VeriSilicon(SH:688521) Soochow Securities·2025-12-13 15:39Investment Rating - The report maintains a "Buy" rating for the company [8] Core Views - The termination of the acquisition of Chipwise does not affect the company's core position in the RISC-V ecosystem. The company will continue to deepen cooperation with Chipwise and strengthen its strategic layout in the RISC-V field [8] - The acquisition of Zhudian Semiconductor is progressing with support from multiple heavyweight investors, which will enhance the company's control and service capabilities in the AI ASIC market [8] - The AI ASIC market is experiencing significant growth, and the company is well-positioned to capitalize on this expanding market through its strategic initiatives [8] - The company is expected to achieve substantial revenue growth in the coming years, with projected revenues of 3.813 billion in 2025, 5.288 billion in 2026, and 7.025 billion in 2027 [8] Financial Projections - The company is projected to have total revenue of 2.322 billion in 2024, with a year-on-year growth rate of 64.22% in 2025 [9] - The net profit attributable to the parent company is expected to improve from a loss of 600.88 million in 2024 to a profit of 262.12 million in 2026 and 553.35 million in 2027 [9] - The earnings per share (EPS) is forecasted to be -1.14 in 2024, improving to 0.50 in 2026 and 1.05 in 2027 [9]