Cambricon(SH:688256) 21世纪经济报道·2025-10-20 23:56Core Viewpoint - The article highlights the impressive financial performance of Cambrian (688256.SH) in Q3, with a significant revenue increase and net profit growth, while raising questions about the sustainability of this growth and the company's competitive position in the AI chip market [2][3]. Financial Performance - Cambrian reported Q3 revenue of 1.727 billion yuan, a year-on-year increase of 1332.52%, and a net profit of 566 million yuan, up 390.23% [2]. - For the first three quarters, Cambrian achieved revenue of 4.607 billion yuan, a year-on-year growth of 2386.38%, and a net profit of 1.604 billion yuan, up 320.19% [2][3]. - The company's cloud product line generated 2.871 billion yuan in revenue, becoming the main revenue driver for the first half of the year [2]. Market Drivers - Cambrian attributes its growth to continuous market expansion and support for AI application implementation [3]. - The surge in AI computing power demand is a primary driver, with major tech companies increasing their capital expenditures on AI hardware [3]. - The acceleration of domestic alternatives due to U.S. export controls on AI chips is another significant factor [4]. Competitive Position - Cambrian's product line includes various AI processors and acceleration cards, supporting diverse AI tasks across multiple industries [6]. - The company has secured 3.985 billion yuan in funding for hardware development and software ecosystem construction [6]. Risks and Concerns - High customer concentration is a major risk, with the top five customers' sales proportion increasing from 84.94% in 2022 to 94.63% in 2024 [6][7]. - The company's high valuation raises concerns, as the market has already priced in significant future growth expectations [8][10]. - Supply chain stability is also a risk, as geopolitical factors could impact production and costs [10].