11月20日，成都中国西部国际博览城人头攒动。在2025集成电路发展论坛（成渝）暨三十一 届集成电路设计业展览会（ICCAD-Expo 2025）现场，硅芯科技的展台前聚集了不少业内人 士，这家专注于2.5D/3D堆叠芯片EDA的公司，正在展示着一套3Sheng Integration的自研平 台。 据了解，这套平台实现了三维堆叠芯片的系统级规划、物理实现与分析、可测性与可靠性设计等， 集成"系统-测试-综合-仿真-验证"五引擎合一，具有统一数据底座，支持三维异构集成系统的敏捷 开发与可定制化的协同设计优化，并在多个功能和性能上具有独创性。 与国内70多家传统EDA公司不同，硅芯科技从创业第一天起就没有选择跟随传统流程，而是直接 切入2.5D/3D堆叠芯片EDA这个全新领域。这背后有什么考量？ "硅芯科技的初始团队从2008年就开始在英国做3D IC的EDA研究，"赵毅解释道，"那个时候行业 里还没有2.5D、没有Chiplet这些概念，基本上都是从3D IC起家。" 这个早期积累至关重要。更关键的是，当时团队就与比利时IMEC深度合作——这家机构拥有世界 上最早的堆叠芯片先进封装工艺产线。"我们一开始就把E ...

Core Insights - The company reported a revenue of 1.754 billion yuan for the year 2024, reflecting a year-on-year increase of 2.13%, while the net profit attributable to shareholders was 203 million yuan, down 19.08% year-on-year [1] - In Q1 2025, the company achieved a revenue of 275 million yuan, representing a year-on-year increase of 12.74%, but the net profit attributable to shareholders dropped significantly by 70.89% to 5 million yuan [2][3] - The company is focusing on new product development and collaboration with Northern Huachuang, anticipating synergies in R&D, supply chain, and customer resources [3] Financial Performance - For 2024, the gross margin was 37.67%, a decrease of 4.85 percentage points year-on-year, and the net profit margin was 11.57%, down 3.03 percentage points year-on-year [1] - In Q1 2025, the gross margin further declined to 34.29%, a drop of 6.00 percentage points year-on-year, attributed to changes in product mix and accounting standards [3] - R&D expenses in Q1 2025 were 64 million yuan, an increase of 40.52% year-on-year, contributing to the pressure on profit performance [3] Product and Market Development - In 2024, the company signed new orders worth 2.4 billion yuan, a year-on-year growth of 10%, indicating a positive market demand [3] - The company is actively advancing the introduction and validation of ArF immersion high-capacity coating and developing cleaning machines, achieving an 80% process coverage with major domestic clients [3] - New products in the 2.5D/3D advanced packaging sector, such as Frame cleaning equipment, have successfully passed customer validation and entered small-scale sales [3] Future Outlook - Revenue projections for 2025-2027 are estimated at 2.08 billion, 2.715 billion, and 3.424 billion yuan, respectively, with net profits expected to be 245 million, 391 million, and 620 million yuan [4] - The company maintains a PE ratio of 78X for the current year and holds a "recommended" rating for investors [4]