国产算力突围战中，“寒王”一度登顶A股

Core Viewpoint - The article highlights the significant growth and market recognition of Cambrian, which has achieved a market capitalization exceeding 500 billion yuan and has become a leading player in the domestic AI chip industry, marking a shift from narrative-driven investment to profit verification in the AI sector [2][4][7]. Financial Performance - Cambrian reported a revenue of 2.881 billion yuan in the first half of the year, a year-on-year increase of approximately 400%, and a net profit attributable to shareholders of 1.038 billion yuan, marking its first half-year profitability since its listing in 2020 [3]. - The company's net profit margin significantly improved to about 32%, far exceeding the 8% level for the entire year of 2024, indicating a structural improvement in profitability [3]. - As of the end of the first half, Cambrian had approximately 3.5 billion yuan in cash and financial assets, easing its financial position for future R&D and capacity expansion [3]. Market Dynamics - Cambrian's stock price has surged over 120% this year, driven by multiple factors including U.S. export restrictions on high-end AI chips, which have created a market gap estimated at 18.3 billion USD [4]. - The company is viewed as a core player in the domestic chip replacement narrative, with the potential to capture 30% to 40% of this market gap, translating to an additional revenue opportunity of 5 to 7 billion USD [4]. Product Development - Cambrian has achieved mass production of its 7nm MLU-590 chip, claiming to match the training performance of NVIDIA's A100 [6]. - The company is preparing for future capacity with a new fundraising plan of 4.98 billion yuan, bringing total fundraising to nearly 14 billion yuan, aimed at expanding its production and software capabilities [6]. Future Outlook - Cambrian's prepayments reached 828 million yuan, and inventory increased to 2.69 billion yuan, indicating a potential quarterly revenue exceeding 2 billion yuan and an annual revenue target approaching 8 billion yuan [5]. - Projections suggest that if Cambrian's capacity plans materialize by 2026, annual revenue could reach between 35 to 40 billion yuan, with corresponding net profit margins around 30%, potentially leading to profits of 10 to 12 billion yuan [5]. Strategic Partnerships - The launch of DeepSeek V3.1, which utilizes self-developed precision standards, is expected to enhance the efficiency of domestic chips and strengthen the collaboration between Cambrian and the domestic AI ecosystem [5].