芯原股份：ASIC定制化平台助力端侧AI-20250308

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, a slight decrease of 0.66% year-on-year. However, it is projected to recover in subsequent years with revenues of 2.945 billion yuan in 2025 and 3.540 billion yuan in 2026, reflecting growth rates of 26.78% and 20.23% respectively [2][11][13]. - The company has a strong order backlog of 2.406 billion yuan at the end of 2024, indicating robust demand and a solid foundation for future business expansion [2]. - The semiconductor industry is gradually recovering, with the company's unique business model minimizing product inventory risks and allowing for flexibility across application domains. This has led to a quick turnaround in operational performance starting from the second quarter of 2024 [2][3]. Summary by Sections Financial Performance - The company reported a revenue of 2.338 billion yuan in 2023, with a projected revenue of 2.323 billion yuan in 2024, followed by 2.945 billion yuan in 2025 and 3.540 billion yuan in 2026 [13][16]. - The net profit attributable to the parent company is expected to be -605.24 million yuan in 2024, with a forecasted recovery to 7.94 million yuan in 2025 and 100.35 million yuan in 2026 [11][13]. Business Model and Market Position - The company operates a semiconductor IP business model, providing customized chip design services and IP licensing, which has positioned it as a preferred partner for system manufacturers and large internet companies [3][8]. - The company has developed a comprehensive range of IP solutions, including GPU, NPU, VPU, DSP, ISP, and Display Processor IPs, catering to various applications such as AI, consumer electronics, and data centers [3][7]. Future Outlook - The company anticipates significant growth in its chip design business, with expected revenue growth of approximately 81% year-on-year in the second half of 2024 [2][11]. - The report highlights the company's proactive approach in advancing RISC-V technology and building an ecosystem around it, which is expected to drive future growth [10].