VeriSilicon(688521) 光大证券·2025-03-11 00:25Investment Rating - The report maintains a "Buy" rating for the company, indicating a projected investment return exceeding the market benchmark by more than 15% over the next 6-12 months [6]. Core Insights - The company reported a revenue of 2.323 billion yuan for 2024, a slight decrease of 0.66% year-on-year, and a net profit attributable to shareholders of -605 million yuan, a decline of 3.09 billion yuan compared to the previous year [1]. - The company has a strong order backlog of 2.406 billion yuan as of the end of 2024, reflecting a 13% increase from the previous quarter and maintaining a high level for five consecutive quarters [2]. - The company is actively advancing in the Chiplet sector, leveraging its technical reserves and project experience to design high-performance chips based on Chiplet architecture [3]. Summary by Sections Financial Performance - Revenue for 2024 is projected at 2.323 billion yuan, with a growth rate of -0.66% compared to 2023. The net profit is expected to be -605 million yuan, down from -296 million yuan in 2023 [5]. - The company maintained a high R&D expense ratio of 53.35% in the first three quarters of 2024 [1]. Order and Market Position - The company secured over 940 million yuan in new orders in Q4 2024, with total orders in the second half of 2024 increasing by 38% compared to the first half [2]. - The company is recognized for its leading video codec technology, with successful shipments of its data center video transcoding platforms [2]. Chiplet Development - The company has developed advanced packaging technologies and a scalable high-performance hardware architecture based on Chiplet design, applicable in sectors such as automotive and smart transportation [3]. - The company is enhancing its capabilities in advanced packaging technology and has introduced high-performance GPGPU Chiplet and AI Chiplet [3]. Profitability and Valuation - The forecasted net profit for 2025 is 7 million yuan, with a significant recovery expected in 2026, projected at 93 million yuan [3]. - The company is positioned as a rare domestic IP supplier with significant growth potential due to increasing demand for chip localization and edge AI computing [3].