芯原股份：Chiplet芯片设计服务加速推进

Investment Rating - The investment rating for the company is "Buy" and is maintained [5] Core Views - The company is advancing its Chiplet technology and services in response to the growing demand for high-performance computing, particularly in the context of AI and smart mobility [7] - The company is transitioning from SoC (System on Chip) to SiP (System in Package) to enhance performance, power efficiency, and cost-effectiveness [7] - The company has established a unique business model called Silicon Platform as a Service (SiPaaS), which supports a wide range of applications including consumer electronics, automotive electronics, and IoT [7] Financial Summary - The latest closing price is 51.40 CNY, with a total market capitalization of 257 billion CNY [7] - The company is expected to achieve revenues of 24 billion CNY, 29 billion CNY, and 35 billion CNY for the years 2024, 2025, and 2026 respectively, with projected net profits of -4 million CNY, 0.1 million CNY, and 1 million CNY [9] - The company’s revenue growth rates are projected at -12.73% for 2023, 2.90% for 2024, 22.40% for 2025, and 20.23% for 2026 [11] - The company’s EBITDA is expected to improve from -22.61 million CNY in 2023 to 369.20 million CNY by 2026 [11] - The company’s net profit margin is projected to turn positive by 2026, with an EPS of 0.20 CNY [11] Market Position and Strategy - The company is focusing on developing Chiplet solutions for high-performance AI chips, collaborating with industry leaders to enhance its offerings [7] - The company is also investing in advanced packaging technologies and expanding its capabilities in chip design and software protocol stacks [7] - The company’s major clients include chip design firms, IDM, system manufacturers, and large internet companies [7]