VeriSilicon(688521) 华鑫证券·2025-03-04 08:46Investment Rating - The report maintains an "Accumulate" investment rating for the company [9] Core Views - The company has shown a rapid turnaround in its operating conditions since Q2, with revenue stabilizing year-on-year. The third quarter of 2024 saw a record high in revenue, growing by 23.60% year-on-year, while the fourth quarter also experienced over 17% growth. The chip design business revenue increased by approximately 81%, although the intellectual property licensing revenue declined by about 28% [5] - The company's NPU IP is integrated into AI chips used by 72 clients across 128 models, with over 100 million units shipped globally. These chips are applied in various sectors, establishing the company's leading position in the AI field [6] - The company offers a one-stop chip customization service with design capabilities across various process nodes, including advanced 5nm FinFET and traditional 250nm CMOS processes. It has obtained ISO 26262 certification for automotive safety management [7][8] Summary by Sections Financial Performance - The company is projected to achieve revenues of 2,323 million yuan in 2024, with a slight decline of 0.66% year-on-year. The net profit attributable to shareholders is expected to be -605 million yuan, indicating a significant loss compared to the previous year [4][11] - Revenue forecasts for 2024-2026 are 23.23 billion yuan, 28.37 billion yuan, and 36.54 billion yuan respectively, with EPS projected at -1.21 yuan, 0.02 yuan, and 0.27 yuan [9][11] Market Position - The company has a global leading position in chip design services, providing customized hardware and software solutions for AI applications [9] - The company has successfully integrated its NPU IP into a wide range of AI applications, reinforcing its market presence [6] Growth Potential - The company is expected to recover from the semiconductor industry's downturn earlier than its peers, with a projected revenue growth rate of 22.1% in 2025 and 28.8% in 2026 [11]