth with revenue of 255 million yuan, a 7.50% increase, but had the lowest profitability among segments with a gross margin of 13.35% [9]. - The travel agency business experienced a recovery with revenue of 77 million yuan, a 23.90% increase, but its low gross margin of 10.59% limited its profit contribution [9]. - The company is in a capital expenditure expansion phase, with construction projects reaching 99 million yuan, a 1738.75% increase, primarily due to the Lion Peak cable car project [9]. Financial Summary - The company forecasts earnings per share (EPS) of 2.19 yuan for 2027, 2.50 yuan for 2028, and 2.82 yuan for 2029, with corresponding price-to-earnings (P/E) ratios of 17.77, 15.62, and 13.83 based on the closing price of 38.99 yuan on March 30 [9].

Investment Rating - The investment rating for the company is "Add" (maintained) [2][10] Core Insights - The company reported a total revenue of 5.929 billion yuan for 2025, representing a year-on-year growth of 15.78%. The net profit attributable to the parent company was 1.836 billion yuan, up 11.63% year-on-year [10] - The WPS personal business generated revenue of 3.626 billion yuan, with a year-on-year growth of 10.42%. The overseas segment showed higher growth at 53.67% compared to 7.87% for the domestic segment [7] - The WPS365 business remains the most growth-oriented segment, with revenue reaching 720 million yuan, a 64.93% increase year-on-year [7] - The company has significantly increased its investment in AI, achieving a threefold growth in monthly active users for WPS AI, reaching 80.13 million by the end of 2025 [11] Summary by Sections Financial Performance - The company maintained steady growth in Q4, with revenue of 1.750 billion yuan, a year-on-year increase of 17.16% [10] - The gross profit margin stood at 85.95%, and the diluted return on equity was 14.29% [2][10] - The company forecasts earnings per share (EPS) of 4.72 yuan, 5.76 yuan, and 6.82 yuan for 2025, 2026, and 2027 respectively, with corresponding price-to-earnings (PE) ratios of 49.45, 40.57, and 34.23 [10] Business Segments - WPS software revenue was 1.461 billion yuan, growing 15.24% year-on-year, with significant seasonal fluctuations [8] - The company is focusing on enhancing user payment habits and penetration rates, with annual paid user growth of 10.67% domestically and 63.39% internationally [7] AI Development - The company launched several AI products, including WPS AI 2.0 and 3.0, which restructured the Office core and introduced new functionalities [11] - The AI capabilities are expected to drive changes in the industry ecosystem, with ongoing innovations planned for 2026 [11]