Cambricon(SH:688256) Hua Er Jie Jian Wen·2025-08-28 12:35Core Viewpoint - Cambricon has issued a risk warning regarding its stock trading, revealing several concerns that have alarmed investors, including an extraordinary stock price surge and a significant disconnection between its fundamentals and market valuation [1][2]. Group 1: Stock Performance and Valuation - Cambricon's stock price skyrocketed by 133.86% from approximately 679 yuan to 1587.91 yuan between July 28 and August 28, 2025, significantly outperforming most peers and major market indices [2]. - The company's rolling price-to-earnings (P/E) ratio reached an astonishing 5117.75 times, far exceeding the industry average of 88.97 times, indicating a severe valuation discrepancy [2]. - The price-to-book (P/B) ratio for Cambricon stood at 113.98 times, again well above the industry average of 5.95 times, reflecting excessive market speculation on AI chip concepts [2]. Group 2: Revenue Projections and Product Plans - Management forecasts that the company's revenue for 2025 will be between 5 billion and 7 billion yuan, but emphasizes that this is a preliminary estimate and does not constitute a firm commitment to investors [2]. - The company has explicitly stated that there are currently no plans for new product releases, and recent rumors about new products have been clarified as false, which may negatively impact market expectations [3]. Group 3: Risks and Market Sentiment - The extreme valuation levels pose a significant risk of correction, as the company's fundamentals are severely disconnected from its stock performance [1]. - Ongoing U.S. sanctions and the potential for rational market corrections regarding AI hype could further affect the stability of Cambricon's business [1].