瑞芯微 20250718 摘要 瑞芯微推出 RK3,588 等旗舰芯片，采用 8 大核+4 小核 CPU 架构和 Magi GPU，NPU 算力达 32T，性能领先，主要应用于智能座舱、边缘 计算等领域，旨在提升高端市场竞争力。 瑞芯微 182X 系列芯片是全球首款 3D 堆叠协处理器，内置 DDR 内存， 支持 3B 和 7B 模型，在 AI 计算和加速方面表现高效，端到端响应延时 最低至 0.1 秒，性能优于英伟达 Orin Nano/NX。 瑞芯微计划推出下一代 1,860 系列，算力将达 60~80T，带宽超 1TB， 支持 UCIE 直连，定位于端侧跑 1.5B 到 13B 模型，进一步提升在高端 算力市场的竞争力。 兆易创新作为瑞芯微合作伙伴，提供定制化 DRAM 方案，提升终端设备 运行效率，具备广泛应用前景和较强竞争力，是重点推荐标的。 Hybrid bonding 技术通过显著增加单位面积连接点数量，提升信息传 输频宽，降低延时和功耗，成为半导体封装的重要发展方向，瑞芯微已 采用此技术。 DRAM 合约价在三季度预计上涨 70%-80%，低功耗 DRAM 涨幅达 38%-68%，兆易创新将显 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown strong revenue growth, with a 2024 revenue of 7.36 billion yuan, representing a year-over-year increase of 27.69%. The net profit for the same year reached 1.103 billion yuan, a significant increase of 584.21% year-over-year. In Q1 2025, the company achieved a revenue of 1.909 billion yuan, up 17.32% year-over-year and 11.88% quarter-over-quarter, with a net profit of 235 million yuan, reflecting a year-over-year increase of 14.57% [4][5] - The company is benefiting from the recovery in downstream market demand, with significant growth in revenue and sales across various sectors including consumer electronics, networking, and computing. The company is also poised to benefit from trends in AI and electric vehicle intelligence [4][5] Financial Summary and Valuation Indicators - The company is projected to achieve revenues of 9.478 billion yuan in 2025 and 11.664 billion yuan in 2026, with corresponding net profits of 1.692 billion yuan and 2.155 billion yuan respectively. The projected P/E ratios for 2025 and 2026 are 44 and 35 times respectively [7][9] - The gross margin is expected to improve to 41.2% in 2025 and 41.3% in 2026, while the net profit margin is projected to be 17.9% and 18.5% for the same years [7][9] - The company’s ROE is expected to rise to 9.2% in 2025 and 10.5% in 2026, indicating improved profitability [7][9]