芯原股份：需求回暖推动Q2亏损大幅收窄

Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of RMB 52.32 [1][7]. Core Insights - The company reported a significant narrowing of losses in Q2, driven by a recovery in demand, with Q2 revenue reaching RMB 6.14 billion, a 93.0% increase quarter-on-quarter, despite a year-on-year decline of 4.7% [9]. - The company is expected to benefit from the AIGC trend and Chiplet developments, with a projected net profit of RMB -2.12 billion for 2024, turning positive in 2025 and 2026 [7][9]. Summary by Sections Financial Performance - Q2 revenue from IP licensing was RMB 184 million, down 32.1% year-on-year but up 45.2% quarter-on-quarter, with a notable increase in AI-related demand [5]. - Custom chip business revenue in Q2 was RMB 427 million, up 15.3% year-on-year and 123.7% quarter-on-quarter, with a strong order backlog of RMB 2.271 billion as of 1H24 [6][9]. Revenue Projections - The company anticipates total revenue of RMB 2.215 billion for 2024, with a projected growth to RMB 3.112 billion by 2026 [8][11]. - The revenue breakdown includes RMB 1.439 billion from custom chip business and RMB 776 million from IP licensing for 2024 [11]. Valuation Metrics - The target price of RMB 52.32 is based on a price-to-sales (PS) ratio of 7.0x for custom chip business and 20.7x for IP licensing, reflecting a premium due to the company's competitive advantages in the HPC/AI sectors [7][9].