瑞芯微：AI普惠化加速，AIoT芯片平台增势强劲

Investment Rating - The investment rating for the company is "Buy" with an expected return exceeding 10% relative to the CSI 300 index over the next six months [4][15]. Core Insights - The company is a leading player in the AIoT SoC chip market in China, leveraging over 20 years of experience in integrated circuit design, particularly in processor and mixed-signal chip design, multimedia processing, imaging algorithms, and system software development [1]. - The company aims to create a "V-shaped formation" in its chip offerings, with flagship chips leading advancements in computing power and process technology, while also developing a diverse product line across various sectors including machine vision, automotive electronics, industrial applications, and education [1]. - The launch of the DeepSeeK model has set a benchmark for AI cost-effectiveness, significantly reducing service pricing compared to competitors, which has attracted attention from major companies like Microsoft [2][3]. Financial Data and Projections - The company is projected to achieve revenues of 21.35 billion yuan in 2023, increasing to 55.56 billion yuan by 2026, with a compound annual growth rate (CAGR) of approximately 37.07% from 2024 to 2026 [9][10]. - Expected net profits for the company are forecasted to be 561.47 million yuan in 2024, 825.64 million yuan in 2025, and 1.09 billion yuan in 2026, reflecting significant growth potential [10][12]. - The company's gross margin is expected to improve from 34.25% in 2023 to 39.97% in 2026, indicating enhanced profitability [12]. Market Position and Competitive Landscape - The company has established partnerships with notable clients such as Alibaba, BYD, Baidu, and Xiaomi, which enhances its market presence and credibility in the AIoT sector [2]. - The competitive landscape is characterized by rapid advancements in AI technology, with the company focusing on expanding its product lines in automotive electronics and industrial applications to capture growth opportunities [10].