Cambricon(SH:688256) Sou Hu Cai Jing·2025-09-10 09:00Core Viewpoint - The company, Cambrian (688256.SH), has received approval from the China Securities Regulatory Commission for a specific stock issuance, which is valid for 12 months [1]. Group 1: Fundraising and Financial Details - Cambrian plans to raise no more than 4.98 billion yuan through a private placement to fund projects related to large model chip platforms and software platforms, as well as to supplement working capital [3]. - The number of shares to be issued was adjusted from a maximum of 20.87 million to 20.92 million, with the total fundraising amount reduced to no more than 3.985 billion yuan due to an increase in total share capital from a stock incentive plan [3]. - As of September 10, Cambrian's stock price was 1,273 yuan per share, with a total market capitalization of 532.6 billion yuan [8]. Group 2: Market Performance and Predictions - Cambrian's stock price surged earlier this year, reaching a peak of 1,595.88 yuan per share, making it one of the only stocks in the A-share market to exceed 1,000 yuan, alongside Kweichow Moutai [3]. - Following the announcement of the stock issuance, Cambrian's stock price fell by over 20%, with a notable drop of 6% the day after the announcement [4]. - Analysts predict that if Cambrian's projects proceed smoothly, revenue could exceed 10 billion yuan by 2026, making the current valuation more reasonable [8]. Group 3: Industry Context and Competitive Position - The fundraising is primarily aimed at developing chips and software that align with the trend of domestic AI computing power, potentially enhancing Cambrian's competitiveness in the smart chip sector [8]. - Cambrian's revenue growth rate exceeded 43 times in the first half of the year, and the company has turned a profit, although its rolling price-to-earnings ratio remains significantly higher than the industry average [8].