寒武纪回购价飙涨175%，“钞能力”护盘难挡估值东流

Core Viewpoint - The recent surge in stock prices has led several companies, including Cambricon (688256.SH), to significantly raise their share repurchase price limits, with Cambricon increasing its limit by 175% from 297.77 CNY to 818.87 CNY per share [2][4]. Group 1: Share Repurchase Details - Cambricon's decision to raise the repurchase price limit was made against the backdrop of its stock price exceeding the original repurchase cap, closing at 568 CNY per share on the announcement date, which is 90.7% higher than the previous limit [2][4]. - The total repurchase amount remains unchanged, set between 20 million to 40 million CNY, and the repurchased shares will be used for employee stock ownership plans or equity incentives [2][4]. - The adjustment in the repurchase price limit is seen as a necessary move to ensure the plan's implementation within the remaining one-month window before the original repurchase period expires on July 26, 2025 [4][5]. Group 2: Market Implications - The increase in the repurchase price limit is viewed as a signal of management's optimism regarding the company's long-term stock performance, despite the actual impact on share repurchase volume being significantly reduced by approximately 56% due to the higher stock price [6][7]. - The repurchase amount constitutes only 0.008%-0.017% of Cambricon's market capitalization of 237.115 billion CNY, indicating minimal impact on overall market value [7]. - Following the announcement, Cambricon's stock price rose by 8% on June 24, demonstrating a short-term boost in investor confidence [7]. Group 3: Competitive Landscape - Cambricon faces increasing pressure from competitors in the AI chip market, including companies like Huiguan Information and Moer Thread, which are rapidly advancing their capital market strategies [3][9]. - The AI chip sector is becoming more crowded as other domestic firms accelerate their IPO processes, diminishing Cambricon's previously unique market position as the "first stock" in this space [8][9]. - The competitive landscape is characterized by diverse product offerings and market strategies among emerging players, which may lead to accelerated technological advancements and market share shifts [9][10].