研報掘金丨第一上海:首予寒武紀“買入”評級,目標價987元
第一上海研報指出,寒武紀(688256.SH)是國內智算芯片領域的標杆企業,能提供完善的雲、邊、端系列化智能芯片和基礎開發軟件套件產品,具有完善統一的產品生態。2025開年,DeepSeek 發佈R1 推理模型,以其極低的訓練成本和超強的推理能力震驚全球,帶動大模型在各行各業廣泛落地。國產芯片在推理應用階段性價比和可用性大增,互聯網、金融、運營商等行業客戶國產芯片驗證積極推進,訂單持續落地。在美國限制芯片出口的背景下,國產算力芯片有望佔據更多份額,成就千億級市場。寒武紀憑藉技術能力和先發優勢,有望在新一輪國產算力投資週期中獲得顯著市場份額。予目標價987元,首次評級“買入”。
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