芯原股份(688521)：披露订单创新高 收购芯来智融复牌在即

Group 1 - The company reported a record high order backlog of 30.25 billion yuan as of the end of Q2 2025, maintaining high levels for seven consecutive quarters [1] - New orders signed from July 1 to September 11, 2025, amounted to 12.05 billion yuan, representing a significant year-on-year increase of 85.88%, with AI computing-related orders accounting for approximately 64% [1] - The company plans to acquire 97.0070% of Chipwise Technology through a combination of share issuance and cash payment, with the share price set at 106.66 yuan per share [1] Group 2 - The acquisition of Chipwise Technology is expected to create threefold synergy: business, customer, and cost [2] - Business synergy will enhance the company's competitive advantage in AI ASIC design services, as Chipwise is one of the first RISC-V CPU IP providers in China [2] - Customer synergy will strengthen the company's positioning in high-growth areas such as AI, IoT, and automotive electronics, leveraging Chipwise's existing client base [2] - Cost synergy will be achieved through the integration of resources, reducing R&D and operational costs [2] Group 3 - The company is projected to achieve revenues of 30 billion, 38 billion, and 47 billion yuan from 2025 to 2027, with expected net profits of -1.0 billion, 2.0 billion, and 4.2 billion yuan respectively [2] - The current valuation premium is attributed to the company's status as a leading ASIC provider in China, with significant advantages in technology accumulation, customer resources, and product deployment [2]