Cambricon(SH:688256) Mei Ri Jing Ji Xin Wen·2025-08-28 16:43Core Viewpoint - The stock price of Cambrian (688256.SH) has surged by 134% in one month, prompting the company to issue a risk warning regarding its stock price detachment from its current fundamentals [3][7]. Group 1: Stock Performance and Valuation - As of August 28, Cambrian's stock price reached 1587.91 CNY per share, with a rolling P/E ratio of 5117.75 and a P/B ratio of 113.98, significantly exceeding industry averages [2][3]. - The stock price increase is attributed to expectations of improved performance in the AI chip sector and a projected revenue increase for the first half of 2025 [2][5]. Group 2: Financial Performance - Cambrian reported a revenue of 28.81 billion CNY for the first half of the year, a year-on-year increase of over 4300%, and a net profit of 10.38 billion CNY, marking its first half-year of profitability since its IPO [5][6]. - The company anticipates a full-year revenue of between 5 billion CNY and 7 billion CNY for 2025, based on preliminary management forecasts [3][5]. Group 3: Operational Challenges - Cambrian operates under a Fabless model, relying on external suppliers for various stages of production, which introduces supply chain uncertainties [4][6]. - The company has faced challenges due to being placed on an "entity list," impacting its supply chain stability and operational performance [4][6]. Group 4: Market Sentiment and Future Outlook - The market is currently experiencing a fervent interest in AI computing power, but Cambrian has repeatedly cautioned about the risks associated with its stock price and market expectations [3][7]. - The company must navigate the balance between leveraging its technological advantages and managing the heightened capital market interest to achieve sustainable growth [7].