Investment Rating - The report assigns an "Accumulate" rating for the company, marking its first coverage [1]. Core Views - The company has seen a year-on-year increase in the number of completed chip tape-out verification projects, establishing a foundation for mass production business, supported by a robust order backlog for future growth [4]. - In the first half of 2025, the company achieved operating revenue of 282 million yuan, although it experienced a year-on-year decline due to fluctuations in customer demand. However, the revenue from chip design business showed a growth trend [4]. - The company reported a comprehensive gross margin of 18.49% in the first half of 2025, a decrease attributed to a lower proportion of custom service revenue, which typically has a higher gross margin [4]. - The company has a total order backlog of 861 million yuan as of June 30, 2025, with 307 million yuan from chip design business and 554 million yuan from mass production business, indicating strong future growth potential [4]. Financial Summary - The latest closing price of the company's stock is 75.80 yuan, with a total market capitalization of 9.1 billion yuan and a circulating market value of 5.4 billion yuan [3]. - The company’s earnings per share (EPS) for 2025 is projected to be -0.90 yuan, with expected revenues of 652 million yuan, a significant decline of 40.14% compared to the previous year [10]. - The company is expected to achieve revenues of 1 billion yuan in 2026 and 1.3 billion yuan in 2027, with a return to profitability projected in 2026 with a net profit of 37.24 million yuan [8][10].
灿芯股份（688691）：灿集众能，芯务集成