寒武纪：技术立足，算力中军，充分受益AI浪潮

Investment Rating - The report assigns a positive investment rating to Cambricon (寒武纪), highlighting its strong position in the AI chip market and expected growth due to increasing demand for computing power driven by AI applications [2][12]. Core Insights - Cambricon is positioned as a leading player in the domestic intelligent computing chip sector, providing a comprehensive range of cloud-edge-end intelligent chips and foundational software development kits, benefiting from the AI wave [3][4]. - The company has a robust product lineup, including cloud intelligent chips, acceleration cards, and edge intelligent chips, with the latest product, the SiYuan 590, outperforming NVIDIA's A100 in single-card performance [10][14]. - The demand for computing power has surged globally due to the rise of generative AI, with significant capital expenditures expected from major cloud service providers and domestic companies [12][13]. Company Overview - Cambricon, established in 2016, has a market capitalization of 250 billion RMB and is recognized for its innovations in AI chip architecture [3][4]. - The company’s founder, Chen Tian Shi, is a pioneer in specialized AI chip research, contributing to the development of the first dedicated AI chip [4][6]. - The company has a strong R&D focus, with expenditures of 1.136 billion RMB in 2021, 1.523 billion RMB in 2022, and 1.118 billion RMB in 2023, placing it among the top A-share chip companies [11]. Product Portfolio - Cambricon's main products include cloud intelligent chips, acceleration cards, training machines, and edge intelligent chips, with the SiYuan 590 being the latest high-performance offering [10][11]. - The SiYuan 590 chip is expected to significantly enhance performance in comparison to previous models, with a dual-chip structure planned for future iterations [14]. Market Dynamics - The report notes that the U.S. restrictions on high-end semiconductor supplies to China have created a favorable environment for Cambricon, allowing it to fill the supply gap in the domestic market [16]. - The short to medium-term market potential for AI servers is estimated to reach 100 billion RMB, driven by demand from major internet companies [15].