炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 受益于Blackwell架构产品放量，数据中心收入环比增长5%，其中Blackwell数据中心收入环比上涨17%。此外，英伟达在本财季未向中国客户销售H20产 品，但向中国以外的非受限客户出售约6.5亿美元H20，并释放了1.8亿美元此前预留的库存。 英伟达的财季营收虽然高于分析师预测的460.6亿美元，但营收和利润的超预期幅度创数个季度新低，且业绩指引整体不温不火，其股价在盘后交易中一 度跳水逾5%，不过跌幅此后有所收窄。 反观A股市场，芯片龙头寒武纪交出了一份超出预期的半年报。 8月27日晚间，寒武纪发布2025年中期报告。数据显示，公司2025年上半年实现营业收入28.81亿元，同比增长高达4347.82%；净利润由去年同期的巨额 亏损（亏损金额约为5.3亿元）逆转为正收益，达到10.38亿元。 寒武纪表示，已掌握7nm等先进工艺下开展复杂芯片物理设计的一系列关键技术，并已将其成功应用于思元100、思元220、思元270、思元290、思元370 等多款芯片的物理设计中。 业绩发布之后，寒武纪连续两个交易日大涨，同时带动了板块其它个 ...

寒武纪2025年上半年的财务数据堪称"炸裂"，营业收入28.81亿元，同比暴涨4,347.82%，这个增幅在A 股市场都属罕见。更重要的是，公司实现了从巨亏到巨盈的华丽转身——归母净利润10.38亿元，去年 同期还在亏损5.30亿元。 周二，寒武纪发布上半年业绩报告，具体来看：营业收入28.81亿元，同比增长4347.82%，实现历史性 突破；归母净利润10.38亿元，去年同期亏损5.30亿元，成功扭亏为盈；扣非净利润9.13亿元，实现从亏 损转盈利的重大转折；经营活动现金流净额9.11亿元，去年同期为-6.31亿元；毛利率55.93%，保持较高 水平； | 单位: JLi | | --- | | 人民 | | 币种: 市 | | | 本报告期末 | 上年度末 | 本报告期末比上年度末 | | --- | --- | --- | --- | | | | | 增减(%) | | 总资产 | 8, 420, 117, 458. 26 | 6, 717, 812, 509. 70 | 25. 34 | | 归属于上市公司股 | 6, 755, 397, 722. 83 | 5. 422. 658. 659. 68 ...

Core Viewpoint - The company is responding to the Shanghai Stock Exchange's inquiry regarding its fundraising project, emphasizing the necessity and urgency of the project in light of the rapid growth in the AI computing market and the evolving demands for intelligent chips and software platforms [1][2][3]. Group 1: Market Demand and Trends - The AI computing market in China is projected to grow from approximately $19 billion in 2024 to $25.9 billion in 2025, representing a year-on-year growth of 36.2%, and reaching $55.2 billion by 2028, indicating strong growth momentum [3][19]. - The rapid development of large model technology is transforming AI applications from task-specific tools to comprehensive assistants, driving the demand for new technologies and applications in the intelligent chip sector [3][4]. Group 2: Company Strategy and R&D Focus - The company plans to develop a range of chips and software platforms tailored to large model requirements, including training chips, inference chips, and advanced packaging technologies, to enhance its competitive edge in the market [11][12][14]. - The fundraising project aims to strengthen the company's technological capabilities and expand its product ecosystem, ensuring alignment with market needs and technological advancements [11][12][22]. Group 3: Competitive Landscape - The global intelligent chip market is dominated by foreign giants like NVIDIA and AMD, while domestic companies are gradually increasing their market share, with the company positioned as a strong competitor in the AI chip sector [9][10]. - The company has developed a strong design capability for intelligent chips, although its software application ecosystem is still being improved compared to leading competitors like NVIDIA [9][10]. Group 4: Product Development and Market Application - The company has established a solid foundation for the commercialization of its products, which are already being applied in various sectors, including cloud computing, finance, and healthcare, supporting diverse AI tasks [20][21]. - The planned R&D projects are expected to meet the growing demands for high-performance training and inference capabilities in large model applications, filling the market gap for training chips in China [17][19].

Core Viewpoint - The article highlights the significant opportunities for Chinese chip manufacturers, particularly Cambricon Technologies, due to the U.S. tightening restrictions on chip exports to China, including the ban on Nvidia's H20 chip [1][4]. Group 1: Company Overview - Cambricon Technologies has emerged as a leader in the AI chip sector, capitalizing on the market gap created by U.S. sanctions [3][4]. - The company plans to raise 4.98 billion yuan (approximately 0.7 billion USD) through a private placement to fund its AI chip and software development projects [1][4]. - Cambricon's revenue surged to 1.1 billion yuan in Q1, marking a year-on-year increase of 4,230%, and achieving profitability for two consecutive quarters [1][6]. Group 2: Financial Performance - The stock price of Cambricon has increased over 200% this year, with a staggering 387% rise projected for 2024, earning it the title of "stock king" in A-shares [3][4]. - The company's current forward P/E ratio stands at 267, significantly higher than Nvidia's 46 and domestic competitor Haiguang's 146 [5][6]. Group 3: Customer Dependency Risks - Cambricon's revenue is heavily reliant on a few major clients, with the top five clients contributing 95% of its revenue, raising concerns about future revenue stability [6][7]. - The company previously faced a similar risk when Huawei was its largest customer, leading to a drastic revenue drop when Huawei shifted to self-developed chips [7]. Group 4: Market Potential and Competition - The Chinese AI chip market is expected to grow significantly, with predictions indicating that domestic GPU manufacturers could achieve sales of 287 billion yuan by 2027, capturing 70% of the market [7]. - To mitigate customer concentration risks, Cambricon needs to diversify its client base and increase investment in new customer partnerships and R&D [7].

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].