Cambricon(SH:688256) Jin Rong Jie·2026-02-03 03:42Core Viewpoint - Cambricon, a leading player in the A-share technology sector, has experienced significant stock price fluctuations, with a peak market value exceeding 670 billion yuan and a subsequent decline of nearly 30% since January 12, bringing its market value to approximately 450 billion yuan [1][2]. Group 1: Company Performance - Cambricon's core business logic revolves around three main aspects: accelerated domestic substitution, explosive demand for large model inference, and its industry-leading position as a "Chinese NVIDIA" [2]. - The company anticipates a substantial increase in revenue, projecting 6 billion to 7 billion yuan for the full year of 2025, representing a year-on-year growth of 410.87% to 496.02% [2]. - Expected net profit, excluding non-recurring gains and losses, is forecasted to be between 1.6 billion to 1.9 billion yuan, with net profit attributable to shareholders estimated at 1.85 billion to 2.15 billion yuan [2]. Group 2: Market Dynamics - The demand for AI chips is rapidly increasing due to geopolitical factors, with domestic cloud service providers and internet giants seeking self-controlled AI chips, benefiting Cambricon directly [2]. - The rapid development of local large models, exemplified by DeepSeek, has led to a strong demand for high-performance AI inference chips [2]. - Cambricon's technological accumulation in AI chip architecture design and hardware-software collaboration is beginning to show its value in the market [2]. Group 3: Recent Developments - Cambricon's fundraising application for 3.985 billion yuan has been approved by the Shanghai Stock Exchange, with the funds intended for the development of large model chips and software platforms [2]. - The company has responded to recent stock price fluctuations, stating that it is unclear about the specific reasons behind the market rumors and encourages rational engagement from investors [2].