Cambricon(SH:688256) 2 1 Shi Ji Jing Ji Bao Dao·2025-04-21 16:03Group 1 - The core viewpoint is that domestic AI chip companies, particularly Cambricon, are experiencing significant growth due to improved technology and increasing demand for chips driven by large models [1][2]. - Cambricon's revenue surged by 40 times in the first quarter, achieving a profit of 355 million yuan, which is more than double year-on-year [2]. - The company has seen a substantial increase in accounts receivable by 25.7% and inventory by 55%, indicating a sustainable growth trajectory [2]. Group 2 - The U.S. plans to tighten export controls on Nvidia's H20 chips to China, which could reshape the Chinese AI chip market, potentially benefiting domestic companies like Huawei, Cambricon, and Kunlun [3]. - Cambricon's main competitor, Haiguang Information, also reported strong performance with a 52.4% increase in revenue and a 52.87% rise in net profit [4]. - The Chinese AI industry is rapidly expanding, with an annual demand for one million GPUs, supported by favorable policies that exclude certain foreign products [4].