芯原股份：ASIC定制化平台助力端侧AI-20250307

Investment Rating - The report maintains a "Buy" rating for the company [4][11]. Core Views - The company is expected to achieve a revenue of 2.323 billion yuan in 2024, representing a slight decline of 0.66% year-on-year. However, the semiconductor industry is gradually recovering, and the company has a strong order backlog of 2.406 billion yuan, which has remained high for five consecutive quarters [2][11]. - The company's unique business model, which minimizes product inventory risk and application boundaries, has allowed it to quickly turn around its operations starting from the second quarter of 2024. The revenue for the second quarter is expected to return to pre-industry cycle levels, with a significant year-on-year increase of 23.60% in the third quarter [2][3]. - The company has a diverse range of semiconductor IP offerings and is actively developing Chiplet technology to meet the growing demand for high-performance computing solutions. This includes a focus on AI applications and various consumer electronics [3][7][10]. Summary by Sections Financial Performance - The company is projected to achieve revenues of 2.323 billion yuan in 2024, 2.945 billion yuan in 2025, and 3.540 billion yuan in 2026, with corresponding net profits of -605 million yuan, 7.94 million yuan, and 100.35 million yuan respectively [11][13]. - The revenue growth rates are expected to be -0.66% in 2024, 26.78% in 2025, and 20.23% in 2026 [13][16]. Business Model and Strategy - The company operates on a platform-based model that provides comprehensive chip customization services and semiconductor IP licensing. It has developed a wide range of IPs, including GPU, NPU, VPU, DSP, ISP, and Display Processor IPs, along with over 1,600 mixed-signal and RF IPs [3][7]. - The company is focusing on the development of RISC-V technology and has established the China RISC-V Industry Alliance, which has 195 member units as of September 2024. This initiative aims to promote the RISC-V ecosystem and support talent development in the field [10][11]. Market Position and Customer Base - Approximately 40% of the company's revenue comes from non-chip company clients, including system manufacturers, large internet companies, and cloud service providers. These clients are increasingly seeking partnerships for chip design due to their own resource limitations [8][9]. - The company has successfully developed a video processing platform that enhances data center video processing capabilities, which is crucial for applications like 4K streaming and cloud gaming [8][9].