VeriSilicon(SH:688521) Soochow Securities·2026-01-26 10:00Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is expected to see 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 experienced 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 Summary - Total revenue projections for 2025 are approximately 31.53 billion yuan, with expected net profit of -4.49 billion yuan [7] - The company anticipates a significant increase in revenue to 56.61 billion yuan by 2026 and 86.12 billion yuan by 2027 [7] - The projected net profit is expected to turn positive in 2026, reaching 3.15 billion yuan, and further increasing to 8.05 billion yuan by 2027 [7] - The company’s earnings per share (EPS) is projected to improve from -1.14 yuan in 2024 to 1.53 yuan in 2027 [7]