3 6 Ke·2025-08-27 10:06Core Viewpoint - The stock price of Cambricon Technologies Co., Ltd. (寒武纪-U) has reached a record high of 1464.98 CNY per share, surpassing Kweichow Moutai's 1460.51 CNY, making it the highest-priced stock in the A-share market with a market capitalization exceeding 600 billion CNY and a price-to-earnings (P/E) ratio of approximately 546 times [1][2][3]. Company Performance - Cambricon's stock price has seen significant fluctuations, with a notable increase of about 580% since the "9·24" market rally in 2024, and a 120% increase since 2025 [3]. - The company's revenue for the years 2020 to 2024 was reported as 459 million CNY, 721 million CNY, 729 million CNY, 709 million CNY, and 1.174 billion CNY, respectively. The net profit attributable to shareholders was -435 million CNY, -825 million CNY, -1.257 billion CNY, -848 million CNY, and -452 million CNY [3]. - In the first half of 2025, Cambricon achieved a revenue of approximately 2.881 billion CNY, a year-on-year increase of 4347.82%, and a net profit of about 1.038 billion CNY, compared to a loss of 530 million CNY in the same period last year [3]. Shareholding Structure - As of the end of the first half of 2025, the actual controller of Cambricon, Chen Tianshi, directly held about 120 million shares, accounting for approximately 28.57% of the total shares, and indirectly held about 30.6459 million shares through Beijing Aixi Technology Center [4]. - Institutional investors hold a significant stake in Cambricon, with funds collectively owning about 6.72339 million shares, representing approximately 16.11% of the total shares [5]. Market Trends and Predictions - The semiconductor industry, particularly AI chips, is expected to maintain a strong growth trajectory due to high technical barriers and strong customer loyalty, with Cambricon projected to achieve revenues of 7.53 billion CNY, 13.46 billion CNY, and 20.56 billion CNY from 2025 to 2027, with year-on-year growth rates of 541%, 79%, and 53%, respectively [5]. - The market is witnessing a shift towards domestic chip procurement and usage, driven by the development of large models and internet platforms, indicating a long-term trend in the semiconductor sector [5]. Valuation Considerations - Despite a high P/E ratio of around 500 times, analysts suggest that the valuation framework for technology growth companies should focus on growth expectations and potential technological breakthroughs rather than traditional P/E metrics [6].