Cambrian plans to increase the increase of 2.65 billion yuan to plus the chip main business clearly that it may not be able to make a profit within a certain period of time.

21st Century Business Herald reporter Zhang Sainan intern Huang Xiaoying Shanghai report

Two years after listing, the AI ​​chip company Cambrian (688256.SH) intends to increase the main business of the chip chip.

On the evening of June 30, the Cambrian (688256.SH) disclosed a fixed -additional plan. The company intends to issue no more than 35 specific objects of not more than 80.1629 million shares, and the total amount of funds raised is not more than 2.65 billion yuan. Projects, stabilization process platform chips projects, universal intelligent processor technology research and development projects for emerging application scenarios, and supplementary mobile funds.

Regarding the fixed increase, Cambrian stated that the company will further improve the chip design capabilities based on advanced craft platforms and stable process platforms, and the technical level of the technology reserves of universal intelligent processor technology reserves, enhance the company's technological research and development strength, enhance products to improve products Core competitiveness and promote the continuous improvement of the company's scientific and technological innovation strength.

The halo of the "AI chip first share" top of the Cambrian head landed on the science and technology board in July 2020. Due to the scarcity of the target, the stock price was once high to nearly 300 yuan. But since listing, Cambrian has faced many questions, including continuous losses and high customer concentration. In March of this year, the CTO CTO Liang Jun left, which once caused the market's concerns about the company's research and development management.

The stock price of Cambrian goes low, and the latest market value is only 25.1 billion yuan, which has evaporated more than 8 billion yuan from the highest value.

In the face of the current situation, Cambrian still chooses to continue to increase. The 2.650 billion yuan increase will eventually attract market attention.

Two major craft platforms in heavy funds

As a chip company, Cambrian's investment in research and development has indeed spared no effort.

On June 30, he replied on the investor interactive platform: "The company will firmly continue to invest in R & D investment to maintain the company's core technology forward -looking."

According to the fixed increase plan, its main investment is still chip research and development.

Among them, the advanced process platform chip project and the stabilization process platform chip project are the highlights of this fixed increase. The total investment amount is 950 million yuan and 1.49 billion yuan, respectively, with raised funds of 810 million yuan and 1.4 billion yuan, respectively.

The former includes the construction of an advanced process platform, developed a smart chip with high computing power, high -visitor -in -law bandwidth based on advanced technology, and developed a software support system with chip supporting; the latter includes the construction of a stable process platform. Intelligent business scenarios requirement of high -integrated intelligence SOC chip research and development, and develop supporting software support systems.

The total investment of the general intelligent processor technology research and development project for emerging application scenarios is 230 million yuan, of which 220 million yuan is intended to use raised funds to invest. Micro architecture, design of advanced process intelligent processor simulators for emerging application scenarios, and intelligent programming models for emerging scenes.

In addition, the company intends to use raised funds of 210 million yuan to supplement liquidity.

Based on the IPO of the Cambrian two years ago, cloud smart chips and edge -end smart chips are the main items for their construction. The construction of the two major craft platforms this time is to serve smart chips.

Cambrian said that the improvement of intelligent chip performance depends on the upgrade of process technology and packaging technology. By adopting advanced processing processes, chip manufacturers can increase the number of transistors of the unit area chip, thereby increasing the computing speed of the chip and the reduction of energy consumption. At the same time, due to the improvement of chip manufacturing costs in recent years, advanced packaging technology has become an important means to improve performance and reduce costs. Therefore, the advancement of advanced process technology and advanced packaging technology has become an inevitable development strategy to support high -end cloud intelligent chip design and high -quality mass production.

The edge smart chip products have high requirements for the size and power consumption of smart chip products, which leads to the compassion of chip products in this field to fully consider power consumption and size boundaries while pursuing performance. The contradiction between power consumption, size, cost, and continuous growth of intelligent computing power and performance requirements require chip design enterprises to have chip design capabilities to develop each dimension indicator on the stable process platform.

When will the performance "return to spring"?

However, it is worth noting that on the one hand, it is a hot fundraising, and on the other hand, it is the continuous decline of the Cambrian stock price and the income of revenue.

According to the Cambrian annual report, from 2017 to 2021, Cambrian realized revenue was 78 million yuan, 117 million yuan, 444 million yuan, 459 million yuan, and 721 million yuan. The net profit attributable to-1.041 billion yuan, -1179 billion yuan, -435 billion yuan, and -825 million yuan were reduced by-1.041 billion yuan, -1179 billion yuan, and a cumulative loss of 2.861 billion yuan in five years.

During the same period, the R & D expenses of Cambrian were 30 million yuan, 240 million yuan, 540 million yuan, 770 million yuan, and 1.136 billion yuan, respectively. In terms of the number of R & D personnel, from 978 to 1213, the increase was 24.03%, and the average salary of R & D personnel was 608,800 yuan.

It is not difficult to find that Cambrian's revenue cannot be covered or even lower than R & D costs.

Although the industry's high -tech chip companies in the industry have a higher tolerance of losses for years, many market analysts still believe that Cambrian is trapped in the test of commercialization and the internal and external problems of the loss of executives, not ordinary ones, not ordinary ones. Enterprise loss model. However, the prospects of the AI ​​chip still make the market full of expectations, and there are many fans of the Cambrian.

Since June, Cambrian has obtained 4 investigations for institutions. There are many well -known institutions such as Hua'an Fund, Ruiyuan Fund, Penghua Fund, Yifangda Fund, and ICBC Credit Suisse Fund. This means to some extent the attention of institutional funds for Cambrian.

In the fixed -increase plan, Cambrian also admits that it has not been profitable. It said that the company's complex computing chips need to continue to have a large amount of R & D investment. In order to maintain technological leadership, the company continues to increase investment in R & D. At the same time, the company's equity incentive plan implemented by the end of 2020 and 2021 has led to a significant increase in share payment fees shares shared by the ownership. In addition, as the market and downstream application scenarios of smart chips are in a high -speed development stage, the company has actively promoting market promotion and ecological construction, and sales costs have increased to a certain extent.

"Before the sales income of artificial intelligence chip products generates sales revenue, the company needs to invest a lot of resources to complete product development, promotion and sales. The company will continue to invest a lot of funds in many aspects such as existing product promotion and new product development. Profit, and the cumulative loss of losses will continue to be negative, and cannot allocate profit distribution. It will not affect the investment income of shareholders to a certain extent. "

Regarding the question of when to make a profit, on the morning of July 1, the relevant person in Cambrian told investors that research and development requires a lot of investment and cannot see the profit period. On the afternoon of the same day, on the issue of profit -related issues, the 21st Century Business Herald reporters have called the Hanwu Securities Department many times, but no one answered the phone.

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