Zhong Guo Jing Ying Bao·2025-08-28 11:09Core Viewpoint - Cambricon, a leading domestic AI chip manufacturer, has experienced a significant surge in stock price, becoming a new "king" of A-shares, with a total market value exceeding 600 billion yuan [1][2]. Stock Performance - Cambricon's stock price increased nearly 10% on August 27, reaching 1464 yuan per share, and further surged by 15.73% on August 28, closing at 1587.91 yuan per share, surpassing Kweichow Moutai [1]. - The stock has seen a monthly increase of 123.8% and a staggering cumulative increase of 2810.39% from January 1, 2023, to August 28, 2025 [1][2]. Financial Performance - For the first half of 2025, Cambricon reported revenue of 28.81 billion yuan, a year-on-year increase of 4347.82%, and a net profit of 10.38 billion yuan, marking a turnaround from previous losses [4][5]. - The revenue growth was primarily driven by cloud products, which contributed 28.7 billion yuan, accounting for 99.6% of total revenue [4][5]. Market Dynamics - The surge in Cambricon's stock is attributed to several factors, including tightening U.S. chip export controls, increased domestic demand for computing power, and the company's successful transition to profitability [2][3]. - External factors such as favorable policies and market sentiment have also played a role in boosting investor confidence [3]. Competitive Landscape - Despite its rapid growth, Cambricon faces significant challenges compared to Nvidia, including a less developed software ecosystem, limitations in advanced manufacturing processes, and a lack of comprehensive system-level capabilities [8][9]. - Cambricon's customer base is primarily focused on the domestic market, lacking the international diversification and stability seen in Nvidia's revenue structure [9]. Valuation Concerns - Cambricon's current valuation metrics indicate a high level of market speculation, with a PE_TTM of 4463.55 times and a PB of 99.41 times, significantly above industry averages [7]. - Analysts caution that the stock's high valuation reflects a combination of market sentiment and speculative trading rather than fundamental performance [7].