VeriSilicon(SH:688521) Soochow Securities·2025-10-28 04:02Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company achieved a record high in new orders in Q3 2025, with a significant growth in AI ASIC business, doubling its quarterly revenue [1] - The company has signed new orders amounting to 3.249 billion yuan in the first three quarters of 2025, surpassing the total for the entire year of 2024 [1] - The revenue structure shows remarkable growth in chip design and mass production businesses, with chip design revenue reaching 428 million yuan in Q3 2025, up 80.23% year-on-year [1] - The company is expected to achieve revenue of 3.813 billion yuan in 2025, with a projected net profit of -76.76 million yuan [1] Summary by Sections Financial Performance - Total revenue for 2023 is projected at 2.338 billion yuan, with a decline of 12.73% year-on-year [1] - The company anticipates a revenue increase of 64.22% in 2025, reaching 3.813 billion yuan [1] - The net profit for 2025 is expected to be -76.76 million yuan, showing an improvement from -600.88 million yuan in 2024 [1] Order and Revenue Growth - New orders in Q1-Q3 2025 reached 3.249 billion yuan, exceeding the total for 2024 [1] - The company has a backlog of orders amounting to 3.286 billion yuan, with a high conversion rate expected [1] - The revenue from chip design and mass production has shown significant growth, with mass production revenue reaching 609 million yuan in Q3 2025, up 157.84% year-on-year [1] Research and Development - R&D investment for the first three quarters of 2025 was 999 million yuan, with a reasonable decrease in the proportion of R&D expenses relative to revenue [1] - The company is focusing on optimizing its R&D structure while improving profitability [1] - The net profit for Q3 2025 was -27 million yuan, indicating a 73% quarter-on-quarter improvement [1]