我们认为，后续各大模型迭代有望提升国产算力紧缺程度，其中文生视频有望成为国产算力需求的核心加速剂， 字节链应该持续重视，芯原则是字节链核心！ 公司在手量产订单超30亿 截至25年四季度，公司在手订单金额达到50.75亿元，较三季度末的32.86亿元大幅提升54.45%，量产业务订单超30 亿元，整体订单预计一年内转化的比例超80%，且近60%为数据 【财通电子&新科技】坚定看好芯原股份——本轮底部推荐至今， 我们认为，后续各大模型迭代有望提升国产算力紧缺程度，其中文生视频有望成为国产算力需求的核心加速剂， 字节链应该持续重视，芯原则是字节链核心！ 公司在手量产订单超30亿 截至25年四季度，公司在手订单金额达到50.75亿元，较三季度末的32.86亿元大幅提升54.45%，量产业务订单超30 亿元，整体订单预计一年内转化的比例超80%，且近60%为数据处理应用领域订单。 【财通电子&新科技】坚定看好芯原股份——本轮底部推荐至今， 现阶段字节一代即将量产，二代开始预研，工艺继续冲击先进制程，而观察国内芯片设计服务厂商有从7nm-4nm流 片经验储备的厂商仅有芯原一家，同时大量案例均为一次流片点亮，选择芯原实际上 ...

公司在国产asic核心卡位 现阶段字节一代即将量产，二代开始预研，工艺继续冲击先进制程，而观察国 【财通电子&新科技】持续看好芯原股份——本轮底部推荐至今，当前仍为国产算力 在手量产订单超30亿 截至25年四季度，公司在手订单金额达到50.75亿元，较三季度末的32.86亿元大幅提升54.45%，量产业务订单超30 亿元，整体订单预计一年内转化的比例超80%，且近60%为数据处理应用领域订单。 【财通电子&新科技】持续看好芯原股份——本轮底部推荐至今，当前仍为国产算力 在手量产订单超30亿 截至25年四季度，公司在手订单金额达到50.75亿元，较三季度末的32.86亿元大幅提升54.45%，量产业务订单超30 亿元，整体订单预计一年内转化的比例超80%，且近60%为数据处理应用领域订单。 目前从产业链的产能端和需求端了解到自25年以来需求端已多次追加订单，26年仍有后续追加订单，预计量产将 自Q2开始集中于下半年交付，订单量可观。 除核心云厂商客户外还有GPGPU和其他云商多个订单有望在26年开启交付。 我们认为现阶段芯原国产asic订单与量产确定性正在边际提升，叠加Q4公司在手订单再创历史新高，公司业绩在端 ...

Core Viewpoint - Company expects a net loss attributable to shareholders of 110 million to 150 million yuan for the year 2025, indicating a challenging financial outlook due to market conditions [1] Financial Performance - Revenue and gross margin are projected to decline year-on-year due to fluctuations in demand from some downstream customers and changes in revenue structure [1] Research and Development - To strengthen its technological advantage in the chip design service sector, the company continues to focus on R&D efforts around the "IP + platform," with R&D expenses expected to increase year-on-year in 2025 [1]

灿芯股份(688691.SH)发布2025年年度业绩预告，预计2025年年度实现归属于母公司所有者净亏损1.1亿 元至1.5亿元。报告期内，受部分下游客户需求波动及收入结构变化影响，公司营业收入和毛利率同比 下降。此外，为进一步巩固公司在芯片设计服务领域的技术优势，公司持续围绕"IP+平台"开展研发工 作，2025年度研发费用同比增长。 ...

Core Viewpoint - Company expects to report a significant net loss for the year 2025, with projections indicating a loss between 150 million to 110 million yuan, representing a year-on-year decline of 280.19% to 345.71% compared to the previous year [1] Financial Performance - The anticipated net profit attributable to the parent company for 2025 is projected to be between -150 million yuan and -110 million yuan, a decrease of 171.04 million to 211.05 million yuan from the previous year [1] - The expected net profit after deducting non-recurring gains and losses is projected to be between -157 million yuan and -117 million yuan, reflecting a decline of 161.05 million to 201.05 million yuan year-on-year [1] Reasons for Performance Change - The primary reasons for the performance change include fluctuations in demand from downstream customers and changes in revenue structure, leading to a decrease in operating revenue and gross margin [1] - To strengthen its technological advantage in the chip design service sector, the company continues to invest in R&D, with R&D expenses expected to increase year-on-year in 2025 [1]

本期业绩变化的主要原因：（一）报告期内，受部分下游客户需求波动及收入结构变化影响，公司营业 收入和毛利率同比下降。（二）为进一步巩固公司在芯片设计服务领域的技术优势，公司持续围 绕"IP+平台"开展研发工作，2025年度研发费用同比增长。 格隆汇1月22日丨灿芯股份(688691.SH)公布，公司预计2025年年度实现归属于母公司所有者的净利 润-15,000.00万元到-11,000.00万元，与上年同期（法定披露数据）相比，将出现亏损，减少17,104.72万 元到21,104.72万元，同比减少280.19%到345.71%。预计2025年年度实现归属于母公司所有者的扣除非 经常性损益的净利润-15,700.00万元到-11,700.00万元，与上年同期（法定披露数据）相比，将减少 16,104.61万元到20,104.61万元，同比减少365.63%到456.44%。 ...

灿芯股份1月22日公告，预计2025年度归母净利润亏损1.1亿元到1.5亿元，上年同期盈利6104.72万元。 本期业绩变化的主要原因是：报告期内，受部分下游客户需求波动及收入结构变化影响，公司营业收入 和毛利率同比下降；为进一步巩固公司在芯片设计服务领域的技术优势，公司持续围绕"IP+平台"开展 研发工作，2025 年度研发费用同比增长。 ...

Investment Rating - The report assigns a "Buy" rating for the company, indicating a potential upside of 15% to 35% [9][15]. Core Insights - The company is recognized as the leading IP enterprise in China, leveraging its IP resources and R&D capabilities to provide comprehensive chip customization services from design to mass production. The growth in its volume business and new orders reflects the increasing demand driven by AI and IoT [9]. - The company is expected to benefit from the ongoing transformation in the industry, particularly as internet firms continue to invest in AI computing capabilities, enhancing their specialized processing chip (ASIC) strategies [9]. - The stock is currently trading at a price-to-sales (P/S) ratio of 11 times for 2027, maintaining the "Buy" recommendation based on significant performance potential [9]. Financial Performance Summary - For Q2 2025, the company anticipates a revenue of 584 million RMB, representing a 49.9% quarter-over-quarter increase but a 4.7% year-over-year decline. The IP licensing revenue is expected to be 187 million RMB, up 99.6% quarter-over-quarter and 17% year-over-year [12]. - The company has a robust order backlog of 3.025 billion RMB, which has remained high for seven consecutive quarters, providing a solid foundation for future revenue growth [12]. - Revenue projections for 2025-2027 are 3.067 billion RMB, 3.384 billion RMB, and 4.740 billion RMB, with year-over-year growth rates of 32%, 25%, and 23% respectively. Net profits are forecasted to be -26 million RMB, 53 million RMB, and 201 million RMB for the same period [12][11]. Shareholder Information - The major shareholder is Xinyuan Co., Ltd., holding 14.40% of the shares. The company has a total market capitalization of 47.326 billion RMB, with 525.71 million shares issued [2]. - The stock price as of August 1, 2025, was 94.49 RMB, with a 12-month high of 111 RMB and a low of 24.45 RMB [2]. Product Mix - The company's revenue composition includes 43.4% from chip volume business, 33.5% from IP licensing fees, 17.8% from chip design services, and 5.3% from royalties [4]. Market Position - The company has a significant presence among institutional investors, with 29.7% of the circulating A-shares held by funds [6]. The stock has shown a strong performance relative to the market, with a 181.7% increase over the past year [2].