算力需求狂飙！700亿芯原股份新签订单再创新高

Core Insights - The company, Chip Origin, reported a significant increase in new orders, totaling 2.494 billion yuan from October 1 to December 25, marking a 129.94% increase compared to the same period last year and a 56.54% increase from the previous quarter [1] - The total new orders for the year have approached 6 billion yuan, providing strong support for future revenue growth [1] - The stock price surged over 13% following the announcement, with a closing market capitalization of 71.1 billion yuan [1] Order Structure - The majority of new orders in the fourth quarter were for one-stop chip customization services, with AI computing-related orders accounting for over 84% and data processing orders nearly 76% [1] - The increasing orders are a direct result of the global surge in demand for AI computing power, particularly for specialized AI ASIC chips [1] Technological Capabilities - The company possesses advanced design capabilities ranging from 5nm FinFET to traditional 250nm CMOS processes, with successful tape-outs of chips at 14nm and 22nm FD-SOI nodes [2] - Chip Origin is recognized as the leading semiconductor IP licensing service provider in mainland China for 2024 and ranks eighth globally [1] Financial Performance - For the first three quarters, the company achieved revenue of 2.255 billion yuan, a year-on-year increase of 36.64%, while the net loss narrowed to 347 million yuan, a reduction of 49.15 million yuan compared to the previous year [2] - In the third quarter alone, revenue reached 1.28 billion yuan, up 78.38% year-on-year, with a significant improvement in net profit loss, which narrowed by 75.82% [2] Future Outlook - Market sentiment is optimistic regarding the company's future, with projections from Shenwan Hongyuan estimating rapid growth in chip mass production revenue, reaching 1 billion yuan in 2025, 4 billion yuan in 2026, and 6 billion yuan in 2027 [2] - The company is expected to achieve profitability within the next 1-2 years as scale effects become apparent and the proportion of high-margin IP business increases [2]