VeriSilicon(SH:688521) Soochow Securities·2026-01-26 09:17Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is expected to achieve significant revenue growth driven by strong order fulfillment, particularly in the AI ASIC sector, with a projected revenue increase of 35.84% in 2025 [7] - The company has seen a substantial increase in new orders, with a total of 5.96 billion yuan in new orders for 2025, representing a year-on-year growth of 103.41% [7] - The company’s R&D expenses are expected to decrease as a percentage of revenue, indicating improved efficiency in resource allocation [7] Financial Projections - Total revenue is projected to be 3,154 million yuan in 2025, with further increases to 5,661 million yuan in 2026 and 8,612 million yuan in 2027 [1][8] - The net profit attributable to the parent company is forecasted to be -448.92 million yuan in 2025, turning positive with 315.20 million yuan in 2026 and 805.06 million yuan in 2027 [1][8] - The earnings per share (EPS) is expected to improve from -0.85 yuan in 2025 to 1.53 yuan in 2027 [1][8] Business Performance - The company’s volume business revenue is expected to grow by 73.98% year-on-year in 2025, while chip design revenue is projected to increase by 20.94% [7] - The company has maintained a high level of orders, with a backlog of 50.75 billion yuan at the end of 2025, indicating strong future revenue potential [7] - The company’s revenue from data processing is expected to grow by over 95%, contributing approximately 34% to total revenue [7]