当前，半导体IP行业正在经历技术变革与市场变革的双重驱动，特别是新工艺的涌现、芯粒(Chiplet)技 术变革，为国产半导体IP厂商带来新机遇。 值得注意的是，4月10日，证监会披露了关于芯耀辉首次公开发行股票并上市辅导备案报告。公开资料 显示，芯耀辉科技成立于2020年6月，总部位于上海，是一家专注于半导体高速互连技术及先进半导体 IP的研发与服务的高科技公司。公司自主研发的IP产品具有稳定性高、兼容性强、跨工艺、可移植等独 特的价值和优势，广泛应用于数字社会的各个核心领域。另外，在上海市政府的支持下，芯耀辉引入行 业头部企业全套IP授权，包括面向主流晶圆厂的的全套标准接口IP(含车规)，覆盖从22纳米至4纳米的所 有制程节点。通过"自研+引进"的双轮驱动战略，公司将为芯片产业提供源头"根技术"的支撑。 "如果将单个芯片或者裸芯比作一个数据加工厂，那么工厂需要数据的输入才能进行加工，加工完的数 据输出后，工厂才能产生效益，高速数据接口IP正是连接数据工厂与外部世界的'数据高速公路'。没有 高效、可靠的高速接口，芯片或者芯粒的性能和功能会大打折扣。"芯耀辉科技股份有限公司联合创始 人、董事长曾克强表示，接口I ...

2025 年 09 月 21 日 芯原股份 (688521) 国产算力卖铲人，受益 ASIC 定制趋势（国产 ASIC 系列研究之 2) 报告原因:首次覆盖 投资要点: 财务数据及盈利预测 | | 2024 | 2025H1 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入(百万元) | 2,322 | 974 | 2,753 | 6.104 | 8.525 | | 同比增长率 (%) | -0.7 | 4.5 | 18.6 | 121.7 | 39.7 | | 归母净利润（百万元） | -601 | -320 | -439 | -158 | 347 | | 同比增长率(%) | | | | | | | 每股收益(元/股) | -1.20 | -0.64 | -0.84 | -0.30 | 0.66 | | 毛利率(%) | 39.9 | 43.3 | 42.5 | 32.2 | 30.4 | | ROE (%) | -28.3 | -8.9 | -12.5 | -4.7 | 9.3 | | 市智率 | -151 | ...

Group 1: Chip Industry Outlook - Goldman Sachs raised the target price for Chip Original Co. to 220 RMB, reflecting strong growth driven by AI orders [1][2] - The company recorded an 86% year-on-year increase in new orders from July to mid-September, with 64% of these orders coming from the AI computing sector [2] - The anticipated growth in AI-related chip design services and semiconductor IP revenue is expected to improve the company's profitability and operational metrics from 2026 to 2030 [2][3] Group 2: Storage Chip Price Surge - Micron Technology has paused all product pricing for DDR4, DDR5, LPDDR4, and LPDDR5, with potential price increases of 20% to 30% expected [1][6] - SanDisk has already raised its storage product prices by over 10%, indicating the start of a new price increase trend in the storage chip market [1][7] - The price surge is attributed to a shift in supply-demand dynamics, with strong demand from AI applications and data centers, while supply has been constrained due to production cuts by leading manufacturers [7][8] Group 3: Market Dynamics and Future Trends - The NAND flash market is expected to see continued price increases, particularly in the enterprise sector, with favorable conditions likely to persist until 2026 [8] - The demand for storage solutions is being driven by AI infrastructure needs, leading to a rebalancing of supply and demand in the storage industry [8] - The transition of major manufacturers from traditional products to high-end offerings is contributing to supply tightness in the market [7][8]

Group 1 - The core point of the article is that Chip Origin Co., Ltd. plans to acquire a 97.0070% stake in Chip Lai Technology, which will become a wholly-owned subsidiary after the transaction [2][4] - The acquisition will be financed through a combination of issuing shares and cash payments, with the share price set at 106.66 yuan per share, which is 80% of the average trading price over the previous 20 trading days [2] - Chip Lai Technology specializes in semiconductor IP design and has over 300 authorized customers, focusing on RISC-V CPU IP and related services [4][5] Group 2 - Chip Lai Technology has reported revenues of 69.46 million yuan, 77.94 million yuan, and 6.16 million yuan for the years 2023, 2024, and the first three months of 2025, respectively, with net losses of 31.79 million yuan, 44.02 million yuan, and 21.16 million yuan during the same periods [4][5] - The gross margin for the semiconductor IP licensing services is over 90%, but the company has not yet achieved profitability due to high R&D investments and significant stock-based compensation expenses [5] - The acquisition is expected to create synergies between Chip Origin and Chip Lai Technology, enhancing the company's competitive position in the market [6] Group 3 - Chip Origin has experienced declining financial performance, with revenues of 2.679 billion yuan, 2.338 billion yuan, and 2.322 billion yuan from 2022 to 2024, and net profits of 74 million yuan, -296 million yuan, and -601 million yuan during the same period [6] - In the first half of 2025, the company reported total revenue of 974 million yuan, a year-on-year increase of 4.49%, but a net loss of 320 million yuan [6][7] - The acquisition of Chip Lai Technology is not expected to provide immediate financial benefits to Chip Origin, as Chip Lai Technology is still in a loss-making state [7]

Core Viewpoint - The company, Xinyuan Microelectronics, announced a major acquisition plan to purchase 97.0070% of the shares of Xinlai Zhihong Semiconductor Technology, aiming to enhance its capabilities in the semiconductor IP design sector and strengthen its market position in various applications including AI and IoT [1][3]. Group 1: Acquisition Details - The acquisition will be executed through a combination of issuing shares and cash payments to 31 parties, with the share price set at 106.66 yuan per share, which is 80% of the average trading price over the previous 20 trading days [1]. - The transaction is expected to constitute a significant asset restructuring but will not be classified as a related party transaction or a restructuring listing [1]. Group 2: Financial Performance of Xinlai Technology - Xinlai Technology reported revenues of 69.46 million yuan, 77.95 million yuan, and 6.16 million yuan for 2023, 2024, and the first three months of 2025, respectively, with net losses of 31.79 million yuan, 44.02 million yuan, and 21.16 million yuan during the same periods [4]. - The company has a high gross margin exceeding 90% for its semiconductor IP licensing services, but has not yet achieved profitability due to significant R&D investments and employee stock incentive programs [4]. Group 3: Synergies and Market Position - The acquisition is expected to create strong synergies between Xinlai Technology and Xinyuan Microelectronics, enhancing the latter's capabilities in providing comprehensive chip customization services and semiconductor IP licensing [6]. - The transaction aims to improve the company's core processor IP and CPU IP stack, thereby increasing its competitiveness in the AI ASIC design market [6]. Group 4: Current Challenges - Despite the acquisition, Xinyuan Microelectronics has faced declining financial performance, with revenues of 2.679 billion yuan, 2.338 billion yuan, and 2.322 billion yuan from 2022 to 2024, and a net profit decline [7]. - The company reported a total revenue of 974 million yuan in the first half of 2025, a year-on-year increase of 4.49%, but still incurred a net loss of 320 million yuan [7][8].

Core Viewpoint - Chipone Technology reported a revenue of 974 million yuan for the first half of 2025, a year-on-year increase of 4.49%, but the net profit attributable to shareholders was a loss of 320 million yuan, widening from a loss of 285 million yuan in the same period last year. Despite the losses, the company's stock price has surged by 185.75% this year [1][2]. Company Overview - Chipone Technology relies on proprietary semiconductor IP to provide comprehensive chip customization services and semiconductor IP licensing services, including income from intellectual property licensing fees and royalties [3]. - The demand for semiconductor IP has surged due to the explosion of global computing power driven by generative AI, with major companies like Meta planning to launch their first ASIC chips [3]. Business Segment Analysis - In the first half of the year, the revenue from the "intellectual property licensing fees" within the semiconductor IP licensing business was 281 million yuan, an increase of 8.20% year-on-year, while "royalty income" was 51 million yuan, a slight decline of 0.03% [4]. - The revenue from core processor IPs, including graphics processor IP, neural network processor IP, and video processor IP, accounted for approximately 75% of the semiconductor IP licensing business revenue [4]. Market Position and Future Outlook - Chipone Technology holds the largest market share in China and ranks eighth globally in the semiconductor IP licensing market [5]. - In the one-stop chip customization business, the company achieved a revenue of 232 million yuan, a year-on-year decrease of 17.18%, attributed to client project scheduling [5]. - The company reported a significant increase in new orders for chip design business, exceeding 700 million yuan, a year-on-year increase of over 350%, with a total order backlog of 3.025 billion yuan as of the end of the second quarter of 2025, where nearly 90% of the backlog is from one-stop chip customization business [5].

Group 1: Industry Insights - The domestic four-legged robot industry is rapidly developing, with consumer-level models starting at 10,000 yuan [2] - The four-legged robots can be categorized into hydraulic and electric drive types, with electric drive becoming a new trend due to its lower cost and ease of control [3] - The four-legged robot industry has made progress in recent years, but still lacks advanced task planning capabilities and has limited battery life of 8 to 12 hours [4] Group 2: Company Developments - Cloud Deep Technology has delivered over 1,000 units of its "Xie Ying" series products, showcasing its strong presence in various application scenarios [1] - Chip Original Co., Ltd. is recognized as China's leading semiconductor IP company, with a significant increase in its customer base and revenue from chip design and mass production services [8] - Brain Machine Interface technology is gaining traction in China, with various local companies making strides in both non-invasive and invasive applications [6][7]