VeriSilicon(SH:688521) Soochow Securities·2025-08-03 15:12Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company is expected to see a significant increase in revenue driven by the self-research trend of AI ASIC, with Q2 2025 revenue forecasted at 584 million yuan, representing a quarter-on-quarter increase of 49.9% [7] - The company has achieved a record high in orders, with a total of 3.025 billion yuan in hand orders as of Q2 2025, marking a quarter-on-quarter increase of 23% [7] - The trend of major companies developing their own ASIC chips is becoming a consensus in the industry, which is expected to drive further order growth for the company [7] Financial Forecasts - The company’s total revenue is projected to be 2.322 billion yuan in 2024, 3.022 billion yuan in 2025, and 3.822 billion yuan in 2026, with a year-on-year growth rate of 30.17% in 2025 [1][8] - The net profit attributable to the parent company is forecasted to be -600.88 million yuan in 2024, -98.21 million yuan in 2025, and 203.98 million yuan in 2026, indicating a significant improvement in profitability [1][8] - The earnings per share (EPS) is expected to improve from -1.14 yuan in 2024 to 0.39 yuan in 2026 [1][8] Market Data - The closing price of the company's stock is 94.49 yuan, with a market capitalization of approximately 49.67 billion yuan [5] - The company has a price-to-book ratio of 24.63 and a price-to-earnings ratio of -82.67 based on the latest diluted earnings per share [5][8] Operational Insights - The company’s revenue from intellectual property licensing fees reached 187 million yuan in Q2 2025, showing a quarter-on-quarter increase of 99.63% and a year-on-year increase of 16.97% [7] - The company’s mass production business revenue was 261 million yuan in Q2 2025, reflecting a quarter-on-quarter increase of 79.01% and a year-on-year increase of 11.65% [7]