芯原股份（688521）：Q2营收环比+50%，在手订单保持高位，拟收购芯来智融补齐RISC-V处理器IP

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 15% relative to the industry index in the next six months [5][23]. Core Insights - The company reported a 50% quarter-on-quarter revenue increase in Q2, driven by significant growth in IP licensing fees and chip volume business [1][2]. - The company plans to acquire 100% of Chiplet Technology to enhance its RISC-V processor IP layout, which is expected to strengthen its market position in high-performance computing [4]. - The company has maintained a high order backlog for seven consecutive quarters, with a record backlog of 3.025 billion yuan as of the end of Q2 2025, supporting future revenue growth [2][4]. Financial Summary - For 2023, the company expects total revenue of 2.338 billion yuan, with a year-on-year decline of 12.7%. However, revenue is projected to grow to 4.806 billion yuan by 2027, reflecting a compound annual growth rate of 32.3% [1][16]. - The net profit attributable to shareholders is forecasted to be -296 million yuan in 2023, improving to 200 million yuan by 2027, with a significant turnaround expected in 2026 [1][16]. - The company reported a gross margin of 46.17% in Q2 2025, up 7.11 percentage points from the previous quarter, indicating improved profitability [2][9]. Business Developments - The company has actively embraced AIGC (Artificial Intelligence Generated Content), expanding its product matrix with multiple products already in mass production for well-known mobile and tablet manufacturers [3]. - The company’s ultra-low power NPU is capable of providing over 40 TOPS of computing power for mobile large language model inference, showcasing its technological advancements [3]. - The acquisition of Chiplet Technology is seen as a strategic move to tap into the rapidly growing Chiplet market, which is projected to reach hundreds of billions [4].