研报掘金丨华创证券：首予寒武纪“推荐”评级，业务有望实现爆发式增长

Core Viewpoint - HanGuang Technology is positioned as a leading enterprise in the domestic AI chip sector, focusing on AI chip research and technological innovation [1] Company Overview - The company has developed a comprehensive product matrix covering "cloud-edge-end" scenarios, including cloud intelligent chips and acceleration cards, edge intelligent chips and acceleration cards, and terminal intelligent processor IP [1] - Key products include the Siyuan 590 and Siyuan 370, which are cloud training and inference chips designed to meet the AI application needs across various industries such as internet, finance, transportation, and energy [1] Technology and Innovation - HanGuang has established a complete technological system from instruction set architecture to chip design and basic system software [1] - The company is expected to benefit from the continuous growth in AI computing power demand, with its products being implemented in key industry application scenarios such as internet, telecommunications, and finance [1] Market Potential - The business is anticipated to achieve explosive growth due to the increasing demand for AI capabilities [1] - The initial coverage of the company has been rated as "recommended" [1]