Cambricon(SH:688256) Ge Long Hui A P P·2025-10-01 02:38Core Points - The announcement from Cambricon Technologies regarding its private placement indicates a strong fundraising effort aimed at enhancing its capabilities in AI chip development and software platforms [1][3][6] Fundraising Details - The private placement price is set at 1195.02 yuan per share, with a total of 3.3349 million shares to be issued, raising approximately 3.985 billion yuan [3][5] - The funds will be allocated to projects focused on large model chip platforms (20.54 billion yuan), software platforms (14.52 billion yuan), and working capital (4.79 billion yuan) [6][7] Market Performance - As of September 30, Cambricon's stock closed at 1325 yuan per share, reflecting a slight increase of 0.11% and a total market capitalization of 554.3 billion yuan [1][3] - The private placement price represents a discount of about 9.8% compared to the closing price on the same day [3][4] Investor Participation - A total of 13 investors were selected for the placement, with notable allocations including 1.0109 million shares to GF Fund Management, amounting to 1.208 billion yuan [5][6] - Other significant participants include UBS AG and Xinhua Asset Management, with allocations exceeding 400 million yuan each [5] Financial Performance - For the first half of the year, Cambricon reported total revenue of 2.881 billion yuan, a staggering year-on-year increase of 4347.82%, and a net profit of 1.038 billion yuan, reversing a loss from the previous year [7][8] - The company's net assets increased by 24.58% compared to the end of the previous year, reaching approximately 6.755 billion yuan [8] Analyst Outlook - Goldman Sachs has raised its target price for Cambricon to 2104 yuan, suggesting potential upside from the current stock price, although challenges remain for the company to achieve this target [9]