On May 20, the Shanghai Stock Exchange announced the response to the second round of the inquiry letter of the domestic artificial intelligence chip company, Zhongke Cambrian Technology Co., Ltd. (“Cambrian” for short). One of the most noteworthy is the Cambrian response to the question of continued operation and estimated market value. Cambrian stated that based on revenue projections of 600-900 million yuan in 2020, sponsors’ calculations of their valuations ranged from 19.2 billion yuan to 34.2 billion yuan.
On March 26, the Cambrian officially submitted its prospectus in preparation for listing on the Science and Technology Board. However, issues such as the shareholding structure, revenue dependence, market share, and low degree of productity disclosed in the Cambrian Prospectus subsequently caused media controversy. On May 7, Cambrian disclosed the response to the first-round audit inquiry letter, in which the inquiry of the Shanghai Stock Exchange involved the company’s equity structure, main business, core technology, research and development projects, operating income, investment projects, account receivables Section etc.
In the second round of inquiries announced today, the Shanghai Stock Exchange requested Cambrian, its sponsors, and related law firms to provide government subsidies, sustainable operating capabilities and expectations Questions such as market value, IP authorization fixed fee model authorization income, intelligent computing cluster system, etc. are answered.
About the company ’s sustainable operating capacity and estimated market value. The response given by the Cambrian stated that from January to March this year, the company achieved an operating income of 115.526 million yuan, a year-on-year decrease of 18.91%, mainly because the terminal smart processor IP authorization business revenue obtained from Huawei HiSilicon decreased significantly year-on-year; net The profit was a loss of 108 million yuan, mainly due to a substantial increase in R & D investment. In 2020, the company’s main business income is expected to be about 600 million to 900 million yuan, an increase of 35.15% to 102.73% year-on-year; the net profit attributable to the parent company owner is expected to be -650 million yuan to -400 million yuan, after deducting non- The net profit attributable to the owner of the parent company after recurring gains and losses is estimated to be 800 million to 600 million yuan.
Previously introduced by Surging News, at present, there are two main business models of Cambrian artificial intelligence chips. One is to authorize processor IP to chip manufacturers, for example, Cooperation with Huawei; the other is to design and sell chips yourself, such as the cloud smart chip launched by Cambrian for users such as Internet companies.
In the second round of response, Cambrian stated that in 2020, the company ’s terminal smart processor IP licensing business revenue is expected to decline; cloud smart chip and accelerator card business Revenue is expected to grow further; the edge smart chip and accelerator card business is expected to achieve large-scale sales.
In addition, the valueIt should be mentioned that according to the Cambrian Prospectus, the largest customer of the Cambrian in 2019 was the Intelligent Computing Platform (Phase 2) project of the Commerce Bureau of the Hengqin New District Management Committee of Zhuhai City. The total price of this project was as high as 440 million , Directly brought 200 million revenues to the Cambrian. In the second round of inquiries, the Cambrian stated that if the smart computing cluster system project and the orders in hand can be completed in 2020, the smart computing cluster system business is expected to grow further. In addition to this order, the company is intensively negotiating business with some local data centers, industry enterprises and scientific research institutions, and the business will continue to grow in 2020.
Based on the above business forecast, the Cambrian sponsors responded in the inquiry letter, based on Cambrian ’s 2020 revenue forecast of 600-900 million yuan, The results of the valuation calculations range from 19.2 billion yuan to 34.2 billion yuan.
As for the government subsidy project, during the reporting period published by the prospectus, the amount of government subsidies included in the current period of the Cambrian period was 8.236 million yuan, 69.141 million yuan and A total of 3386.41 million yuan, 18 government subsidies were received in succession, of which the relevant units in the Beijing area provided more subsidies. In the second round of inquiry letters, the Cambrian gave the reasons for each subsidy project, the relevant laws, laws or policy names.