Chiplet技术

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芯原股份(688521):Q2业绩环比增长盈利能力改善,ASIC驱动新增订单显著
Xinda Securities· 2025-08-07 07:29
Investment Rating - The report does not provide a specific investment rating for the company [1] Core Insights - The company, Chiplet Technology Co., Ltd. (芯原股份), is expected to achieve approximately 584 million yuan in revenue for Q2 2025, representing a quarter-on-quarter growth of 49.90% and a significant improvement in profitability [2] - The company's IP licensing revenue reached 187 million yuan, showing a year-on-year increase of 16.97% and a quarter-on-quarter increase of 99.63% [5] - The company has a record high backlog of orders at 3.025 billion yuan, with a quarter-on-quarter growth of 23.17%, indicating strong future revenue growth potential [5] - The company has been investing heavily in R&D, particularly in Chiplet technology, which is expected to support its growth in emerging markets [5] Summary by Sections Revenue and Profitability - The company reported total revenue of 2.338 billion yuan in 2023, with a projected revenue of 3.016 billion yuan in 2025, reflecting a year-on-year growth rate of 29.9% [6] - The net profit attributable to the parent company is projected to improve from a loss of 296 million yuan in 2023 to a profit of 237 million yuan by 2027, indicating a significant turnaround [6] Order Backlog and Future Growth - As of the end of Q2 2025, the company’s backlog of orders reached a historical high, with approximately 81% of these orders expected to convert within a year, providing a solid foundation for future revenue growth [5] R&D Investment - The company has been focusing on R&D investments, with a decreasing proportion of R&D expenses relative to revenue, as it aims to allocate more resources to customer projects [5] Financial Projections - The company’s projected revenues for 2025, 2026, and 2027 are 3.016 billion yuan, 4.321 billion yuan, and 5.627 billion yuan, respectively, with corresponding net profits expected to be -281 million yuan, 25 million yuan, and 237 million yuan [6]
【私募调研记录】淡水泉调研芯原股份
Zheng Quan Zhi Xing· 2025-08-05 00:07
Group 1 - The core viewpoint of the news is that the company Chiplet has achieved strong synergy between its semiconductor IP licensing business and custom chip services, leading to rapid order growth and significant market adoption of its technologies [1] - Chiplet's order backlog is expected to reach 3.025 billion yuan by the end of Q2 2025, with nearly 90% of these orders coming from its one-stop custom chip services [1] - The company has developed a video processor IP that is being adopted by multiple cloud platforms and internet service providers, supporting 8K video transcoding in data center video transcoding platforms [1] Group 2 - The company is focused on advancing Chiplet technology and has designed various chips based on the Chiplet architecture, as well as developed the UCIe interface [1]
芯原股份(688521):2Q25营收环比快速增长,在手订单充裕
CSC SECURITIES (HK) LTD· 2025-08-04 07:37
Investment Rating - The report assigns a "Buy" rating for the company, indicating a potential upside of 15% to 35% [9][15]. Core Insights - The company is recognized as the leading IP enterprise in China, leveraging its IP resources and R&D capabilities to provide comprehensive chip customization services from design to mass production. The growth in its volume business and new orders reflects the increasing demand driven by AI and IoT [9]. - The company is expected to benefit from the ongoing transformation in the industry, particularly as internet firms continue to invest in AI computing capabilities, enhancing their specialized processing chip (ASIC) strategies [9]. - The stock is currently trading at a price-to-sales (P/S) ratio of 11 times for 2027, maintaining the "Buy" recommendation based on significant performance potential [9]. Financial Performance Summary - For Q2 2025, the company anticipates a revenue of 584 million RMB, representing a 49.9% quarter-over-quarter increase but a 4.7% year-over-year decline. The IP licensing revenue is expected to be 187 million RMB, up 99.6% quarter-over-quarter and 17% year-over-year [12]. - The company has a robust order backlog of 3.025 billion RMB, which has remained high for seven consecutive quarters, providing a solid foundation for future revenue growth [12]. - Revenue projections for 2025-2027 are 3.067 billion RMB, 3.384 billion RMB, and 4.740 billion RMB, with year-over-year growth rates of 32%, 25%, and 23% respectively. Net profits are forecasted to be -26 million RMB, 53 million RMB, and 201 million RMB for the same period [12][11]. Shareholder Information - The major shareholder is Xinyuan Co., Ltd., holding 14.40% of the shares. The company has a total market capitalization of 47.326 billion RMB, with 525.71 million shares issued [2]. - The stock price as of August 1, 2025, was 94.49 RMB, with a 12-month high of 111 RMB and a low of 24.45 RMB [2]. Product Mix - The company's revenue composition includes 43.4% from chip volume business, 33.5% from IP licensing fees, 17.8% from chip design services, and 5.3% from royalties [4]. Market Position - The company has a significant presence among institutional investors, with 29.7% of the circulating A-shares held by funds [6]. The stock has shown a strong performance relative to the market, with a 181.7% increase over the past year [2].
芯原股份单季营收环比增49.9% 在手订单30.25亿芯片定制占90%
Chang Jiang Shang Bao· 2025-08-03 23:33
Core Viewpoint - Chipone Technology, a leading domestic semiconductor IP and chip customization company, is driving technological innovation through high R&D investment, resulting in a continuous increase in order volume [1][5]. Financial Performance - The company expects to achieve approximately 584 million yuan in revenue for Q2 2025, representing a 49.9% quarter-on-quarter growth [1]. - As of the end of Q2 2025, Chipone's order backlog reached 3.025 billion yuan, a 23.17% increase from the end of Q1 2025, marking a historical high [1][5]. - In Q1 2025, the company reported R&D expenditures of 316 million yuan, accounting for 81.16% of its revenue [2][6]. - Despite not being profitable, the company anticipates a significant improvement in its profitability in Q2 2025, with a substantial reduction in quarterly losses [5]. R&D Investment - Chipone has maintained high R&D investment levels, with expenditures of 9.54 billion yuan, 12.47 billion yuan, and 3.16 billion yuan from 2023 to Q1 2025, representing 40.82%, 53.72%, and 81.16% of revenue respectively [6]. - The company has focused on key application areas such as Chiplet technology for generative AI and smart driving, continuously expanding into emerging markets [6][7]. - As of the end of 2024, Chipone employed 1,800 R&D personnel, accounting for 89.37% of its total workforce, with an average salary of 642,800 yuan [6]. Order Backlog and Market Demand - The order backlog has remained high for seven consecutive quarters, with approximately 81% of the backlog expected to convert within one year, providing a strong foundation for future revenue growth [1][5]. - The company’s one-stop chip customization business accounts for nearly 90% of its order backlog, indicating robust demand in the market [6][7]. Financing and Future Plans - Chipone successfully raised 1.807 billion yuan through a private placement to 11 institutions, which will be invested in AIGC and smart mobility Chiplet solution platform R&D projects [7]. - This financing marks the company's first capital raise since its IPO, enhancing its financial strength and R&D capabilities [7].
芯原股份: 2025年第二季度经营情况的自愿性披露公告
Zheng Quan Zhi Xing· 2025-08-01 16:13
Group 1 - The company expects to achieve an operating revenue of approximately 584 million yuan in the second quarter of 2025, representing a quarter-on-quarter growth of 49.90% [1] - The company's order backlog is projected to reach 3.025 billion yuan by the end of the second quarter of 2025, marking a 23.17% increase from the end of the first quarter of 2025, and setting a new historical high [1][2] - The revenue growth is primarily driven by an increase in intellectual property licensing fees and volume business revenue, with expected licensing fee revenue of 187 million yuan, a quarter-on-quarter increase of 99.63% and a year-on-year increase of 16.97% [1] Group 2 - The company has been focusing on key application areas such as Chiplet technology and its applications in generative AI and smart driving, while continuously exploring emerging markets and expanding its client base [2] - The order backlog consists of nearly 90% one-stop chip customization business, indicating a significant increase in chip design business orders [2] - The company anticipates a decrease in the proportion of R&D investment as chip design business orders increase, with an estimated conversion rate of orders within one year being significant [2]
芯原股份预计二季度营收环比增长49.90% 在手订单连续七个季度保持高位
Zheng Quan Shi Bao Wang· 2025-08-01 10:46
Core Viewpoint - The company, Chiplet Technology Co., Ltd. (芯原股份), is expected to report significant revenue growth in Q2 2025, driven by increases in intellectual property licensing fees and volume business revenue. Group 1: Financial Performance - The company anticipates achieving approximately 584 million yuan in revenue for Q2 2025, representing a 49.90% quarter-on-quarter increase [1] - Expected revenue from intellectual property licensing fees is 187 million yuan, with a quarter-on-quarter growth of 99.63% and a year-on-year growth of 16.97% [1] - Volume business revenue is projected to be 261 million yuan, reflecting a quarter-on-quarter increase of 79.01% and a year-on-year increase of 11.65% [1] - The company expects a significant reduction in quarterly losses, indicating improved profitability [1] Group 2: Order Backlog and Market Position - As of the end of Q2 2025, the company has an order backlog of 3.025 billion yuan, marking a 23.17% increase from the end of Q1 2025 and setting a new historical high [1] - Nearly 90% of the order backlog consists of one-stop chip customization services, with an estimated 81% of these orders expected to convert within one year, providing strong revenue growth assurance [2] - The company ranks first in China and eighth globally in the semiconductor IP licensing market, with its licensing revenue ranking sixth worldwide in 2023 [2] Group 3: Research and Development Focus - The company has been investing in key application technology research, particularly in Chiplet technology for generative AI and smart driving applications [1] - The company maintains high R&D investment levels, having accumulated significant technical and human resources, leading to industry-leading technical capabilities [1] - Recent fundraising through a private placement will support R&D projects in AIGC and smart mobility Chiplet solutions, as well as new IP development for graphics processing [3]
芯原股份(688521) - 2025年第二季度经营情况的自愿性披露公告
2025-08-01 08:15
证券代码:688521 证券简称:芯原股份 公告编号:2025-042 2025 年第二季度,公司预计实现营业收入约 5.84 亿元,环比增长 49.90%, 主要由知识产权授权使用费收入及量产业务收入增长所带动。具体而言,公司预 计 2025 年第二季度实现知识产权授权使用费收入 1.87 亿元,环比增长 99.63%, 同比增长 16.97%;预计 2025 年第二季度实现量产业务收入 2.61 亿元,环比增长 79.01%,同比增长 11.65%。预计公司 2025 年第二季度盈利能力持续改善,单季 度亏损环比大幅收窄。 公司潜心投入关键应用领域技术研发,如五年前开始布局 Chiplet 技术及其 在生成式人工智能和智慧驾驶上的应用,并持续开拓增量市场和具有发展潜力的 新兴市场,拓展行业头部客户。公司始终保持高研发投入,目前公司已积累了充 分的技术和人力资源,技术能力业界领先,并持续获得全球优质客户的认可。预 计截至 2025 年第二季度末,公司在手订单金额为 30.25 亿元,在手订单已连续 七个季度保持高位,较 2025 年第一季度末增长 23.17%,再创公司历史新高。2025 年第二季度末在手订 ...
解构Chiplet,区分炒作与现实
半导体行业观察· 2025-07-22 00:56
Core Viewpoint - The semiconductor industry is experiencing a significant shift towards chiplet architecture, which allows for the integration of multiple smaller chips into a single package, addressing the challenges of high costs and scalability associated with traditional single-chip designs [2][4][8]. Group 1: Chiplet Technology Overview - Chiplets are designed to be combined into a single package, enabling the creation of larger and more complex systems than traditional single-chip designs [4][8]. - The architecture allows for the separation of I/O and logic functions, optimizing performance and cost by utilizing different manufacturing nodes for various components [4][5]. - Examples include Nvidia's Blackwell B200 GPU, which employs a dual-chiplet design to exceed the limitations of single-chip designs [5]. Group 2: Advantages of Chiplet Architecture - Chiplet architecture can achieve higher yields and lower overall manufacturing costs by utilizing smaller chips [14]. - It allows for the integration of diverse processing elements, such as CPUs, GPUs, and memory controllers, enhancing design flexibility and performance [14]. - The modular nature of chiplet designs supports platform-based design and design reuse, making it easier to adapt to different applications [14]. Group 3: Challenges and Ecosystem Development - The chiplet ecosystem is still developing, with challenges in establishing universal standards for inter-chip communication, such as UCIe and CXL [10][11]. - Effective D2D communication must achieve low latency and high bandwidth across various physical interfaces, complicating system integration [10]. - The long-term vision for a complete chiplet ecosystem involves the seamless integration of pre-validated chiplets from trusted suppliers, which is still years away from realization [11][12]. Group 4: Current Industry Landscape - Major companies like AMD, Intel, and Nvidia are leading the development of multi-chip systems, while smaller firms are forming micro-ecosystems to leverage existing standards [13]. - Collaboration among EDA and IP vendors is crucial for developing standards and tools necessary for chiplet integration [13]. - Despite the hype surrounding chiplet technology, a fully functional chiplet ecosystem may take five to ten years to establish, although companies are already beginning to implement chiplet-based designs [13].
链聚科创板
Shang Hai Zheng Quan Bao· 2025-07-21 19:54
Core Insights - The Sci-Tech Innovation Board (STAR Market) has officially launched, with a total market value exceeding 7 trillion yuan, showcasing the emergence of strong industrial clusters in various sectors [1] - Over six years, the STAR Market has fostered 589 "hard tech" listed companies, raising over 1.1 trillion yuan in direct financing, significantly reshaping the innovation ecosystem [1] - The board has successfully transformed over 120,000 invention patents into tangible benefits for society, enhancing public welfare [1] Industry Developments - In the integrated circuit sector, a complete industrial chain covering design, manufacturing, packaging, materials, and equipment has formed, with 120 listed companies leading the way [3] - Major players like SMIC and Huahong Semiconductor have achieved significant milestones, such as breaking international monopolies and reaching international quality standards [3] - The average R&D intensity of integrated circuit companies on the STAR Market is 22.5%, exceeding the industry average by 10 percentage points [3] Biopharmaceutical Sector - The STAR Market's fifth listing standard has opened crucial financing channels for unprofitable innovative drug companies, with 19 out of 20 companies under this standard successfully launching self-developed drugs [4] - Zai Lab, the first unprofitable drug company listed on the STAR Market, has achieved multiple innovative drug approvals, establishing itself as a benchmark for internationalization in drug innovation [4] High-end Equipment Manufacturing - The STAR Market has created a collaborative innovation matrix in high-end equipment manufacturing, with 127 companies covering critical industries such as high-speed rail and nuclear power [5] - China Railway Signal & Communication Corporation holds a 65% market share in high-speed rail signal control systems, ensuring the safety of the national high-speed rail network [5] Social Impact - The technological breakthroughs from the STAR Market have translated into real benefits for the public, significantly reducing drug prices and improving access to medical resources [6] - Innovative drugs have substantially lowered the economic burden on patients, with some treatments seeing price reductions of over 75% [6] - Domestic medical equipment has improved accessibility, with companies like United Imaging Healthcare breaking international monopolies and producing high-end medical devices [7] Financial Performance - Over 60% of STAR Market companies have introduced cash dividend plans, totaling 38.8 billion yuan, with over 290 companies distributing more than 30% of their profits [9] - The board has also seen significant share buyback and increase plans, with a total amount nearing 38 billion yuan [9] Institutional Innovations - The STAR Market has implemented continuous institutional innovations to address the financing challenges of "light asset, high R&D investment" companies, allowing for a higher refinancing ratio [10] - The establishment of the "Sci-Tech Growth Layer" provides a transitional platform for unprofitable tech companies, enhancing their growth prospects [10] Long-term Vision - The STAR Market has become a core nurturing ground for new productive forces, with 379 companies recognized as national "little giants" and 415 as manufacturing "champions" [12] - The board's R&D investment reached 168 billion yuan, more than three times its net profit, reflecting a strong commitment to innovation [12] - The ongoing reforms aim to further unleash the potential of the STAR Market, enhancing its role in both technological advancement and societal value [13]
万字全文科普:什么是IP?
半导体行业观察· 2025-07-17 00:50
Core Viewpoint - The article emphasizes the critical role of IP providers in the semiconductor industry, particularly in the chip design phase, which is foundational to the entire semiconductor value chain [1][2]. Group 1: Role of IP Providers - IP providers enhance semiconductor capacity and develop innovative solutions, helping companies uncover new opportunities and drive technological advancement [3]. - They offer pre-designed and validated components, reducing the need for companies to develop these components from scratch, thus accelerating time-to-market and improving reliability [3][4]. - IP providers support customization and integration, ensuring seamless integration and optimization across various chip designs [3][4]. - They provide specialized functions essential for modern applications, such as high-speed interfaces, security features, and low-power processing units [3][4]. Group 2: Testing and Validation - Testing and validation are crucial stages in the semiconductor value chain, ensuring product functionality, performance, and reliability before market launch [9]. - Integration testing is essential to verify compatibility and performance of IP modules within the system, requiring comprehensive testing to identify potential conflicts early in the development process [10]. - Functional testing ensures that integrated IP modules perform their designated functions correctly within the system environment, utilizing simulation techniques to detect any anomalies [11]. - Compliance and standard testing are necessary to meet industry standards and ensure interoperability, which is critical for system integration [12][13]. Group 3: Business Models - The semiconductor industry's IP business models are evolving, with a focus on CPU-centric and product portfolio-centric approaches to meet diverse market needs [16][17]. - Customization of IP is increasingly important, allowing companies to achieve product differentiation and meet specific performance, power, and area (PPA) targets [19]. - The demand for customized IP solutions is growing as companies seek to enhance their product specifications and gain competitive advantages in the market [19][20]. Group 4: Market Trends - The semiconductor industry is witnessing trends such as heightened customization, resilience in supply chains, and the rise of generative AI, which are reshaping market dynamics [46][47][49]. - The automotive sector is a significant driver of change, with OEMs focusing on ensuring semiconductor supply chain stability to avoid past shortages [52]. - Geopolitical tensions are influencing semiconductor operations, prompting shifts towards domestic production and diversification of manufacturing locations [53]. Group 5: Future Outlook - IP providers are essential in driving innovation and adapting to new standards within the rapidly evolving semiconductor value chain [54]. - The integration of emerging technologies like AI and quantum computing presents significant opportunities for IP providers to create innovative solutions [54].