VeriSilicon(SH:688521) GOLDEN SUN SECURITIES·2025-10-28 07:11Investment Rating - The investment rating for the company is "Buy" [5] Core Insights - The company achieved a record high revenue of 1.281 billion yuan in Q3 2025, with a significant quarter-on-quarter increase of 119.26% and a year-on-year increase of 78.38% [1] - New orders signed in Q3 2025 reached 1.593 billion yuan, representing a year-on-year growth of 145.80%, with approximately 65% of these orders related to AI computing [2] - The company maintains a strong order backlog, with 3.286 billion yuan in hand as of the end of Q3 2025, ensuring future revenue growth [2] Summary by Sections Financial Performance - In Q3 2025, the company reported a net profit attributable to shareholders of -26.8511 million yuan, with significant narrowing of losses both year-on-year and quarter-on-quarter by 75.82% and 73.02% respectively [1] - Revenue from chip design reached 428 million yuan, with a quarter-on-quarter growth of 290.82% and a year-on-year growth of 80.23% [1] - The company expects to achieve revenues of 3.445 billion, 4.323 billion, and 6.150 billion yuan in 2025, 2026, and 2027 respectively, with year-on-year growth rates of 48.4%, 25.5%, and 42.3% [4] Order and Client Structure - The company has maintained a high level of new orders, with a total of 3.249 billion yuan signed from Q3 2025 to Q1 2025, exceeding the total new order level for the entire year of 2024 [2] - The customer base is diversified, with 83.52% of orders coming from system manufacturers, large internet companies, cloud service providers, and automotive companies [2] Business Strengths - The company is positioned as a leader in one-stop customized services and IP, benefiting from rich experience and a strong client base [2][3] - The company has successfully delivered chips across various technology nodes, including 5nm FinFET and 22nm FD-SOI, with notable clients such as Intel, Bosch, and Amazon [2] - The IP business has seen significant adoption, with NPU IP integrated into over 140 AI chip models and GPU IP shipped in over 2 billion units globally [3]