结论与建议： 盈利预测：公司从五年前开始布局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，未来有望实现业绩高速增长。我们预计公 司2025-2027 年营收30.6 亿元、54.1 亿元和84.7 亿元，YOY 分别增长32%、77%和57%，实现净利润 0.26 亿、2.7 亿元和6.4 亿元，EPS 分别为0.05元、0.51 元和1.21 元，目前股价对应2027 年PS 8 倍，考 虑到公司业绩潜力较大，维持买进建议。 公司公告，4Q25（10 月至12 月25 日）新签订单25 亿元，较4Q25 全期增长130%，环比3Q25 全期增长 56%。公司及行业高速增长趋势得到进一步验证。展望未来，互联网厂商持续增加AI 算力投入，打造 更为强大的计算体系，将加速互联网厂商在专用处理芯片ASIC 领域的布局，公司有望从行业变革中持 续受益。目前公司股价对应2027 年PS（市销率）8 倍，公司股价近期因股东减持及解禁股流通而调整 较多，构成长期买入机会，维持买入建议。 风险提示：AI 领域下游需求不及预期 大基金减持，长期影响有 ...

Investment Rating - The report assigns a "Buy" rating for the company, indicating a potential upside of 15% to 35% [8][12]. Core Insights - The company announced a significant increase in new orders for Q4 2025, totaling RMB 2.5 billion, which represents a 130% year-over-year growth and a 56% quarter-over-quarter increase. This growth is primarily driven by demand for AI-related chip solutions [8][11]. - The company is expected to benefit from the ongoing transformation in the industry, particularly as internet companies increase their investments in AI computing capabilities [8]. - Despite a recent decline in stock price due to shareholder reductions, this presents a long-term buying opportunity as the company's fundamentals remain strong [8][11]. Summary by Sections Company Information - The company operates in the electronics industry, with a current stock price of RMB 127.90 as of December 26, 2025. The stock has seen a 12-month high of RMB 216.77 and a low of RMB 44.47. The total market capitalization is approximately RMB 640.78 billion [2]. Recent Ratings - The company has consistently received "Buy" ratings in recent reports, with the latest rating issued on August 25, 2025 [3]. Product Mix - The company's revenue sources include 43.4% from chip volume business, 33.5% from IP licensing fees, 17.8% from chip design services, and 5.3% from royalties [4]. Financial Forecast - The company is projected to achieve revenues of RMB 30.6 billion, RMB 54.1 billion, and RMB 84.7 billion for the years 2025, 2026, and 2027, respectively, with year-over-year growth rates of 32%, 77%, and 57% [11]. - Net profits are expected to turn positive in 2025, with projections of RMB 0.26 billion, RMB 2.7 billion, and RMB 6.4 billion for the years 2025, 2026, and 2027, respectively [10][11].

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]

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]

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 ...