Investment Rating - The report maintains a "Positive" investment rating for the electronic industry [11] Core Insights - The semiconductor sector has reached a historical high in holdings, driven by the trend of self-sufficiency and the impact of Deepseek's computational capabilities [2][6] - The overall allocation to the electronic sector has increased, with the semiconductor segment being the primary driver of this growth [6][18] - Despite the positive outlook for semiconductors, other segments such as electronic products and components have seen slight reductions in allocation due to tariff uncertainties [2][8] Summary by Sections Semiconductor Sector - The semiconductor sector continues to show strong year-on-year growth, with major players receiving increased allocations [7][41] - The trend of computational power shifting from cloud to edge is benefiting leading companies in the AI edge supply chain, such as Zhaoyi Innovation and Hengxuan Technology [7][41] - SMIC, as a core player in the domestic self-sufficiency trend, has also seen significant increases in holdings [7][41] Electronic Products & Components - The electronic products and components sector has experienced a reduction in allocations due to tariff-related uncertainties affecting export directions [8][45] - Despite this, high-performing stocks like Winbond Technology have seen increased allocations due to strong earnings [8][45] - The overall demand for consumer electronics, including smartphones and PCs, is recovering, which may lead to a rebound in the sector if tariff tensions ease [8][45] Display Devices - The display device sector has seen a slight decrease in holdings, although panel prices have been on a mild upward trend since Q3 2024 [9][49] - Major players like TCL Technology and BOE have experienced noticeable declines in their holding ratios, while other display device companies have received increased allocations [9][49] - The outlook for panel prices remains stable, with expectations for continued growth in Q2 2025 [9][49]

Investment Rating - The investment rating for the company is "Recommended" (maintained) with a current stock price of 92.41 yuan [1] Core Views - The company is strategically positioned in the AIGC sector, maintaining a high level of orders on hand [1] - In 2024, the company achieved revenue of 2.322 billion yuan, a slight decrease of 0.69% year-on-year, while the net profit attributable to shareholders was -601 million yuan, a significant decrease of 102.68% year-on-year [5][9] - The first quarter of 2025 showed a revenue increase of 22.49% year-on-year, reaching 390 million yuan, although the net profit was still negative at -220 million yuan [5][10] Financial Performance Summary - **2024 Financials**: Revenue was 2.322 billion yuan, with a net profit of -601 million yuan. The gross margin was 39.9%, and the net margin was -25.9% [7][9] - **2025 Projections**: Expected revenue growth of 27.3% to 2.955 billion yuan, with a projected net profit of -263 million yuan [7][14] - **Key Revenue Drivers**: Significant revenue growth in data processing, computer peripherals, and automotive electronics, with respective increases of 75.46%, 64.07%, and 37.32% [9] Order and Market Position - As of Q1 2025, the company had a record high order backlog of 2.456 billion yuan, maintaining high order levels for six consecutive quarters [10] - The company has a strong presence in the NPU IP market, with its technology adopted in 142 chip models across various sectors [12] Valuation and Future Outlook - The company is expected to achieve revenues of 2.955 billion yuan in 2025, 3.617 billion yuan in 2026, and 4.404 billion yuan in 2027, with corresponding price-to-sales ratios of 15.7X, 12.8X, and 10.5X [12][14] - The report highlights the company's leading position in the domestic IP sector and its unique positioning in AI-related IP, indicating a positive long-term outlook [12]

Investment Rating - The report maintains a "Recommended" rating for the company [1] Core Views - The company is strategically positioned in the AIGC sector, with a strong order backlog [1] - In 2024, the company achieved revenue of 2.322 billion yuan, a slight decrease of 0.69% year-on-year, while the net profit attributable to shareholders was -601 million yuan, a significant decrease of 102.68% year-on-year [5][9] - For Q1 2025, the company reported revenue of 390 million yuan, a year-on-year increase of 22.49%, with a net profit of -220 million yuan, a decrease of 6.45% year-on-year [5][10] Financial Performance Summary - Revenue and Profitability: - 2024 revenue: 2.322 billion yuan, down 0.69% YoY - 2024 net profit: -601 million yuan, down 102.68% YoY - 2025 Q1 revenue: 390 million yuan, up 22.49% YoY - 2025 Q1 net profit: -220 million yuan, down 6.45% YoY [5][9][10] - Revenue Growth Projections: - 2025E revenue: 2.955 billion yuan, up 27.3% YoY - 2026E revenue: 3.617 billion yuan, up 22.4% YoY - 2027E revenue: 4.404 billion yuan, up 21.8% YoY [7][12] - Profitability Ratios: - 2024 gross margin: 39.9%, down 4.89 percentage points YoY - 2024 net margin: -25.9%, down 13.20 percentage points YoY - 2025E net margin: -8.9% [9][12] Market Position and Future Outlook - The company has a leading position in the NPU IP market, with its technology adopted in 142 chip designs across 82 clients [10] - The company is benefiting from increased demand in data processing, consumer electronics, and automotive electronics, with respective revenue growth of 75.46%, 64.07%, and 37.32% in these sectors [9][10] - The company is expected to maintain a strong order backlog, with 2.456 billion yuan in orders as of Q1 2025, marking a historical high [10]

新元股份在 2024 年和 2025 年的业绩表现如何？ 芯原股份 20250429 摘要 • 新元股份 2025 年第一季度收入达 3.9 亿元，同比增长显著，在手订单 24.56 亿元创历史新高，连续四个季度订单超 20 亿元，显示出强劲的增 长势头。 • 公司推进定增计划以补充资本和研发资源，明确云侧生成式 AI 和高端智慧 驾驶为两大战略赛道，旨在提升核心竞争力，驱动未来发展。 • 新元股份在深层次人工智能领域拥有 82 个客户、142 款芯片，出货超 1 亿颗，并推出支持 Deep Sick 的新 IP；智慧汽车领域，GPU 已应用于全 球千万辆汽车仪表盘。 • 公司在可穿戴设备领域为国际大厂定制功耗领先的 AI 眼镜，并有 20 多家 智能手表采用其 IP，进一步证明其技术实力。 • 新元股份坚持轻资产运营，以人才为核心竞争力，研发人员占比 90%，硕 士以上学历占比 89%，并大规模招聘 985/211 高校毕业生。 • 公司 IP 业务全球排名第八，种类排名第二，拥有 1,600 多个模拟和射频 IP，以及 445 种客户应用，技术优势显著。 • AI 技术在芯片设计中的应用比例已达 40%， ...

Core Insights - The company reported a revenue of 390 million yuan for Q1 2025, representing a year-on-year increase of 22.49%, but incurred a net loss of 220 million yuan [1] - The gross margin improved to 39.06% in Q1 2025 from 33.34% in Q4 2024, indicating better cost management or pricing power [1] - The company continues to invest heavily in R&D, with an expenditure of 1.247 billion yuan planned for 2024 and 300 million yuan spent in Q1 2025 [1] Revenue Breakdown - Revenue from downstream sectors such as system manufacturers, internet companies, cloud service providers, and automotive companies accounted for 37.3% of total revenue [3] - Consumer electronics revenue saw a significant year-on-year increase of 103.81%, making up 44.12% of total revenue [3] - Chip design business revenue reached 122 million yuan, up 40.75%, with 89.05% of this from 28nm and below process nodes [3] Business Segments and Growth Areas - The company is focusing on AIGC, data centers, intelligent driving systems, smart wearable devices, IoT, and Chiplet technologies [3] - In the AIGC sector, the company has 82 clients and 142 chip applications across various devices [3] - The automotive electronics segment has made strides in cockpit and autonomous driving technologies, with multiple IPs adopted by automotive chip companies [3] Investment Outlook - The company is positioned as a leading IP and custom chip service provider, expected to benefit from trends in cloud-side AI, edge AI, autonomous driving, and advanced packaging [4] - Revenue projections for 2025 to 2027 are 2.902 billion yuan, 3.512 billion yuan, and 4.32 billion yuan respectively, with net losses expected to decrease over the same period [4] - The target price is set at 104.3 yuan, based on an 18x PS for 2025, maintaining an "Accumulate-A" investment rating [4]

Core Insights - The company, Chip Origin, has announced the successful verification of its automotive-grade high-performance smart driving system-on-chip (SoC) design platform [1] - The platform has been successfully implemented in customer projects, indicating its practical application and effectiveness [1] - The design platform operates under a Silicon Platform as a Service (SiPaaS) business model, providing technical support for high-performance computing needs in autonomous driving and advanced driver-assistance systems (ADAS) [1]

2025 年 04 月 28 日 芯原股份(688521.SH) 25Q1 营收高增，有望长期受益 AIGC、 自动驾驶、Chiplet 等新产业趋势 事件： 4 月 25 日，公司发布 2025 年一季报。25Q1 实现营收 3.90 亿元， 同比+22.49%；实现归母净利润-2.2 亿元，毛利率 39.06%，24Q4 为 33.34%。公司持续保持高强度研发投入，2024 年投入研发费 12.47 亿元，25Q1 研发费 3 亿元。 25Q1 营收高增，有望长期受益 AI 产业趋势。 根据公司一季报，按下游领域划分：来自系统厂、互联网公司、 云服务提供商、车企等营收占比 37.3%；消费电子收入同比 +103.81%，营收占比 44.12%。按业务类型划分：芯片设计业务收 入 1.22 亿元，同比+40.75%，其中 28nm 及以下工艺节点收入占比 89.05%，14nm 及以下工艺节点收入占比 63.14%；量产业务收入 1.46 亿元，同比+40.33%；半导体 IP 授权同比小幅下滑。根据公 司年报，公司深化布局 AIGC、数据中心、智驾系统、智慧可穿戴 设备、物联网、Chiplet 等领域： ...

芯原股份 20250126 摘要 • 芯原股份研发投入占比约 30%，90%员工为研发人员，89%研发人员拥 有硕士及以上学历，研发人员主要集中于国内，海外市场销售收入占比约 35%。 • 公司自 2020 年上市以来整体收入增长，2022 年营收逆势增长 25%，扣 非后扭亏为盈；2024 年第四季度新签订单金额超 10 亿元，同比增长超 80%，在手订单达 24 亿元。 • 芯原 IP 业务全球排名第八，中国第一，IP 种类与 ARM 相当，已授权给 445 家客户。VPU IP 市占率全球第一，被 12 家云平台解决方案提供商采 用；NPU IP 已被 82 家客户用于 142 款 AI 芯片。 • 2024 年 license 收入达 6.33 亿元，AI 相关 license 收入占比 40%，授 权次数 216 次，同比增长 82 次。GPU、NPU 和 VPU 三类处理器 IP 占整 体 IP 收入约七成。 • 2024 年定制化芯片设计业务收入 7.25 亿元，同比增长 47%，AI 算力相 关 NRE 收入占比约 68%。85%设计业务收入来自 14 纳米或更先进工艺 制程项目。 Q&A 请 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 103.67 RMB [7][4]. Core Insights - The company reported a revenue of 2.322 billion RMB for 2024, a slight decline of 0.69% year-on-year, and a net loss of 601 million RMB. In Q1 2025, revenue reached 390 million RMB, marking a year-on-year increase of 22.49% but a quarter-on-quarter decline of 42.01% due to seasonal fluctuations. The gross margin for Q1 2025 was 39.06%, showing a year-on-year improvement of 5.72 percentage points [1][2]. - The company is optimistic about its investments in AIGC and Chiplet technologies, anticipating sustained growth in performance over the medium to long term [1][4]. Summary by Sections Q1 Performance - In Q1 2025, the custom chip business generated revenue of 270 million RMB, a year-on-year increase of 40.5%. The revenue from chip design and mass production was 122 million RMB and 146 million RMB, respectively, both showing growth of over 40% year-on-year. Revenue from system manufacturers, large internet companies, cloud service providers, and automotive clients accounted for 37.30% of total revenue [2]. 2025 Outlook - The company’s order backlog reached a historical high of 2.456 billion RMB in Q1 2025, reflecting a 2.1% increase from the previous quarter. The company is actively advancing in AIGC and Chiplet sectors, launching new IPs optimized for Transformer models and collaborating with Google on IP development for its open-source project [3]. Financial Projections - The report projects a revenue of 2.970 billion RMB for 2025, with a significant growth rate of 27.93%. The net profit for 2025 is expected to be a loss of 105 million RMB, improving to a profit of 13 million RMB in 2026 and 56 million RMB in 2027. The gross margin is forecasted to be 41.84% in 2025 and 43.06% in 2026 [6][20]. Valuation Metrics - The report assigns a price-to-sales (PS) ratio of 12.0x for the custom chip business and 30.0x for the IP licensing business for 2025, reflecting a premium valuation based on the company's competitive advantages in the HPC and AI sectors [4][12]. Market Data - As of April 25, the closing price was 90.90 RMB, with a market capitalization of 45.528 billion RMB. The target price represents a potential upside from the current market price [8].

证券代码：688521 证券简称：芯原股份 公告编号：2025-015 芯原微电子（上海）股份有限公司 第二届监事会第十九次会议暨 2024 年年度监事会 会议决议公告 本公司监事会及全体监事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 一、监事会会议召开情况 芯原微电子（上海）股份有限公司（以下简称"公司"）第二届监事会第十 九次会议暨 2024 年年度监事会会议通知已于 2025 年 4 月 15 日发出，会议于 2025 年 4 月 25 日在公司会议室以现场结合通讯的方式召开。本次监事会会议应出席 会议的监事 3 人，实际出席监事 3 人。本次会议召开符合《中华人民共和国公司 法》等有关法律、法规和《芯原微电子（上海）股份有限公司章程》的相关规定， 表决形成的决议合法、有效。 二、监事会会议审议情况 经与会监事认真审议，形成如下决议： 1、审议通过《关于<芯原微电子（上海）股份有限公司 2024 年度监事会工作 报告>的议案》 监事会认为 2024 年度公司监事会本着维护公司以及股东利益的精神，严格 按照《公司法》等法律法规及《公司章 ...