瑞芯微（603893）：生态共赢，务实前行

Investment Rating - The report upgrades the investment rating for 瑞芯微 (Rockchip) to "Buy" [2][7] Core Views - The AI technology is reshaping electronic products, and the AIoT market is entering a high-speed development cycle. The market is transitioning from "Internet of Everything" to a period of deep value release, with advancements in edge-cloud collaboration architecture and the proliferation of lightweight AI models and edge NPU chips. This shift is driving devices from passive responses to autonomous decision-making [5] - The company is expected to achieve revenue of approximately 43.87 billion to 44.27 billion yuan and a net profit of 10.23 billion to 11.03 billion yuan in 2025, representing a year-on-year growth of 71.97% to 85.42% [5] - The company is advancing its dual-track strategy of "SoC + co-processor" to accelerate the development of next-generation products, including the global first 3D architecture edge computing co-processor RK182X, which is being rapidly adopted across various industries [6] Financial Projections - Revenue projections for the company are 44.2 billion yuan in 2025, 56.8 billion yuan in 2026, and 71.1 billion yuan in 2027, with net profits of 11.0 billion yuan, 14.7 billion yuan, and 19.1 billion yuan respectively [7] - The company’s revenue growth rates are projected at 40.79% for 2025, 28.55% for 2026, and 25.26% for 2027 [9] - The expected earnings per share (EPS) are 2.61 yuan for 2025, 3.49 yuan for 2026, and 4.53 yuan for 2027 [9]