December 12, 2023, Cambrian (688256SH) shares continued to fall more than 8% in early trading. As of early trading**, Cambrian**15541 yuan, down 858%, with a turnover of 178.6 billion yuan, with a net outflow of 32.9 billion yuan, with the main outflow accounting for nearly 20% of the transaction value.
On the news side, Cambrian has been in the process of stock price repurchase recently, and as of November 30, 2023, it has repurchased a total of 17240,000 shares, accounting for 004%。The highest number of buyback transactions was 14606 yuan shares, the lowest price is 10650 yuan shares, the total amount of funds paid is 2172690,000 yuan (excluding stamp duty, transaction commissions and other transaction costs).
In terms of performance, Cambrian has difficulty making profits, with an operating income of 14.6 billion yuan, a year-on-year decrease of 44. 84%, net profit loss 80.8 billion yuan, a year-on-year increase of 1451%, with a net profit margin of -55396%。
It is understood that Cambrian, which has the halo of "the first share of AI chips" on its head, has accumulated losses of 33 in the three years since its listing$2.4 billion.
According to public information, Cambrian focuses on the research and development and technological innovation of artificial intelligence chip products, and is committed to building core processor chips in the field of artificial intelligence. The main business is the R&D, design and sales of artificial intelligence core chips applied to various cloud servers, edge computing equipment, and terminal equipment, providing customers with a wealth of chip products and system software solutions.
Regarding the reasons for the loss, Debang ** summarized the following points in the latest Cambrian research report: 1. In order to ensure high-quality iteration of products, the company continues to increase R&D investment and increase R&D expenses;2. The company's increase in strategic stocking, the decrease in sales of cloud products at the end of the life cycle, and the sales volume of edge smart chip products were lower than expected, resulting in an increase in inventory and inventory age, resulting in a significant increase in asset impairment losses in 2022 compared with the same period last year3. The company made a separate provision for individual large accounts receivable, so that the credit impairment loss in the reporting period increased significantly compared with the same period last year.
The data shows that in 2020, 2021 and 2022, the total sales amount of Cambrian's top five customers accounted for the proportion of operating income respectively60% and 8494%, with a high concentration of customers.
The content and data are for reference only and do not constitute investment advice. AI technology strategy is provided for Youlian Cloud.