On the evening of October 23, Cambricon Technologies Corporation Limited (688256) released its 2026 third-quarter report.
For the first three quarters, the company achieved operating revenue of 9.526 billion yuan, a year-on-year increase of 106.76%; net profit attributable to shareholders of 3.715 billion yuan, up 131.49% year-on-year; and non-GAAP net profit of 3.523 billion yuan, up 148.30% year-on-year.
In the third quarter alone, operating revenue reached 3.531 billion yuan, a year-on-year increase of 104.47%; net profit attributable to shareholders was 1.404 billion yuan, up 147.74% year-on-year; and non-GAAP net profit was 1.358 billion yuan, up 168.13% year-on-year.
Regarding the performance growth, Cambricon stated that it was mainly due to the company's continuous market expansion and active efforts to facilitate the implementation of artificial intelligence applications, which led to a substantial year-on-year increase in operating revenue and drove profit growth.
In terms of R&D investment, Cambricon has maintained a high intensity. In the first three quarters, the company's total R&D investment reached 1.225 billion yuan, a year-on-year increase of 45.35%, accounting for 12.86% of operating revenue.
Beyond R&D, Cambricon has also been increasing its investment on the supply side. In the first three quarters, the company's net cash flow from operating activities was 228 million yuan, with the third quarter recording -83.6779 million yuan.
As of the end of the third quarter, the company's inventory increased from 8.248 billion yuan disclosed in the semi-annual report to 11.665 billion yuan, an increase close to the total net profit attributable to shareholders for the first three quarters; prepayments reached 3.044 billion yuan, and notes payable rose from 351 million yuan at the end of 2025 to 4.966 billion yuan.
Shareholder structure also changed. As of the end of September, the total number of shareholders was 72,004, an increase of 23.57% from the end of June; Huaxia SSE STAR Market 50 ETF increased its holdings to 8.9622 million shares, ranking as the fifth-largest shareholder; Hong Kong Securities Clearing Company Limited (Northbound Funds) reduced its holdings by more than 2 million shares in the third quarter, with its holding dropping to 19.9914 million shares.
In the secondary market, Cambricon closed up 5.46% on October 23 at 932.20 yuan per share, with a total market capitalization of approximately 586.2 billion yuan.
On June 30 this year, the stock once hit 1,620 yuan per share intraday, becoming the first STAR Market stock with a trillion-yuan market value; subsequently, affected by the valuation correction of technology stocks and controversy over AI bubbles, the share price fell about 40% from its peak, with its year-to-date change roughly flat.
Cambricon's stock price trend this year Wind data shows that in the past three months, a total of 15 brokerages have rated Cambricon, of which 10 gave "buy" ratings and 5 gave "overweight" ratings; the average target price is 1,522.20 yuan per share, with GF Securities offering the highest target price of 1,918.71 yuan per share, and the lowest target price reaching 1,340 yuan per share, all representing significant upside from the October 23 closing price.
It is worth noting that, compared with the equity incentive assessment target released by Cambricon at the end of July this year, the company's 2026 operating revenue must be no less than 13.5 billion yuan. It has already completed 9.526 billion yuan in the first three quarters, and the fourth quarter still needs to carry nearly 4 billion yuan in revenue.
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