VeriSilicon(688521) HTSC·2025-06-06 13:20Investment Rating - The report maintains a "Buy" rating for the company with a target price of RMB 103.67 [6][7]. Core Insights - The company is optimistic about the development opportunities brought by AIGC and Chiplet, which are expected to enhance its IP and custom chip service business. The successful progress of the private placement project will further strengthen its layout in AIGC and smart mobility Chiplet solutions, potentially opening new growth spaces for future performance [1]. - The company is making continuous investments in the AI sector, aiming to seize opportunities in the high-performance AI chip market. The demand for semiconductor IP and custom chip services is expected to grow due to advancements in AI technology. The company has established a strong market position, with its NPU IP being utilized by 72 clients across 128 AI chip models [2]. - The company is accelerating its Chiplet layout, transitioning its IP model towards Chiplet technology. This shift is driven by the industry's move from SoC to SiP, influenced by the slowdown of Moore's Law. The company is developing Chiplet solutions for AIGC and smart mobility, addressing the high-performance computing needs in sectors like autonomous driving and data centers [3]. Financial Forecast and Valuation - The report maintains the forecast for the company's net profit attributable to the parent company at RMB -1.05 million for 2025, RMB 0.13 million for 2026, and RMB 0.56 million for 2027. The valuation for the custom chip/IP licensing business is set at 12.0x and 30.0x for 2025, with a target price of RMB 103.67, reflecting a premium due to the company's competitive advantages in the HPC/AI sector [4].