Rockchip(SH:603893) 经济观察报·2025-08-23 12:05Core Viewpoint - The rapid profit growth of a company not operating in mainstream sectors indicates that the true commercial value of the IoT market, comprising automotive, industrial, and robotics, may be underestimated by the external environment [4][6]. Financial Performance - In the first half of 2025, the company achieved revenue of 2.046 billion yuan, a year-on-year increase of 63.85%, and a net profit of 531 million yuan, a year-on-year increase of 190.61% [6][4]. - In Q2 alone, revenue reached 1.161 billion yuan, with a quarter-on-quarter growth of 31.18%, and net profit of 322 million yuan, with a quarter-on-quarter growth of 54% [6]. - The gross margin in Q2 was 43.3%, up 6.5 percentage points year-on-year, indicating a shift towards higher-margin products [6]. Product and Market Strategy - The flagship product, RK3588, is a system-on-chip (SoC) that integrates various functionalities, serving as the "brain" for smart devices [7]. - The RK3588 chip is utilized in diverse applications, including automotive electronics, industrial applications, and robotics, showcasing a "one chip serves multiple industries" model [8]. - The company employs a sales model that combines distribution and direct sales, leveraging a vast developer ecosystem to lower development barriers for clients [9][10]. Market Focus and Growth Areas - Key growth areas identified include automotive electronics, industrial applications, machine vision, and robotics, with a particular emphasis on the robotics sector as a rapidly growing market [11][12]. - The company has introduced a new AI vision processor, RV1126B, which integrates an independent AI-ISP module to enhance image processing efficiency [12]. AI Market Positioning - The company is not competing in the high-end GPU market but instead focuses on providing cost-effective AI solutions for existing products through its co-processor, RK182X [18][19]. - This strategy targets the "AI application" market, providing low-cost AI upgrade solutions for a large number of existing clients in the IoT sector [19].