Cambricon(SH:688256) Jing Ji Guan Cha Wang·2025-08-13 08:48Core Viewpoint - The stock price of Cambricon (688256, SH) surged to a historical high of 848.88 CNY per share on August 12, 2023, marking a 17-fold increase since its low in April 2022, driven by market speculation regarding significant future orders and revenue potential [1][2]. Company Performance - Cambricon reported a revenue of 9.89 billion CNY in Q4 2023, achieving a net profit of 2.81 billion CNY, marking its first quarterly profit since going public [4]. - In Q1 2024, the company’s revenue reached 11.11 billion CNY, a substantial increase from 0.26 billion CNY in the same period last year, with a net profit of 3.55 billion CNY [4]. - The company’s inventory and prepayments have significantly increased, with inventory at 17.74 billion CNY (up 1684% year-on-year) and prepayments at 7.74 billion CNY (up 423% year-on-year) by the end of 2024 [4]. Shareholder Information - As of Q1 2025, major shareholder Zhang Jianping held 6.086 million shares, representing 1.46% of the total shares, with a market value increase of approximately 860 million CNY since the end of Q1 2025 [2][3]. - The top five customers accounted for 94.63% of total sales in 2024, with the largest customer contributing 79.15% [5]. Market Trends - The AI chip sector continues to attract significant capital market interest, with reports indicating an increase in capital expenditures by overseas cloud solution providers and a 19.6% year-on-year growth in global semiconductor sales as of June [3][4]. - Domestic demand for AI computing infrastructure remains strong, with expectations for accelerated deployment as the demand gap widens [4].