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华鑫证券:寒武纪业绩有望持续提升,首予“买入”评级
Xin Lang Cai Jing· 2025-10-11 07:03
华鑫证券日前研报指出,寒武纪业绩表现亮眼,AI算力芯片获下游客户认可。2025年上半年实现营收 28.81亿元, 同比增长4347.82%;实现归母净利润10.38亿元,同比增长295.82%。近期,寒武纪募资 39.85亿元。公司拟用募集资金投资20.54亿元,用于面向大模型芯片平台项目的建设,以增强公司在面 向大模型的AI 芯片技术和产品综合实力;拟用募集资金投资14.52亿元,用于面向大模型软件平台项目 的建设。AI硬件方面,公司团队先后研制的智能处理器及芯片产品,包括用于终端场景的寒武纪1A、 寒武纪1H、寒武纪1M 系列智能处理器;AI软件方面,智能芯片的大规模商用需要兼顾易用性和可编程 性,离不开软件平台的深度赋能。随着未来公司软硬件的协同发展,公司的AI 算力芯片有望迎来更多 订单,公司业绩有望持续提升。该行认为随着未来公司软硬件的协同发展,公司的AI算力芯片有望迎 来更多订单,公司业绩有望持续提升,首次覆盖,给予"买入"投资评级。 ...
寒武纪(688256):公司动态研究报告:AI算力芯片技术领先,软硬件协同发展提升业绩弹性
Huaxin Securities· 2025-10-09 08:59
Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage in this regard [12]. Core Insights - The company has demonstrated impressive performance, with a significant increase in revenue and net profit driven by its AI computing chip technology and collaborations with leading enterprises in the AI field [4][11]. - The demand for AI computing power is expected to rise significantly, with global AI server market projected to reach USD 222.7 billion by 2028, growing at a CAGR of 11.96% from 2025 to 2028 [5]. - The company is well-positioned to benefit from the domestic shift towards self-developed AI chips due to geopolitical factors affecting supply chains [6]. Summary by Sections Company Performance - In the first half of 2025, the company achieved revenue of CNY 2.881 billion, a year-on-year increase of 4347.82%, and a net profit of CNY 1.038 billion, up 295.82% [4]. - The second quarter of 2025 saw revenue of CNY 1.769 billion, with a net profit of CNY 683 million, reflecting year-on-year growth of 4425.01% and 324.97%, respectively [4]. Market Trends - The AI Capex is driving a sustained increase in computing power demand, with major global tech companies ramping up investments in AI infrastructure [5]. - Domestic companies like Alibaba and Tencent are also increasing their Capex for computing infrastructure, indicating a robust growth trajectory for the AI computing sector [5]. Technological Advancements - The company is investing CNY 20.54 billion in AI chip technology and CNY 14.52 billion in software platform development to enhance its competitive edge [9]. - The company has developed a range of intelligent processors and cloud-based acceleration cards, which are widely used across various industries [9][10]. Financial Projections - Revenue forecasts for 2025, 2026, and 2027 are CNY 6.460 billion, CNY 9.689 billion, and CNY 14.050 billion, respectively, with corresponding EPS of CNY 5.25, CNY 8.05, and CNY 12.17 [12][14]. - The company is expected to maintain a strong growth trajectory, with net profit projected to reach CNY 5.090 billion by 2027 [14].
算力产业量质齐升 寒武纪持续发力智能芯片领域
Zhong Jin Zai Xian· 2025-09-19 06:12
近日,据媒体报道,截至2025年6月底,我国在用算力中心标准机架达1085万架,智能算力规模达 788EFLOPS(每秒百亿亿次浮点运算),干线400G端口数量大幅增加至14060个,存力总规模超1680EB, 全国算力中心平均电能利用效率(PUE)降至1.42,算力基础设施规模和水平不断提升。不难看出,我国 算力产业正呈现量质齐升的良好态势。 在这样的行业大背景下,智能芯片领域的发展尤为引人注目。智能芯片是针对人工智能领域设计的芯 片,为人工智能应用提供所需的基础算力,是支撑智能产业发展的核心物质载体。智能芯片面向人工智 能领域而专门设计,其架构和指令集针对人工智能领域中的各类算法和应用作了专门优化,可高效支持 视觉、语音、自然语言处理和传统机器学习等智能处理任务。随着人工智能应用及算法的逐步普及,智 能芯片受到了多家集成电路龙头企业的重视,该领域也成为多家初创集成电路设计公司发力的重点。集 成电路设计行业处于产业链上游,作为典型的技术和资金密集型产业,具有技术门槛高、产品附加值高 的特点,而智能芯片作为其中的重要分支,正引领着行业的创新变革。 寒武纪,作为智能芯片领域全球知名的新兴公司,在行业中表现亮眼。 ...
39.85亿元定增获批,寒武纪加码大模型芯片布局
Group 1 - The core point of the news is that Cambrian has received approval from the CSRC for a stock issuance plan, which aims to raise up to 3.985 billion yuan to enhance its technological competitiveness in the AI chip market [1] - Cambrian's stock issuance plan has been adjusted to a total fundraising amount of no more than 3.985 billion yuan, with the number of shares to be issued increased to no more than 20.9175 million shares [1] - The funds raised will primarily be used for projects related to large model chip platforms and software platforms, reinforcing Cambrian's position in the competitive landscape [1] Group 2 - The demand for AI chips is experiencing explosive growth due to the evolution of large model technology, with domestic chip design manufacturers gradually increasing their market share [2] - Cambrian's SiYuan series chips are expected to benefit from the rising computational power demand across various industries and the trend of domestic substitution, potentially driving significant revenue growth and sustained profitability [2] Group 3 - Cambrian's stock price has reached new highs, approaching 1600 yuan, and has surpassed Kweichow Moutai to become the new "king of stocks" in A-shares [3] - As of October 10, Cambrian's stock has increased over 90% year-to-date, with a latest share price of 1273 yuan and a market capitalization of 532.6 billion yuan [3] - In the first half of the year, Cambrian achieved revenue of 2.88 billion yuan, a year-on-year increase of 4347.82%, and a net profit of 1.038 billion yuan, marking a turnaround to profitability [3]
寒武纪回应存货和预付款为何激增
经济观察报· 2025-05-13 11:43
Core Viewpoint - Cambricon, known as the "first AI chip stock," has reported consecutive profitable quarters, with significant increases in inventory and prepayments, raising concerns about future sales performance and cash flow management [2][3][5]. Group 1: Financial Performance - Cambricon achieved a net profit of 2.72 billion yuan in Q4 2024, marking its first quarterly profit, followed by a profit of 3.55 billion yuan in Q1 2025 [3]. - From 2020 to 2024, Cambricon's cumulative revenue was 2.618 billion yuan, with cumulative losses reaching 3.816 billion yuan [3]. Group 2: Inventory and Prepayments - By Q1 2025, Cambricon's inventory surged to 2.755 billion yuan, the highest level in its history, up from 235 million yuan in the first half of 2024 and 1.015 billion yuan by Q3 2024 [3][4]. - Prepayments also reached a record high of 973 million yuan by the end of Q1 2025, attributed to increased advance payments to suppliers [4][5]. Group 3: Research and Development - Cambricon has consistently invested over 1 billion yuan annually in R&D from 2020 to 2024, totaling 5.617 billion yuan, significantly exceeding its revenue during the same period [7]. - The company plans to continue enhancing R&D investments to extend its chip products into large models and vertical industry applications [8]. Group 4: Financing and Cash Flow - Cambricon announced a refinancing plan to raise up to 4.98 billion yuan, with 4.8 billion yuan allocated for working capital and 29 billion yuan for large model chip platform projects [8][9]. - The company's operating cash flow was negative, with a net cash flow of -1.618 billion yuan for the entire year of 2024 and -1.399 billion yuan in Q1 2025 [6].