688256.SH · A-shares
688256.SH Cambricon: domestic AI train/infer silicon
Cambricon Scarce domestic AI accelerator name already in A-share tech top tier—fundamentals = anchor orders, software ecosystem, and advanced-node access; valuation prices aggressive growth.
Cite a section with a deep link, e.g. /en/r/cambricon-688256-research#thesis
Snapshot
- Price
- CNY 1.4K
- Mkt cap
- CNY 750.0B
- Revenue
- CNY 5.0B
- Chip shipment/order momentum
- 2
Thesis
Cambricon Scarce domestic AI accelerator name already in A-share tech top tier—fundamentals = anchor orders, software ecosystem, and advanced-node access; valuation prices aggressive growth.
Business
Model: AI chips/systems and IP. Flagships: cloud train/infer accelerators. Edge: policy window + early customers. Strategy: broaden SKUs, toolchains, more internet/gov accounts.
Value chain
Fabless AI silicon; upstream foundry/OSAT/HBM; downstream cloud/enterprise. Risks: advanced node/HBM; CUDA lock-in; customer concentration.
Valuation
Narrative growth stock; extreme PS/PE and volatility.
Financial trend (~24 months)
Illustrative 8Q with YoY/QoQ (reconstructed from public disclosures; not audit-line):
Revenue · last 8Q
Interactive chart available in the reader.
Gross margin · last 8Q
Interactive chart available in the reader.
Operations
Volume: chips/cards; price: ASP; cost: tape-outs, R&D, yield.
Key financials
| Item | Value | YoY | Note |
|---|---|---|---|
| 定位 | 国产 AI 芯片龙头之一 | 高估值 | 政策+稀缺 |
| 收入 | 基数仍相对芯片巨头为小 | 高增预期 | 订单兑现是关键 |
| 毛利率 | 设计公司属性偏高（示意） | 波动 | 产品组合 |
| 生态 | 软件栈仍在追赶 | 长期战 | 开发者体验 |
Competition
Peer strengths/weaknesses:
Peer map
| Company | Share/role | Margin | Strength | Weakness |
|---|---|---|---|---|
| 寒武纪 | 国产 AI 芯片 | 高 | 稀缺 | 生态与产能 |
| 海光 | CPU/DCU | 中高 | 服务器生态 | 产品线差异 |
| 摩尔线程 | GPU | — | 图形/通用 | 上市初期波动 |
| 英伟达 | 全球标准 | 高 | CUDA | 对华出货限制 |
Management
Management (24m)
| Role | Name | Since | 24m change |
|---|---|---|---|
| 创始人/核心 | 陈天石等 | 长期 | 技术驱动 |
| CEO/经营 | 核心团队 | 在任 | 商业化加速期 |
| CFO | 财务负责人 | 在任 | 科创板披露 |
Stability: Founder-tech DNA; commercialization/governance still maturing with scale.
Outlook
Track tenders, shipments, GM, advanced-node capacity, software ecosystem.
Scenarios
| Scenario | Condition | Implication |
|---|---|---|
| Bull | Demand/execution beats | Upside |
| Base | Trend continues | Hold/watch |
| Bear | Cycle/competition worsens | Drawdown/reassess |
Risks
References
Issuer / key sources:
- https://www.cambricon.com/
- https://www.ofweek.com/ai/2026-06/ART-201714-12001-30691480.html {#references}
- Latest company filings / IR (see issuer website)
- Exchange filings / SEC EDGAR — https://www.sec.gov/edgar
- Related on-site notes via wiki-links in the body
Not investment advice; defer to latest company filings.