新“股王”寒武纪狂飙真相

Core Viewpoint - Cambricon has achieved a record-breaking half-year report, leading to its rise as the "king of A-shares" with a market capitalization exceeding 570 billion yuan, but concerns over high inventory, customer concentration, and supply chain risks are emerging, indicating increasing risks behind the high stock price [1][3][15]. Financial Performance - Cambricon reported a revenue of 2.881 billion yuan for the first half of the year, a staggering increase of 4347.82% compared to 64.76 million yuan in the same period last year [4]. - The net profit attributable to shareholders reached 1.038 billion yuan, marking a turnaround from a loss of 530 million yuan in the previous year [4]. - The company's cash flow from operating activities improved significantly to 911 million yuan, compared to a negative 631 million yuan in the same period last year [4]. Asset and R&D Expansion - As of June 30, the total assets of Cambricon reached 8.42 billion yuan, a growth of 25.34% from the end of the previous year [5]. - R&D investment for the first half of the year was 456 million yuan, a 2.01% increase year-on-year, with R&D expenses accounting for 15.85% of revenue [5]. - The R&D team consists of 792 members, with 80.18% holding a master's degree or higher [5]. Market Position and Stock Performance - Cambricon's stock price has surged by 2288.75% over the past three years, with a year-to-date increase of 108.53% [8]. - The company has been included in several important indices, enhancing its market visibility and attracting significant investment [10]. - As of August 26, the financing balance for Cambricon reached a historical high of 8.852 billion yuan, indicating strong interest from investors [11][12]. Risks and Concerns - High inventory levels reached 2.69 billion yuan, accounting for over 30% of total assets, with a significant portion attributed to commissioned processing materials [15]. - Customer concentration is a concern, with the top five customers contributing 85.31% of accounts receivable and contract assets, leading to a high bad debt provision of 50.71% [15]. - Supply chain uncertainties exist due to reliance on foundries like TSMC and potential restrictions from being on the U.S. Entity List [15]. Valuation and Market Sentiment - Cambricon's dynamic price-to-earnings ratio stands at 514.42, significantly higher than the median of 137.25 for semiconductor products, raising concerns about overvaluation [16]. - Fund holdings have shown a mixed sentiment, with a notable decrease in total shares held by funds, indicating some institutions are beginning to take profits [16].