芯原股份跌7.13% 西部证券上周五刚给予增持评级

Core Viewpoint - The report from Western Securities highlights the growth potential of Chip Origin Technology Co., Ltd. (688521.SH) in the semiconductor industry, particularly in the context of AI demand and domestic ASIC development [1] Financial Projections - Expected revenues for Chip Origin are projected to be 3.267 billion, 4.661 billion, and 5.871 billion yuan for the years 2025, 2026, and 2027 respectively [1] - Corresponding price-to-sales (PS) ratios are estimated at 25, 18, and 14 times for the same years [1] Company Positioning - Chip Origin is recognized as the first semiconductor IP stock in China, currently possessing six types of self-controlled processor IPs [1] - The acquisition of Chip Lai Zhirong is expected to address the shortfall in CPU IP capabilities [1] Market Trends - The company is anticipated to benefit from the accelerated progress in domestic ASIC self-research and the growing demand for AI end-testing [1] - Two main business segments, IP licensing and custom chip design, are expected to continue to gain from these trends [1] Analyst Rating - The initial coverage by Western Securities assigns an "Overweight" rating to Chip Origin, indicating a positive outlook for the company's future performance [1]