Cambricon(SH:688256) Changjiang Securities·2025-07-25 09:19Investment Rating - The investment rating for the company is "Buy" and is maintained [6] Core Views - The company has adjusted its private placement fundraising amount from a maximum of 4.98 billion to a maximum of 3.99 billion, which reduces equity dilution and increases the likelihood of successful completion [2][4] - The company is showing promising developments in its next-generation products, which are expected to enhance competitiveness, and inventory turnover indicates a positive operational trend [2][4] Summary by Sections Event Description - On July 18, 2025, the company announced adjustments to its private placement plan, revising the total fundraising amount from no more than 4.98 billion to no more than 3.99 billion [4] Event Commentary - The reduction in the fundraising amount is expected to lower dilution and ease regulatory approval, thereby increasing the success rate of the private placement [9] - The company has announced that its fifth-generation architecture has entered mass production, and a new architecture is under development, aimed at meeting the performance upgrade needs of intelligent chips in large model scenarios [9] - The company’s inventory turnover of approximately 750 million after March 2025 suggests a favorable revenue conversion trend, supporting net profit for Q2 2025 [9] - The demand for AI chips is expected to grow, with the company maintaining a strong competitive position in the domestic market, leading to an upward adjustment of the market cap ceiling for AI computing chips [9]