芯原股份Q3业绩炸裂：AI订单驱动营收创纪录，盈利拐点或已不远

Core Insights - The company has reported impressive Q3 operational data, with all key indicators exceeding expectations, signaling a significant shift in its growth engine towards AI ASICs [2][8] Revenue and Profit - The company expects to achieve a record revenue of 1.284 billion yuan in Q3 2025, representing a remarkable quarter-on-quarter increase of 119.74% and a year-on-year growth of 78.77% [3][5] - This performance contrasts sharply with the first half of 2025, where the company reported a net loss of 320 million yuan, and Q2 revenue declined by 4.8% year-on-year [3][5] - The growth is primarily driven by the "one-stop chip customization business," indicating a successful transition from IP licensing fees to comprehensive design-to-mass production services [3][5] - The significant revenue increase has led to a substantial reduction in quarterly losses, suggesting that the company is beginning to realize economies of scale [3][5] Order Growth - The company signed new orders worth 1.593 billion yuan in Q3, a year-on-year increase of 145.80%, with approximately 65% of these orders related to AI computing [5][7] - As of the end of Q3 2025, the total order backlog reached a historic high of 3.286 billion yuan, marking eight consecutive quarters of growth [7][10] - Nearly 90% of the backlog consists of one-stop chip customization orders, with an expectation that about 80% will convert to revenue within a year, providing high visibility for future growth [10] Business Transformation - The company is successfully transitioning from being labeled as the "first stock of semiconductor IP" to becoming a leader in AI ASICs, as evidenced by the data [5][8] - The core development logic is clear: leveraging its deep technology in semiconductor IP to enter the broader ASIC customization market and capitalize on the AI boom [7][11] Future Focus - Key areas of focus include the efficiency and sustainability of converting backlog orders into revenue and profit, the gross margin levels of AI ASIC business, and the progress in advanced process projects like 5nm/4nm [5][8]