Investment Rating - The investment rating for the company is "Buy" [5] Core Insights - The company achieved a record high revenue of 1.281 billion yuan in Q3 2025, with a significant quarter-on-quarter increase of 119.26% and a year-on-year increase of 78.38% [1] - New orders signed in Q3 2025 reached 1.593 billion yuan, representing a year-on-year growth of 145.80%, with approximately 65% of these orders related to AI computing [2] - The company maintains a strong order backlog, with 3.286 billion yuan in hand as of the end of Q3 2025, ensuring future revenue growth [2] Summary by Sections Financial Performance - In Q3 2025, the company reported a net profit attributable to shareholders of -26.8511 million yuan, with significant narrowing of losses both year-on-year and quarter-on-quarter by 75.82% and 73.02% respectively [1] - Revenue from chip design reached 428 million yuan, with a quarter-on-quarter growth of 290.82% and a year-on-year growth of 80.23% [1] - The company expects to achieve revenues of 3.445 billion, 4.323 billion, and 6.150 billion yuan in 2025, 2026, and 2027 respectively, with year-on-year growth rates of 48.4%, 25.5%, and 42.3% [4] Order and Client Structure - The company has maintained a high level of new orders, with a total of 3.249 billion yuan signed from Q3 2025 to Q1 2025, exceeding the total new order level for the entire year of 2024 [2] - The customer base is diversified, with 83.52% of orders coming from system manufacturers, large internet companies, cloud service providers, and automotive companies [2] Business Strengths - The company is positioned as a leader in one-stop customized services and IP, benefiting from rich experience and a strong client base [2][3] - The company has successfully delivered chips across various technology nodes, including 5nm FinFET and 22nm FD-SOI, with notable clients such as Intel, Bosch, and Amazon [2] - The IP business has seen significant adoption, with NPU IP integrated into over 140 AI chip models and GPU IP shipped in over 2 billion units globally [3]

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company has a diversified customer base, including major clients such as SAIC Volkswagen, Daimler, Audi, and others, which supports its leading position in the domestic wiring harness market [2] - The company is expanding its overseas market presence, particularly in Europe, by enhancing its management team and optimizing supply chain management [2] - The demand for high-voltage wiring harnesses is increasing due to the growth of electric vehicles and autonomous driving, positioning the company to benefit from industry expansion and domestic substitution trends [3] - The company has developed a full range of high-voltage connectors and is actively involved in the robotics sector, providing wiring harnesses and connectors for AI companies and robotic systems [3] Financial Summary - For the first three quarters of 2025, the company reported revenue of 5.84 billion yuan, a year-on-year increase of 6%, and a net profit of 420 million yuan, a year-on-year decrease of 3% [1] - The gross profit margin for the first three quarters of 2025 was 15.6%, down 1.7 percentage points year-on-year, while the net profit margin was 7.3%, down 0.6 percentage points year-on-year [1] - The company expects net profits for 2025, 2026, and 2027 to be 670 million yuan, 800 million yuan, and 930 million yuan, respectively, with corresponding P/E ratios of 24, 20, and 17 times [3]

Investment Rating - The investment rating for the company is "Accumulate" [5] Core Views - The company reported a revenue of 5.59 billion yuan for the first three quarters of 2025, a year-on-year decrease of 9.7%, while the net profit attributable to shareholders was 120 million yuan, an increase of 26.0% year-on-year [1] - The core product categories showed good growth in retail, with online sales of the brand's products such as wall-breaking machines, soybean milk machines, and rice cookers increasing by 4.7%, 26.5%, and 5.0% respectively in the first three quarters of 2025 [1] - The gross profit margin has gradually recovered, with a year-on-year increase of 0.6 percentage points and 4.4 percentage points for the first three quarters and the third quarter of 2025, reaching 26.9% and 26.2% respectively [2] - The company has adjusted its profit forecast, expecting net profits of 151 million, 184 million, and 220 million yuan for 2025, 2026, and 2027, representing year-on-year growth of 23.2%, 21.9%, and 19.6% respectively [2] Financial Summary - For 2025, the company is projected to have a revenue of 8.635 billion yuan, a decrease of 2.4% year-on-year, and a net profit of 151 million yuan, an increase of 23.2% year-on-year [4] - The earnings per share (EPS) for 2025 is estimated to be 0.20 yuan, with a projected price-to-earnings (P/E) ratio of 49.2 [4] - The company’s return on equity (ROE) is expected to improve from 3.5% in 2024 to 4.4% in 2025 [4]

Investment Rating - The report maintains a "Buy" rating for the company [5]. Core Views - The company has experienced a revenue decline of 4.65% year-on-year for the first three quarters of 2025, with a revenue of 386 million yuan and a net profit of 83 million yuan, reflecting a decrease of 2.54% [1]. - The termination of the Animal Kingdom project is expected to have a negative impact on future performance, but the company is focusing on optimizing existing projects and advancing new ones [3][2]. - Revenue for Q3 2025 was 140 million yuan, down 1.23% year-on-year, but the decline was less severe compared to Q2 2025, which saw a 9.82% drop [1]. Financial Summary - The company’s projected revenues for 2025, 2026, and 2027 are 522 million yuan, 574 million yuan, and 619 million yuan, respectively, with corresponding net profits of 102 million yuan, 125 million yuan, and 140 million yuan [4]. - The gross profit margin for Q3 2025 was 54.0%, remaining stable year-on-year, while the net profit margin decreased by 2.8 percentage points to 20.4% due to increased sales expenses [1]. - The company’s earnings per share (EPS) for 2025 is projected to be 0.38 yuan, with a price-to-earnings (P/E) ratio of 30.4 times [4].

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Insights - The company experienced operational pressure in Q3 2025, with a revenue decline of 9.94% year-on-year, totaling 7.53 billion yuan. The net profit attributable to shareholders decreased by 22.60% year-on-year to 3.54 billion yuan [1][2] - The company is focusing on strengthening its brand power through innovative marketing strategies and new project developments, including light asset projects in Qingdao and Taizhou, and an overseas project in Thailand [2] - The projected revenues for 2025-2027 are 22.6 billion yuan, 25.0 billion yuan, and 26.7 billion yuan respectively, with net profits of 8.0 billion yuan, 9.6 billion yuan, and 10.7 billion yuan [2] Financial Summary - For Q1-3 2025, the company reported revenues of 18.33 billion yuan, a decrease of 8.98% year-on-year, and a net profit of 7.54 billion yuan, down 25.22% year-on-year [1] - The gross margin for Q3 2025 was 72.1%, a decline of 3.5 percentage points year-on-year, while the net profit margin decreased by 7.7 percentage points to 47.0% [1] - The company’s financial ratios indicate a projected P/E ratio of 26.8x for 2025, decreasing to 20.0x by 2027 [4]

Investment Rating - The report maintains a "Buy" rating for the company, indicating a strong outlook for its stock performance relative to the market [3][6]. Core Insights - The company demonstrated resilience with a total revenue of 14.706 billion yuan for the first three quarters of 2025, marking a year-on-year increase of 6.86%. The net profit attributable to shareholders reached 1.159 billion yuan, a significant increase of 202.82% [1]. - The company continues to benefit from a premium pricing strategy, with an average selling price of chicken at 9,578 yuan per ton, despite a 3.1% decline year-on-year. The premium over industry prices was 778 yuan per ton in Q3 2025, maintaining a solid price advantage [2]. - The company is expanding its market share through a comprehensive channel strategy, with processed food revenue growing by 17.1% year-on-year to 6.911 billion yuan in the first three quarters of 2025 [3]. Financial Performance Summary - For 2025, the company is projected to achieve a net profit of 1.409 billion yuan, reflecting a year-on-year growth of 94.5%. The expected P/E ratio for 2025 is 15.3x [3][5]. - The company sold 1.099 million tons of chicken in the first three quarters of 2025, a 7.4% increase year-on-year, while the sales volume in Q3 alone reached 435,000 tons, up 16.3% [2]. - The processed food business saw a significant increase in revenue, with Q3 2025 revenue reaching 2.885 billion yuan, a 36.7% increase year-on-year [3].

Investment Rating - The investment rating for the company is "Buy" [3][5]. Core Views - The company reported a revenue of 22.8 billion yuan in Q3 2025, reflecting an 8.9% year-on-year increase, while the net profit attributable to shareholders decreased by 56.8% to 0.2 billion yuan due to rising online traffic costs [1][2]. - The gross margin improved by 1.3 percentage points to 25.7% in Q3 2025, primarily driven by an increase in self-produced products and adjustments in channel structure [2]. - The company is actively exploring new business models, including offline distribution and lifestyle stores, to mitigate the pressure from rising online traffic costs [2][3]. Financial Summary - For the fiscal year 2025, the company is projected to achieve revenues of 116.2 billion yuan, 136.5 billion yuan, and 156.5 billion yuan for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 9.4%, 17.5%, and 14.6% [3][4]. - The net profit attributable to shareholders is expected to be 2.2 billion yuan, 3.3 billion yuan, and 4.1 billion yuan for 2025, 2026, and 2027 respectively, with a significant decrease of 47.1% in 2025 followed by growth of 53.4% and 23.9% in the subsequent years [3][4]. - The company’s earnings per share (EPS) for 2025 is estimated at 0.54 yuan, with a projected price-to-earnings (P/E) ratio of 43.5 [4][5].

Investment Rating - The report maintains a "Buy" rating for the company [4][7]. Core Views - The company achieved a record high revenue in Q3 2025, with a year-over-year growth of 31.0% for the first three quarters, totaling 1.91 billion yuan [1]. - The gross margin for Q3 2025 reached 48.0%, an increase of 5.8 percentage points year-over-year, driven by the growth in cloud services [2]. - The diversification of the customer base is improving, with the top five customers accounting for only 22.6% of revenue, indicating a more balanced distribution [3]. Financial Performance - For Q3 2025, the company reported a revenue of 670 million yuan, a year-over-year increase of 23.5% but a quarter-over-quarter decrease of 3.1% [1]. - The net profit for Q3 2025 was 120 million yuan, reflecting a year-over-year growth of 16.1% but a quarter-over-quarter decline of 31.1% [1]. - The company expects to achieve revenues of 2.64 billion, 3.45 billion, and 4.47 billion yuan in 2025, 2026, and 2027, respectively, with growth rates of 31.4%, 30.8%, and 29.7% [4]. Customer and Market Dynamics - Revenue from chips and modules accounted for 38.7% and 60.6% respectively, with domestic and international revenue shares at 70.0% and 30.0% [3]. - The company is actively enhancing its developer community, with the number of ESP32 projects on GitHub increasing from 101,000 in H1 2025 to 115,000 in Q3 2025 [3]. Profitability Metrics - The net profit margin for Q3 2025 was 17.5%, showing a year-over-year decrease of 0.9 percentage points [2]. - The company anticipates a significant increase in net profit, projecting 555 million yuan in 2025, which represents a year-over-year growth of 63.5% [4].

证券研究报告 | 季报点评 gszqdatemark 2025 10 28 年 月 日 瑞芯微（603893.SH） 25Q3 营收增速放缓，短期扰动不改向上趋势 25Q3 营收增速放缓，利润率环比承压。瑞芯微正式发布 2025 三季报： 公司 25Q1-Q3 实现营收 31.4 亿元，yoy+45.5%；实现归母净利 7.8 亿 元，yoy+121.7%。单季度来看，25Q3 实现营收 11.0 亿元，yoy+20.3%， qoq-5.6%；实现归母净利 2.5 亿元，yoy+47.1%，qoq-22.8%。盈利能力 方面，25Q3 毛利率达到 40.8%，yoy+3.5pcts，qoq-2.5pcts，净利率为 22.7%，yoy+4.1pcts，qoq-5.0pcts。 公司表示，由于 DDR4 存储芯片从供应短缺到价格暴涨，促使部分客户中 高端 AIoT 产品向 DDR5 转型，方案调整时间影响短期需求，导致第三季 度收入增长略缓，随后会继续快速增长。利润方面，我们判断 25Q3 毛利 率的变化主要来自于产品结构的影响，此外 25Q3 销售/管理/研发/财务费 用分别环比增长了 5.9%/16.7%/ ...

Investment Rating - The report maintains a "Buy" rating for the company [4][7]. Core Insights - The company has demonstrated significant revenue growth, achieving 2.717 billion yuan in revenue for the first three quarters of 2025, a year-on-year increase of 54.94% [1]. - The net profit attributable to shareholders for the same period was 204 million yuan, reflecting a year-on-year growth of 4.41% [1]. - The company is focusing on a dual-driven strategy of "services + products," enhancing its market share in the cross-border e-commerce sector while deepening its engagement in high-potential areas such as smart home, new consumption, short dramas, and AI products [2]. - The zMaticoo programmatic advertising platform continues to grow rapidly, with a completed upgrade of its SDK and DSP 2.0, significantly optimizing service efficiency and data integration [2]. - The Agentic AI marketing ecosystem is accelerating its formation, with a research and development investment of 109 million yuan, up 64.52% year-on-year [3]. - The company has become the first-level e-commerce agent for AppLovin in Greater China, enhancing its capabilities in user behavior analysis and advertising optimization [4]. Financial Overview - For 2025, the company is projected to achieve a net profit of 253 million yuan, with corresponding P/E ratios of 54.4, 46.9, and 42.9 for the years 2025, 2026, and 2027 respectively [4]. - The company’s revenue is expected to grow from 3.413 billion yuan in 2025 to 4.280 billion yuan in 2027, with growth rates of 34.0% and 10.0% respectively [6]. - The latest diluted EPS is projected to increase from 0.54 yuan in 2025 to 0.68 yuan in 2027 [6].