摘要 Q&A 为什么在当前时间点推荐寒武纪-U？ 当前时间点推荐寒武纪-U 的主要原因在于国产算力领域存在超额机会。从需求 端来看，国内互联网大厂如字节跳动、阿里巴巴、腾讯等纷纷扩张资本开支， 预期周期为三年。芯片设计领域投资提速，供给端则面临海外 HRS 领域对中国 出口限制和流片逐渐受限的情况。需求旺盛而供给受限，使得国产算力领域的 机会显著增加。国内 AI 流片和芯片依赖度提升，大厂如阿里巴巴和腾讯可能增 加对国产三洋电的采购，从而进一步打开市场空间。在产业逻辑确定和规划优 • 国产算力需求旺盛但供给受限，海外 HRS 领域对中国出口限制及流片受限， 为国产 AI 芯片如寒武纪带来显著机会，阿里巴巴和腾讯等大厂或增加国产 芯片采购。 • 寒武纪以技术立身，专注于人工智能芯片研发，拥有稳定股权结构和产学 研结合优势，在云边端三种场景打造 AI 芯片产品矩阵，并通过 IP 授权和 软件平台支持系统性发展。 • 寒武纪在云端专项芯片加速卡方面保持领先，不断推出新产品，如从 270 到 370 到 590 系列，并将知识产权外化为 IP 授权，构建软件平台提供计算 机计算集群系统服务。 • 寒武纪 2023 年 ...

寒武纪 公司章程 中科寒武纪科技股份有限公司 章 程 2025 年 3 月 | 第一章 | 总则 4 | | --- | --- | | 第二章 | 经营宗旨和范围 5 | | 第三章 | 股份 5 | | 第一节 | 股份发行 5 | | 第二节 | 股份增减和回购 7 | | 第三节 | 股份转让 9 | | 第四章 | 股东和股东大会 9 | | 第一节 | 股东 9 | | 第二节 | 股东大会的一般规定 12 | | 第三节 | 股东大会的召集 17 | | 第四节 | 股东大会的提案与通知 19 | | 第五节 | 股东大会的召开 21 | | 第六节 | 股东大会的表决和决议 25 | | 第五章 | 董事会 29 | | 第一节 | 董事 29 | | 第二节 | 董事会 35 | | 第六章 | 总经理及其他高级管理人员 43 | | 第七章 | 监事会 46 | | 第一节 | 监事 46 | | 第二节 | 监事会 47 | | 第八章 | 财务会计制度、利润分配和审计 49 | | 第一节 | 财务会计制度、利润分配 49 | | --- | --- | | 第二节 | 内部审计 54 ...

证券代码：688256 证券简称：寒武纪 公告编号：2025-007 一、 公司章程修订相关情况 中科寒武纪科技股份有限公司 关于修订《公司章程》并办理工商备案登记、 制定公司部分治理制度的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 中科寒武纪科技股份有限公司（以下简称"公司"）于2025年3月12日召开了 第二届董事会第二十九次会议，审议通过了《关于修订<公司章程>的议案》《关于 制定<市值管理制度>的议案》《关于制定<舆情管理制度>的议案》，具体情况如 下： 经公司第二届董事会第十九次会议审议通过，公司 2021 年限制性股票激励计 划首次授予部分第二个归属期符合归属条件，本期股权激励归属新增股份 862,302 股，已在中国证券登记结算有限责任公司上海分公司办理完毕股份登记手续。上述 股权激励归属的股份发行完成后，公司注册资本由 416,594,451 元增加至 417,456,753 元，公司股份总数由 416,594,451 股增加至 417,456,753 股。根据《公 司法》《证券法》等有关规定，对 ...

关于以集中竞价交易方式回购公司股份的进展公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 证券代码：688256 证券简称：寒武纪 公告编号：2025-006 重要内容提示： 中科寒武纪科技股份有限公司 根据《上海证券交易所上市公司自律监管指引第 7 号——回购股份》等相关 规定，截至 2025 年 2 月末，公司回购股份的进展情况如下： 截至2025年2月28日，公司尚未实施股份回购。 三、 其他事项 公司将严格按照《上市公司股份回购规则》《上海证券交易所上市公司自律监 管指引第 7 号——回购股份》等相关规定，在回购期限内根据市场情况择机做出 回购决策并予以实施，同时根据回购股份事项进展情况及时履行信息披露义务， 敬请广大投资者注意投资风险。 特此公告。 中科寒武纪科技股份有限公司董事会 | 回购方案首次披露日 | 2024/7/27 | | --- | --- | | 回购方案实施期限 | 董事会审议通过本次回购方案之日起 12 个月 | | 预计回购金额 | 万元~4,000 万元 2,000 | | 回购用途 | ...

Summary of Key Points Core Viewpoint - The recent large transaction of Cambrian has raised attention, with significant trading activity and a notable decline in stock price, indicating potential market volatility and investor sentiment shifts [1]. Trading Activity - On February 28, Cambrian recorded a large transaction of 0.88 thousand shares, amounting to 6.4719 million yuan, with a transaction price of 735.44 yuan per share [1]. - Over the past three months, Cambrian has seen a total of 10 large transactions, with a cumulative transaction value of 211 million yuan [1]. Stock Performance - Cambrian's closing price on the same day was 735.44 yuan, reflecting a decrease of 7.61% [1]. - The stock's turnover rate for the day was 2.90%, with a total trading volume of 9.102 billion yuan [1]. - There was a net outflow of 636 million yuan in main capital for the day, and the stock has experienced a cumulative decline of 0.91% over the past five days, with a total net capital outflow of 1.224 billion yuan [1]. Margin Financing - The latest margin financing balance for Cambrian stands at 4.625 billion yuan, having increased by 246 million yuan over the past five days, representing a growth rate of 5.61% [1].

Financial Performance - The company achieved total operating revenue of RMB 1,174,464,377.35, representing a year-on-year increase of 65.56%[3] - The net loss attributable to the parent company was RMB -443,195,489.04, a reduction in loss of 47.76% compared to the previous year[6] - Basic earnings per share improved by 48.79% year-on-year, reflecting the narrowing of net loss attributable to the parent company[7] - The company reported a significant increase in operating profit and total profit, with losses narrowing by RMB 42,922.08 million and RMB 42,812.94 million respectively[7] Asset and Equity Changes - Total assets increased by 4.79% from the beginning of the period, reaching RMB 6,725,195,690.17[3] - The equity attributable to the parent company decreased by 3.86%, amounting to RMB 5,431,841,671.90[3] Return on Investment - The weighted average return on net assets improved by 7.33 percentage points, from -15.34% to -8.01%[3] Market Expansion and Strategy - The company continues to expand its market presence, actively supporting the implementation of artificial intelligence applications, contributing to revenue growth[7] Financial Reporting and Risks - The company emphasizes that the financial data presented are preliminary and unaudited, with final figures to be confirmed in the annual report[8] - Investors are advised to be cautious of potential risks as the reported data may differ from the final audited results[8]

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [8]. Core Views - The company is positioned as a leader in the AI chip sector in China, focusing on the development and innovation of artificial intelligence chips, with a product matrix covering cloud, edge, and terminal scenarios [8][11]. - The domestic computing power market is expected to experience significant growth, driven by government policies and increasing enterprise demand, with 2025 anticipated to be a pivotal year for procurement [8][27]. - The company is expected to achieve substantial revenue growth, with projected revenues of 10.7-12.0 billion yuan in 2024, representing a year-on-year increase of 50.8% to 69.2% [8][16]. Summary by Sections 1. Company Overview - The company has rapidly expanded its product matrix and focuses on AI chip development, aiming to create a core processor chip for the AI field [11]. - The ownership structure is stable, with the controlling shareholder holding 28.63% of the shares, and the management team is incentivized to drive long-term growth [12][13]. 2. Market Potential for Domestic Computing Power - The government has set ambitious targets for computing power, with plans to build 105 EFlops of intelligent computing power by 2025 [27][29]. - Major internet companies are significantly increasing their capital expenditures, with ByteDance's CapEx projected to rise from 80 billion yuan in 2024 to 160 billion yuan in 2025, indicating a robust demand for AI infrastructure [32]. 3. Competitive Position - The company is leading the domestic computing power landscape by developing general-purpose AI chips that offer high performance and low power consumption, which is advantageous compared to competitors [8][36]. - The company’s product iterations, such as the MLU370-X8 training accelerator card, are expected to enhance its market position as a pioneer in domestic computing power [41][43]. 4. Financial Forecast and Investment Recommendations - The company is projected to achieve revenues of 11.16 billion yuan in 2024, 35.88 billion yuan in 2025, and 54.12 billion yuan in 2026, with corresponding price-to-sales (P/S) ratios of 292, 91, and 60 [8][20]. - The report highlights the potential for valuation premiums due to the company's unique position in the rapidly growing AI chip market [8].

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [8]. Core Views - The company is positioned as a leader in the AI chip sector in China, with a focus on developing artificial intelligence chips and technology innovation. It aims to build a complete ecosystem covering cloud, edge, and terminal scenarios [8]. - The domestic computing power market is expected to experience significant growth, driven by government policy support and increasing enterprise demand. The year 2025 is anticipated to be a pivotal year for computing power procurement [8]. - The company is expected to capture significant market share during the upcoming growth cycle due to its technological advantages and product layout [8]. Summary by Sections 1. Company Overview - The company has rapidly expanded its product matrix and focuses on AI chip development, with a stable shareholding structure and a motivated core management team [11][12]. - Financially, the company is expected to achieve substantial revenue growth in 2024, with projected revenues between 1.07 billion to 1.2 billion yuan, representing a year-on-year increase of 50.8% to 69.2% [11][16]. 2. Domestic Computing Power Market Space - The government has set ambitious targets for computing power infrastructure, with plans to build 105 EFlops of intelligent computing power by 2025 [27][29]. - Major internet companies are significantly increasing their capital expenditures, with ByteDance's projected spending rising from 80 billion yuan in 2024 to 160 billion yuan in 2025, indicating a robust demand for AI computing power [32]. 3. Competitive Position - The company is leading the domestic computing power landscape by developing general-purpose AI chips that offer high performance and low power consumption, which are well-suited for various applications [8][36]. - Compared to competitors like NVIDIA and Google TPU, the company has distinct advantages in chip architecture and design, allowing it to effectively support a wide range of AI algorithms [40][41]. 4. Profit Forecast and Investment Recommendations - The company is projected to achieve revenues of 11.16 billion yuan in 2024, 35.88 billion yuan in 2025, and 54.12 billion yuan in 2026, with corresponding price-to-sales (PS) ratios of 292, 91, and 60 [8][20]. - The report highlights the company's potential to benefit from the booming AI industry and the domestic computing power substitution trend, justifying a premium valuation [8].

Investment Rating - The report maintains a Neutral rating for Cambricon (688256.SS) with a 12-month price target of Rmb607.80, reflecting a downside of 1.7% from the current price of Rmb618.51 [14][16]. Core Insights - The collaboration between Nanjing Intelligent Computing Center and Cambricon to establish a data center utilizing local chips and computing power is expected to enhance the retail industry's AI capabilities, particularly through the DeepSeek foundation model [1]. - The revenue guidance for Q4 2024 is projected between Rmb885 million and Rmb1,015 million, indicating a year-over-year growth of 57% to 80%, with a net income of Rmb284 million, marking a significant recovery from a loss of Rmb37 million in Q4 2023 [2][3]. - The report highlights the positive impact of generative AI on Cambricon's market expansion, enabling clients to leverage AI across various applications [2][3]. Revenue and Earnings Forecast - The earnings revision indicates a reduction in the expected net loss for 2024 to Rmb433 million from a previous estimate of Rmb617 million, driven by stronger-than-expected guidance and the growth of generative AI applications [4][6]. - Revenue estimates for 2025-2027 have been increased by 9%, 6%, and 4% respectively, reflecting the anticipated demand and cost-saving potential in marketing [6][9]. Valuation Methodology - The report employs a discounted EV/EBITDA methodology to derive the target price, applying a multiple of 77x EV/EBITDA for the 2030E EBITDA, which has been raised by 4% [9][17]. - The target EV/EBITDA multiple is based on comparisons with local semiconductor peers, with an assumption of a 23% EBITDA growth rate in the outer years and a sustained EBITDA margin of 41% [9][17]. - The updated target price of Rmb607.80 implies a valuation of 77x 2025E EV/Sales, consistent with historical trading ranges [9][17].

Investment Rating - The report assigns a positive investment rating to Cambricon (寒武纪), highlighting its strong position in the AI chip market and expected growth due to increasing demand for computing power driven by AI applications [2][12]. Core Insights - Cambricon is positioned as a leading player in the domestic intelligent computing chip sector, providing a comprehensive range of cloud-edge-end intelligent chips and foundational software development kits, benefiting from the AI wave [3][4]. - The company has a robust product lineup, including cloud intelligent chips, acceleration cards, and edge intelligent chips, with the latest product, the SiYuan 590, outperforming NVIDIA's A100 in single-card performance [10][14]. - The demand for computing power has surged globally due to the rise of generative AI, with significant capital expenditures expected from major cloud service providers and domestic companies [12][13]. Company Overview - Cambricon, established in 2016, has a market capitalization of 250 billion RMB and is recognized for its innovations in AI chip architecture [3][4]. - The company’s founder, Chen Tian Shi, is a pioneer in specialized AI chip research, contributing to the development of the first dedicated AI chip [4][6]. - The company has a strong R&D focus, with expenditures of 1.136 billion RMB in 2021, 1.523 billion RMB in 2022, and 1.118 billion RMB in 2023, placing it among the top A-share chip companies [11]. Product Portfolio - Cambricon's main products include cloud intelligent chips, acceleration cards, training machines, and edge intelligent chips, with the SiYuan 590 being the latest high-performance offering [10][11]. - The SiYuan 590 chip is expected to significantly enhance performance in comparison to previous models, with a dual-chip structure planned for future iterations [14]. Market Dynamics - The report notes that the U.S. restrictions on high-end semiconductor supplies to China have created a favorable environment for Cambricon, allowing it to fill the supply gap in the domestic market [16]. - The short to medium-term market potential for AI servers is estimated to reach 100 billion RMB, driven by demand from major internet companies [15].