寒武纪中报发布，国产算力气势如虹

Investment Rating - The industry investment rating is "Outperform the Market" (expected to outperform the market by more than 5% in the next 6 months) [41] Core Insights - The report highlights the impressive performance of Cambrian's mid-year report, showing a revenue of 2.881 billion yuan in H1 2025, a significant year-on-year increase of 4347.82%, and a net profit of 1.038 billion yuan, marking a turnaround from previous losses [3][8] - The report emphasizes the strong demand for AI computing power, driven by the growth of artificial intelligence applications, which is expected to boost the capacity needs of wafer foundries [3][12] - The State Council's recent issuance of the "Artificial Intelligence+" action plan is seen as a new opportunity for the domestic computing power industry, with projections indicating the AI chip market in China will grow from approximately 18.4 billion yuan in 2020 to 153 billion yuan by 2025, representing a CAGR of about 52.7% [12][13] Summary by Sections Industry News and Commentary - Cambrian's mid-year report indicates a strong recovery with a gross margin of 55.93% and a net margin of 36.04% in H1 2025, showcasing improved profitability [3][8] - The capacity utilization rates of leading domestic wafer foundries, SMIC and Hua Hong, reached 92.5% and 108.3% respectively in Q2 2025, reflecting robust demand and tight supply in the AI industry [3][12] - The report notes that the domestic AI chip market is expected to benefit from challenges faced by foreign competitors, particularly Nvidia, due to security concerns regarding their products in the Chinese market [12][13] Investment Recommendations - The report recommends investing in domestic AI chip design companies, which are expected to benefit significantly from the growing demand for AI computing power [5][36] - Specific companies recommended include Haiguang Information, Tongfu Microelectronics, and a focus on Cambrian, SMIC, Hua Hong, and Changdian Technology [5][36] - The report also highlights the potential for various hardware terminals to undergo intelligent upgrades as AI infrastructure matures, recommending companies like Hengxuan Technology and suggesting attention to others like Rockchip and Lexin Technology [5][36]