The Qunyi Securities Research Report pointed out that the shortage of computing power is beneficial to domestic chip companies. With the release of models such as Kimi K3, the big domestic model is close to the top level overseas in terms of understanding Chinese, adapting to vertical scenarios, and enterprise-level evaluation. In terms of trend, the domestic model quickly closes the gap with advantages such as active open source, cost optimization, and broad industry implementation. It is expected that the number of tokens used by the Chinese model will continue to grow rapidly. Affected by this, the tight domestic computing power situation may further intensify, which will help domestic chips gradually replace high-end overseas computing power cards through architectural innovation and software adaptation. As one of the leading manufacturers in the field of AI chips in China, Cambrian's market share is expected to increase further with its technical advantages and product performance against the backdrop of a full-blown explosion in domestic computing power demand. The current stock price is 31 times PE in 2028. Considering the rapid growth in domestic speculative demand and exceeding expectations, the “buy” rating is maintained. Maintain a “buy” rating.

The Qunyi Securities Research Report pointed out that the shortage of computing power is beneficial to domestic chip companies. With the release of models such as Kimi K3, the big domestic model is close to the top level overseas in terms of understanding Chinese, adapting to vertical scenarios, and enterprise-level evaluation. In terms of trend, the domestic model quickly closes the gap with advantages such as active open source, cost optimization, and broad industry implementation. It is expected that the number of tokens used by the Chinese model will continue to grow rapidly. Affected by this, the tight domestic computing power situation may further intensify, which will help domestic chips gradually replace high-end overseas computing power cards through architectural innovation and software adaptation. As one of the leading manufacturers in the field of AI chips in China, Cambrian's market share is expected to increase further with its technical advantages and product performance against the backdrop of a full-blown explosion in domestic computing power demand. The current stock price is 31 times PE in 2028. Considering the rapid growth in domestic speculative demand and exceeding expectations, the “buy” rating is maintained. Maintain a “buy” rating.