Investment Rating - The report maintains a "Buy" rating for Cambricon-U (688256 SH) [8] Core Views - Cambricon-U reported revenue of 1 85 billion yuan in the first three quarters of 2024, a year-on-year increase of 27 09%, with a net loss attributable to the parent company of 7 24 billion yuan [2] - In Q3 2024, the company achieved revenue of 1 21 billion yuan, a year-on-year increase of 284 59%, and a net loss of 1 94 billion yuan, showing significant improvement in losses both year-on-year and quarter-on-quarter [2][6] - The company's inventory increased significantly, reaching 1 015 billion yuan at the end of Q3 2024, up by 780 million yuan from the mid-year report, indicating strong preparation for future growth [6] - The AI industry is in a rapid growth phase, with increasing demand for domestic AI chips, which is expected to drive Cambricon-U's future performance [2][6][7] Financial Performance - Cambricon-U's gross margin in Q3 2024 was 51 20%, a decrease of 14 88 percentage points quarter-on-quarter, likely due to changes in product structure [7] - The company's R&D expenses were effectively controlled, with some low-margin R&D projects being paused [7] - The company's cash flow showed active preparation in the supply chain, with cash used for purchasing goods and receiving services reaching 1 128 billion yuan in Q3 2024, an increase of 514 million yuan quarter-on-quarter [7] Industry Outlook - The AI hardware demand is expanding, and the demand for domestic AI chips in China is continuously increasing, providing long-term growth momentum for the industry [6][7] - Cambricon-U, as a leading domestic AI chip company, is expected to benefit from the industry's growth and the increasing demand for domestic AI chips [6][7]

证券代码：688256 证券简称：寒武纪 公告编号：2024-050 经上海证券交易所审核同意，并根据中国证券监督管理委员会出具的《关于同意中 科寒武纪科技股份有限公司向特定对象发行股票注册的批复》（证监许可〔2023〕424 号）， 公司 2022 年度向特定对象发行 A 股股票（以下简称"再融资"）13,806,042 股，每股发行 价格为人民币 121.10 元，募集资金总额为人民币 1,671,911,686.20 元，扣除各项发行费 用（不含税）人民币 22,621,676.59 元后，实际募集资金净额为人民币 1,649,290,009.61 元。上述募集资金到位情况已经天健会计师事务所（特殊普通合伙）审验并出具《验资 报告》（天健验〔2023〕129 号）。 中科寒武纪科技股份有限公司（以下简称"寒武纪"或"公司"）对再融资募集资金 实行专户存储，并已与保荐机构中信证券股份有限公司（以下简称"中信证券"或"保 荐机构"）及专户存储募集资金的商业银行签订了《募集资金专户存储三方监管协议》， 具体情况详见公司于 2023 年 4 月 15 日在上海证券交易所网站（www.sse.com.cn）披露 ...

Investment Rating - The report initiates coverage on Cambricon-U (688256 SH) with a "Buy" rating [1] - The target price-to-sales (PS) ratio for 2025 is set at 50x, implying a target market capitalization of 2488 billion yuan [1] Core Views - Cambricon is positioned as a key player in China's domestic AI chip industry, benefiting from the ongoing AI wave and domestic substitution trends [1] - The company is compared to East Money during 2013-2015, with expectations of rapid revenue growth and significant market potential [1] - Cambricon's products cover cloud, edge, and terminal AI chips, with advanced 7nm process technology and a unified software ecosystem [1] Financial Projections - Revenue is projected to grow from 1 707 billion yuan in 2024 to 6 448 billion yuan in 2026, with a CAGR of 140 61% from 2024 to 2025 [1][4] - Net profit is expected to turn positive in 2025, reaching 208 million yuan, and further increase to 751 million yuan in 2026 [1][4] - EPS is forecasted to improve from -1 23 yuan in 2024 to 1 80 yuan in 2026 [1][4] Industry Trends - The global AI chip market is experiencing rapid growth, driven by the scaling law and increasing demand for training and inference capabilities [1][24] - China's domestic AI chip industry is accelerating due to US export restrictions, with local governments setting ambitious targets for domestic chip adoption [1][30] - Major Chinese telecom operators are placing large orders for domestic AI servers, indicating strong demand for local solutions [34] Company Performance - Cambricon's Q3 2024 revenue reached a record high of 121 million yuan, up 285% YoY [40] - Inventory and cash paid for goods/services reached historical highs in Q3 2024, indicating strong future revenue potential [40] - The company's R&D investment remains high, with a 157 53% R&D expense ratio in 2023 [16] Competitive Landscape - Cambricon is one of the few Chinese companies with experience in designing complex chips using advanced 7nm process technology [1] - The company's MLU370 chip, based on chiplet technology, offers 2x the computing power of its previous generation [11] - In the global GPU market, NVIDIA dominates with over 90% market share in data center GPUs, leaving significant room for domestic alternatives [35]

Investment Rating - Buy rating with a first-time coverage [1][9] Core Views - The company focuses on AI ecosystem with hardware and software platforms, providing cloud servers, edge computing devices, and intelligent computing cluster systems [2] - The company is developing a new generation of intelligent processor microarchitecture and instruction set, optimizing for natural language processing, video/image generation, and recommendation system models [3] - The company's active inventory buildup signals strong demand and potential for rapid revenue growth [4] - The company's intelligent computing cluster system business, which integrates self-developed acceleration cards and training machines, accounts for a significant portion of revenue [7] - Revenue is expected to grow from 1.52 billion yuan in 2024E to 3.62 billion yuan in 2026E, with a PS ratio of 37.20x, 70.12x, and 47.38x for 2024-2026 respectively [9] Business Breakdown - Revenue breakdown by segment (2024E-2026E): - Cloud intelligent chips and acceleration cards: 100 million yuan (2024E), 110 million yuan (2025E), 121 million yuan (2026E) [8] - Edge intelligent chips and acceleration cards: 12 million yuan (2024E), 13 million yuan (2025E), 14 million yuan (2026E) [8] - Intelligent computing cluster systems: 1.41 billion yuan (2024E), 2.32 billion yuan (2025E), 3.49 billion yuan (2026E) [8] - Total revenue: 1.52 billion yuan (2024E), 2.45 billion yuan (2025E), 3.62 billion yuan (2026E) [8] Financial Performance - 2024 Q3 revenue: 121 million yuan, up 284.59% YoY and 208.30% QoQ [4] - 2024 Q3 net profit: -194 million yuan, up 26.06% YoY and 35.94% QoQ [4] - Inventory levels increased to 1.015 billion yuan in Q3 2024, up from 235 million yuan in Q2 2024 and 247 million yuan in Q3 2023 [4] - Gross margin is expected to remain stable at around 69% from 2024E to 2026E [10] - Net profit is expected to improve from -540.53 million yuan in 2024E to -163.93 million yuan in 2026E [10] Valuation Metrics - PE ratio: -317.43x (2024E), -527.13x (2025E), -1046.69x (2026E) [10] - PB ratio: 33.58x (2024E), 35.87x (2025E), 37.14x (2026E) [10] - ROE: -10.58% (2024E), -6.80% (2025E), -3.55% (2026E) [10]

Investment Rating - Maintain "Buy" rating for Cambricon (688256 SH) [1] Core Views - Cambricon's revenue in the first three quarters of 2024 reached 190 million yuan, a YoY increase of 27 1%, indicating a recovery in market expansion despite being on the "entity list" [2] - The company's gross margin in Q3 2024 was 51 2%, a QoQ decline of 14 9 percentage points, primarily due to procurement costs [3] - Cambricon's R&D expenses for the first three quarters of 2024 were 660 million yuan, reflecting continued high investment in innovation [4] - The company is expected to achieve revenues of 1 476 billion yuan, 3 491 billion yuan, and 5 003 billion yuan in 2024, 2025, and 2026, respectively, with net profits of -748 million yuan, -55 million yuan, and 504 million yuan [5] Financial Performance - In Q3 2024, Cambricon achieved revenue of 120 million yuan, a QoQ increase of 208 3%, and a net loss of 190 million yuan, a QoQ reduction of 110 million yuan [3] - Prepaid accounts and inventory increased significantly, with prepaid accounts reaching 850 million yuan and inventory reaching 1 02 billion yuan at the end of Q3 2024, indicating active preparation for future deliveries [3] - The company's R&D team consists of 727 members, with 78 82% holding master's degrees or higher, supporting its technological innovation [4] Industry and Market Performance - Cambricon operates in the electronics/semiconductor industry, with its stock price showing significant growth, including a 380% increase in market performance [1] - The company's absolute and relative stock price increases were 84 77% and 79 76%, respectively, compared to the CSI 300 index [1] Strategic Adjustments - Cambricon is developing a new generation of intelligent processor microarchitecture and instruction sets, focusing on optimizing scenarios such as natural language processing, video image generation, and recommendation systems [4] - The company has adjusted its R&D strategy by suspending projects with lower expected gross margins, which is expected to alleviate financial pressure in the short term and improve profitability in the long term [4]

寒武纪-U（688256.SH）2024 年三季报点评 [盈利预测与财务指标 Table_Forcast] 单季度收入大幅提升，国产 AI 算力龙头潜力可期 2024 年 11 月 01 日 ➢ 事件概述：公司 2024 年 10 月 30 日发布 2024 年三季度报告，前三季度公 司营业收入 1.85 亿元，同比增长 27.09%；归母净利润-7.25 亿元，同比减亏； 扣非归母净利润-8.62 亿元，同比减亏。 ➢ 单季度收入大幅增加，同时存货等指标增加体现公司对未来发展信心。 2024Q3 公司营业收入 1.21 亿元，同比增长 284.59%。公司营业收入增加，主 要原因是公司持续拓展市场。同时，公司调整战略，陆续暂停部分预期毛利率较 低的研发项目，研发投入占比下降。 同时，存货方面，2024 年三季度末公司存货达到 10.15 亿元，较 2024 年中报 的 2.35 亿元大幅提升。预付账款方面，2024 年三季度末公司预付账款达到 8.54 亿元，较 2024 年中报的 5.50 亿元也有明显提升。公司大量备货，体现了对未来 发展的信心。从中长期看，公司的芯片产品已与多个行业领域中的头部公司建立 ...

Investment Rating - Maintained "Overweight" rating [1] Core Views - The company's revenue in Q3 2024 grew significantly by 284 59% YoY, driven by market expansion and the development of core processor chips in the AI field [1] - Despite the high revenue growth, the gross margin is under temporary pressure due to market expansion and delivery timing, with a Q3 gross margin of 51 20%, down 14 92pct YoY and 14 88pct QoQ [1] - Prepayments and inventory increased by 10 84 billion yuan in Q3 2024, indicating improved delivery capabilities and a positive outlook for future performance [1][2] - The company has adjusted its strategy by suspending low-margin R&D projects, leading to a reduction in R&D expenses by 8 13% YoY to 659 million yuan [3][5] - The company is expected to benefit from the growing demand for computing power driven by large model development, with projected revenues of 1 4 billion yuan in 2024, 2 493 billion yuan in 2025, and 3 484 billion yuan in 2026 [5] Financial Performance - Q3 2024 revenue reached 121 million yuan, a 284 59% YoY increase, while net profit attributable to shareholders was -194 million yuan, a 26 06% YoY improvement [1] - For the first three quarters of 2024, revenue was 185 million yuan, up 27 09% YoY, with a net profit attributable to shareholders of -724 million yuan, a 10 31% YoY improvement [1] - Gross margin for the first three quarters of 2024 was 55 23%, down 14 61pct YoY [1] - Prepayments increased by 304 million yuan compared to H1 2024, and inventory grew by 780 million yuan, reflecting improved supply chain conditions [1] - Accounts receivable remained stable, increasing by 85 million yuan compared to H1 2024 [1] Strategic Adjustments - The company has paused low-margin R&D projects, leading to a reduction in R&D expenses and a more focused R&D team of 727 people, down 253 YoY [3][5] - The company continues to prioritize independent innovation and efficient R&D, with ongoing projects in high-end and mid-range cloud AI chips, edge, and automotive AI chips [5] Market and Valuation - The company's stock price has shown strong performance, with a 56 9% increase over the past month and a 323% increase over the past year, outperforming the CSI 300 index [1] - The current market capitalization is 189 358 38 million yuan, with a stock price of 453 60 yuan [1] - The company is valued at 135x PS for 2024, 76x PS for 2025, and 54x PS for 2026, reflecting its growth potential in the AI chip market [5] Future Outlook - The company is expected to see continued revenue growth in Q4 2024 and beyond, driven by internet and other orders, as well as product deliveries [2] - The company's ability to provide cloud-edge-end integrated, software-hardware collaborative, and training-inference fused AI chip products positions it well to benefit from the growing demand for computing power [5]

证券代码：688256 证券简称：寒武纪 公告编号：2024-049 中科寒武纪科技股份有限公司 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。 重要内容提示： 特此公告。 中科寒武纪科技股份有限公司董事会 公司于 2024 年 7 月 26 日召开第二届董事会第二十次会议，审议通过了《关 于以集中竞价交易方式回购公司股份方案的议案》，同意公司使用自有资金通过集 中竞价交易方式进行股份回购。回购股份将全部用于员工持股计划或股权激励， 回购价格不超过 297.77 元/股（含），回购资金总额不低于人民币 2,000 万元（含）， 不超过人民币 4,000 万元（含），回购期限为自董事会审议通过本次回购方案之日 起 12 个月内。 具 体 内 容 详 见 公 司 于 2024 年 7 月 27 日 在 上 海 证 券 交 易 所 网 站 （www.sse.com.cn）上披露的《关于以集中竞价交易方式回购公司股份方案的公告》 （公告编号：2024-028）、《关于以集中竞价交易方式回购 ...

证券代码：688256 证券简称：寒武纪 公告编号：2024-048 中科寒武纪科技股份有限公司 2024 年第二次临时股东大会决议公告 重要内容提示： 本次会议是否有被否决议案：无 一、 会议召开和出席情况 （一） 股东大会召开的时间：2024 年 11 月 1 日 （二） 股东大会召开的地点：北京市海淀区知春路 25 号北京丽亭华苑酒店二层 金辉 6 厅 （三） 出席会议的普通股股东、特别表决权股东、恢复表决权的优先股股东及 其持有表决权数量的情况： | 1、出席会议的股东和代理人人数 | 773 | | --- | --- | | 普通股股东人数 | 773 | | 2、出席会议的股东所持有的表决权数量 | 263,008,109 | | 普通股股东所持有表决权数量 | 263,008,109 | | 3、出席会议的股东所持有表决权数量占公司表决权数量的比 | 63.2352 | | 例（%） | | | 普通股股东所持有表决权数量占公司表决权数量的比例（%） | 63.2352 | 注：截至本次股东大会股权登记日，公司回购专用账户中股份数为 1,536,222 股，不享有股 东大会表决权。 本公司董事 ...

北京市中伦律师事务所 关于中科寒武纪科技股份有限公司 2024 年第二次临时股东大会的 法律意见书 二〇二四年十一月 北京市中伦律师事务所 关于中科寒武纪科技股份有限公司 2024 年第二次临时股东大会的 法律意见书 北京市中伦律师事务所（以下简称"本所"）接受中科寒武纪科技股份有限 公司（以下简称"公司"）委托，指派本所律师列席公司 2024 年第二次临时股东 大会，并出具本法律意见书。 为出具本法律意见书，本所律师列席了公司 2024 年第二次临时股东大会， 并根据《中华人民共和国公司法》（以下简称"《公司法》"）、《中华人民共和国证 券法》（以下简称"《证券法》"）、《上市公司股东大会规则》（以下简称"《股东大 会规则》"）、《律师事务所从事证券法律业务管理办法》等法律、法规和规范性文 件的要求以及《中科寒武纪科技股份有限公司章程》（以下简称"《公司章程》"）， 按照律师行业公认的业务标准、道德规范和勤勉尽责精神，查阅了本所律师认为 出具法律意见所必须查阅的文件，对公司本次股东大会的召集和召开程序、出席 会议人员资格（但不包含网络投票股东资格）、表决方式、表决程序的合法性、 有效性进行了认真核查。 公司 ...