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Cambricon Technologies Corp Ltd Zheng Cui+852 2123 2694zheng.cui@bernsteinsg.com Francis Ma+852 2123 2626francis.ma@bernsteinsg.com Price Target Cambricon 1Q26: Robust beat across the board driven by AI chiplocalization, more upside to come with improving supply Cambricon reported its 1Q26 earnings on Apr 29th, 2026.Cambricon delivered a robustearnings beat in 1Q26, with revenue and profitability both accelerating far beyondexpectations and marking a historic inflection in earnings quality and cash flow. RevenuereachedRMB 2.89bn (+159.6% YoY), while net profit attributable to shareholders came inatRMB 1.01bn (+185.0% YoY)and non-GAAP net profit atRMB 0.93bn (+238.6% YoY).The results confirm that Cambricon has entered a phase of scalable profitability, driven bysurging AI compute demand and strong operating leverage.Reiterate Outperform. Earnings quality improved meaningfully, supported by a sharp turnaround in cashflow.Operating cash flow swung from RMB -1.40bn in 1Q25 to RMB +0.83bn in 1Q26,with cash collected from customers (RMB 3.16bn) exceeding revenue. This indicates smoothexecution of backlog orders and strong bargaining power to collect payment, generatinghealthy cash flow. At the same time, scale drove a sharp decline in R&D ratio to 11.2% (vs.24.5% in 1Q25), reinforcing the outlook for continued NPM improvement. Forward-looking indicators point to sustained high growth with improving supply.Contract Liabilities surged from near zero at the start of the year to RMB 396mn, signalingstrong order inflow. Prepayments rose sharply to RMB 1.90bn, highlighting proactiveefforts to secure wafer capacity and key materials amid tight domestic AI chip supply, whichalso indicate that supply is improving very quickly. Together with elevated inventory, theseindicators suggest Cambricon is well-positioned to support continued revenue accelerationover the coming quarters. Strategic progress on both hardware and software further strengthens the long-termthesis.Next-generation Siyuan 690 targets future AI workloads with chiplet architectureand FP4/FP8 support, while on the ecosystem side, Cambricon achieved a key milestonewith “Day 0” adaptation for DeepSeek-V4. This demonstrates rising maturity of the NeuWaresoftware stack and reinforces Cambricon’s transition from a pure chip supplier to a full-stackdomestic AI compute platform. While valuation remains elevated, strong fundamentals andsector sentiment suggest near-term momentum is likely to remain supportive. INVESTMENT IMPLICATIONS Cambricon is the leading AI accelerator ASIC chip provider in China, which is the best alternative to the leading domestic AI chipplayer Huawei in China, benefiting from the domestic substitution in AI chip. We like the tech foundation of the company with PTCNY 2,000, based on 2027E EPS of CNY 21.80 and 90x P/E. BERNSTEIN TICKER TABLE I. REQUIRED DISCLOSURES References to "Bernstein" or the “Firm” in these disclosures relate to the following entities: Bernstein Institutional Services LLC(April 1, 2024 onwards), Sanford C. Bernstein & Co., LLC (pre April 1, 2024), Bernstein Autonomous LLP, BSG France S.A. (April 1,2024 onwards), Sanford C. Bernstein (Hong Kong) Limited盛博香港有限公司,Sanford C. Bernstein (Canada) Limited, SanfordC. Bernstein (India) Private Limited (SEBI registration no. INH000006378), Sanford C. Bernstein (Singapore) Private Limited,Sanford C. Bernstein Japan KK(サンフォード・C・バーンスタイン株式会社)and analysts employed by Société GénéraleAfrica Technologies & Services to produce Bernstein research under a Global Services Agreement in place between Bernsteinand Société Générale. Bernstein is part of a joint venture between Société Générale (SG) and AllianceBernstein, L.P. (AB). Unless specifically notedotherwise, for purposes of these disclosures, references to Bernstein’s “affiliates” relate to both SG and AB and their respectiveaffiliates. VALUATION METHODOLOGY Cambricon Technologies Corp Ltd For Cambricon (PT of CNY 2,000), we apply a 90x Price to EPS (P/E) multiple at 2027 EPS of 21.80 RMB. RISKS Cambricon Technologies Corp Ltd Downside risks: •Failure to commercialize next-gen AI chips or secure sufficient domestic advanced node production capacity may lead to severede-rating;•Cambricon may lose market share due to increased competition from other emerging AI chip suppliers in the domestic market;•Given Cambricon is on the Entity List, the US and its Western allies may continue to impose increasingly stringent sanctionson the company. RATINGS DEFINITIONS, BENCHMARKS AND DISTRIBUTION EQUITY RATINGS DEFINITIONS Bernstein brand The Bernstein brand rates stocks based on forecasts of relative performance for the next 12 months versus the S&P 500 forstocks listed on the U.S. and Canadian exchanges, versus the Bloomberg Europe Developed Markets Large and Mid Cap PriceReturn Index EUR (EDME) for stocks listed on the European exchanges and emerging markets exchanges outside of the AsiaPacific region, versus the Bloomberg J