芯原股份（688521）：披露订单创新高！收购芯来智融复牌在即

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The acquisition of Chipwise Technology is expected to create synergies in business, customers, and costs, enhancing the company's competitive advantage in AI ASIC design services [3] - The company has reported a record high in orders, with a total order amount of 3.025 billion yuan as of the end of Q2 2025, marking an 85.88% increase in new orders compared to the same period last year [8] - The company is projected to achieve significant revenue growth, with expected revenues of 3.022 billion yuan in 2025, 3.822 billion yuan in 2026, and 4.724 billion yuan in 2027, reflecting growth rates of 30.17%, 26.44%, and 23.60% respectively [9] Financial Projections - The company is expected to report a net profit of -98.21 million yuan in 2025, turning positive with a profit of 204.33 million yuan in 2026 and 419.35 million yuan in 2027 [1][9] - The latest diluted EPS is projected to be -0.19 yuan in 2025, with expectations of 0.39 yuan in 2026 and 0.80 yuan in 2027 [1][9] - The company’s P/E ratio is forecasted to be -819.01 in 2025, improving to 393.64 in 2026 and 191.81 in 2027 [1][9]