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]

Investment Rating - The report maintains a "Recommended" rating for the company, indicating an expected stock price increase of over 15% relative to the benchmark index within the next 12 months [8][15]. Core Insights - The company is projected to achieve total operating revenue of 584 million yuan in Q2 2025, representing a quarter-on-quarter growth of 49.90%. The order backlog reached 3.025 billion yuan, a 23.17% increase from the end of Q1 2025, marking a historical high [3]. - The company's intellectual property and mass production business segments showed remarkable performance, with a quarter-on-quarter growth of 99.83%. Specifically, the revenue from intellectual property licensing fees is expected to be 187 million yuan, up 99.63% quarter-on-quarter and 16.97% year-on-year [3]. - The company has strengthened its SoC and ASIC customization capabilities, with clients including major domestic internet giants. The ASIC business has seen rapid growth, with 2024 revenue estimated at 725 million yuan, a year-on-year increase of 47.18% [4]. - The global trend towards chip customization is evident, with significant opportunities for ASIC development as tech giants accelerate their ASIC strategies to capture AI computing power [5]. Financial Projections - The company is expected to report net profits of -103 million yuan in 2025, with revenues projected at 3.324 billion yuan. For 2026 and 2027, net profits are forecasted to be 45 million yuan and 314 million yuan, respectively, with revenues of 4.315 billion yuan and 5.535 billion yuan [7][12]. - The projected growth rates for revenue are 43.2% in 2025, 29.8% in 2026, and 28.3% in 2027, indicating a strong upward trend in financial performance [7][13].