2025 年 11 月 14 日 芯原股份 (688521) ——25Q3 量产业务加速放量，营收同比高增 78% 报告原因：有业绩公布需要点评 买入（维持） | 市场数据： | 2025 年 11 月 13 日 | | --- | --- | | 收盘价（元） | 147.99 | | 一年内最高/最低（元） | 216.77/44.47 | | 市净率 | 21.9 | | 股息率%（分红/股价） | - | | 流通 A 股市值（百万元） | 74,143 | | 上证指数/深证成指 | 4,029.50/13,476.52 | | 注："股息率"以最近一年已公布分红计算 | | | 基础数据: | 2025 年 09 月 30 日 | | --- | --- | | 每股净资产（元） | 6.76 | | 资产负债率% | 45.19 | | 总股本/流通 A 股（百万） | 526/501 | | 流通 B 股/H 股（百万） | -/- | 一年内股价与大盘对比走势： -100% 0% 100% 200% 300% 11-13 12-13 01-13 02-13 03-13 04-13 05-13 ...

资料显示，灿芯半导体(上海)股份有限公司位于中国(上海)自由贸易试验区张东路1158号礼德国际2号楼 7楼，成立日期2008年7月17日，上市日期2024年4月11日，公司主营业务涉及提供一站式芯片定制服务 的集成电路设计服务。主营业务收入构成为：芯片设计业务50.27%，芯片量产业务49.73%。 截至9月30日，灿芯股份股东户数1.13万，较上期增加4.17%；人均流通股6311股，较上期减少4.00%。 2025年1月-9月，灿芯股份实现营业收入4.68亿元，同比减少45.74%；归母净利润-9449.41万元，同比减 少215.28%。 分红方面，灿芯股份A股上市后累计派现7176.00万元。 机构持仓方面，截止2025年9月30日，灿芯股份十大流通股东中，前海开源公用事业股票（005669）位 居第四大流通股东，持股174.58万股，为新进股东。诺安灵活配置混合（320006）位居第六大流通股 东，持股127.64万股，为新进股东。前海开源新经济混合A（000689）位居第七大流通股东，持股 122.28万股，为新进股东。前海开源研究优选混合A（023457）位居第八大流通股东，持股117.43万 ...

Core Viewpoint - Canxin Co., Ltd. is a domestic integrated circuit design service provider that focuses on one-stop chip customization services and has core technology advantages in processes, proprietary IP, and SoC [1] Group 1: Business Performance - In Q3 2025, Canxin's revenue was 468 million yuan, ranking 5th in the industry, with the industry leader, Jinghe Integrated, generating 8.13 billion yuan [2] - The net profit for the same period was -94.49 million yuan, ranking 4th in the industry, while the industry leader, Saiwei Electronics, reported a net profit of 1.514 billion yuan [2] Group 2: Financial Ratios - As of Q3 2025, Canxin's debt-to-asset ratio was 25.19%, an increase from 20.29% year-on-year, which is lower than the industry average of 30.92% [3] - The gross profit margin for Q3 2025 was 16.07%, down from 28.13% year-on-year, and also below the industry average of 22.14% [3] Group 3: Shareholder Information - As of September 30, 2025, the number of A-share shareholders increased by 4.17% to 11,300, while the average number of circulating A-shares held per account decreased by 4.00% to 6,311.49 [5] - Notable new shareholders include Qianhai Kaiyuan Public Utility Stock and Nuon An Flexible Allocation Mixed Fund, among others [5] Group 4: Future Outlook - Zhongyou Securities projects Canxin's revenue for 2025, 2026, and 2027 to be 650 million, 1 billion, and 1.3 billion yuan respectively, with net profits of -110 million, 40 million, and 110 million yuan [5] - Key business highlights include a year-on-year increase in the number of completed tape-out verification projects in H1 2025, a focus on providing high-value, differentiated one-stop chip customization services, and positive progress in "IP + platform" R&D for emerging fields such as automotive chips and AI [5]

Core Viewpoint - Chip Origin Co., Ltd. is a leading semiconductor IP licensing and chip customization service provider, with a focus on self-developed semiconductor IP and a comprehensive one-stop service capability in chip design and manufacturing [1] Financial Performance - In Q3 2025, Chip Origin achieved revenue of 22.55 billion yuan, ranking 17th in the industry, significantly lower than the top competitor, OmniVision, which reported 217.83 billion yuan [2] - The net profit for the same period was -3.47 billion yuan, placing the company 47th in the industry, far behind OmniVision's 31.99 billion yuan [2] Financial Ratios - As of Q3 2025, the company's debt-to-asset ratio was 45.19%, which, despite a decrease from 51.05% year-on-year, remains above the industry average of 24.46% [3] - The gross profit margin for Q3 2025 was 34.95%, down from 42.52% year-on-year and below the industry average of 36.52% [3] Executive Compensation - Chairman and CEO Dai Weimin's compensation for 2024 was 4.6386 million yuan, a decrease of 656,100 yuan from 2023 [4] Shareholder Information - As of September 30, 2025, the number of A-share shareholders increased by 94.49% to 49,400, while the average number of circulating A-shares held per account decreased by 48.39% to 10,100 [5] Business Highlights - In Q3 2025, the company reported a record revenue of 12.81 billion yuan, with a quarter-on-quarter growth of 119.26% and a year-on-year growth of 78.38% [6] - The chip design business generated 4.28 billion yuan in revenue, with a remarkable quarter-on-quarter growth of 290.82% and a year-on-year growth of 80.23% [6] - The company’s order backlog reached a historical high of 32.86 billion yuan, marking the eighth consecutive quarter of high performance [6] - The company is focusing on AI and Chiplet development, with significant collaborations with major internet companies [6] Market Outlook - The company plans to acquire ZhiDian Semiconductor and Chip Technology, which is expected to enhance its IP and chip design capabilities [7] - The forecast for net profit is projected to improve from -1.68 billion yuan in 2025 to 3.55 billion yuan in 2027, with corresponding revenue estimates of 35.32 billion yuan in 2025 and 59.64 billion yuan in 2027 [6][7]

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 [5][12]. Core Insights - The company achieved a record high revenue of 1.281 billion yuan in Q3 2025, with a quarter-on-quarter growth of 119.26% and a year-on-year growth of 78.38% [1]. - The company's order backlog reached a historical high of 3.286 billion yuan, marking the eighth consecutive quarter of high performance [1]. - The chip design and volume production segments showed significant growth, with chip design revenue increasing by 290.82% quarter-on-quarter and 80.23% year-on-year [1]. - The company is focusing on AI and Chiplet research and development, establishing a core advantage in semiconductor IP and custom chip solutions [2]. - The global demand for AI computing power is surging, with the AI ASIC market expected to grow from $6.6 billion in 2023 to $55.4 billion by 2028 [3]. Financial Forecasts - The projected revenues for 2025, 2026, and 2027 are 3.532 billion yuan, 4.612 billion yuan, and 5.964 billion yuan, respectively, with growth rates of 52.1%, 30.6%, and 29.3% [4][10]. - The net profit attributable to the parent company is expected to be -168 million yuan in 2025, turning positive with 71 million yuan in 2026 and 355 million yuan in 2027 [4][10]. - The company’s earnings per share are forecasted to improve from -1.14 yuan in 2024 to 0.67 yuan in 2027 [4][10].

Group 1 - The core viewpoint is that Canxin Semiconductor's stock has experienced a significant decline, with a 5.98% drop on October 31, leading to a cumulative decline of 15.77% over three consecutive days [1] - Canxin Semiconductor, established on July 17, 2008, specializes in integrated circuit design services, providing customized chip design services, with revenue composition of 50.27% from chip design and 49.73% from chip volume production [1] - As of the report, Canxin's stock price is at 118.00 CNY per share, with a total market capitalization of 14.16 billion CNY and a trading volume of 275 million CNY, reflecting a turnover rate of 3.19% [1] Group 2 - From the perspective of fund holdings, one fund under Galaxy Fund has a significant position in Canxin Semiconductor, with 22,900 shares held, representing 6.83% of the fund's net value, making it the ninth largest holding [2] - The Galaxy and Mei Life Mixed A fund (006128) has incurred a floating loss of approximately 1.72 million CNY today, with a total floating loss of 5.38 million CNY during the three-day decline [2] - The Galaxy and Mei Life Mixed A fund was established on November 22, 2018, with a current scale of 319 million CNY, achieving a year-to-date return of 13.46% and a one-year return of 19.7% [2] Group 3 - The fund manager of Galaxy and Mei Life Mixed A is Zheng Weishan, who has been in the position for 6 years and 176 days, managing assets totaling 18.102 billion CNY [3] - During Zheng Weishan's tenure, the best fund return achieved was 289.63%, while the worst return was -14.73% [3]

截至9月30日，灿芯股份股东户数1.13万，较上期增加4.17%；人均流通股6311股，较上期减少4.00%。 2025年1月-9月，灿芯股份实现营业收入4.68亿元，同比减少45.74%；归母净利润-9449.41万元，同比减 少215.28%。 分红方面，灿芯股份A股上市后累计派现7176.00万元。 机构持仓方面，截止2025年9月30日，灿芯股份十大流通股东中，前海开源公用事业股票（005669）位 居第四大流通股东，持股174.58万股，为新进股东。诺安灵活配置混合（320006）位居第六大流通股 东，持股127.64万股，为新进股东。前海开源新经济混合A（000689）位居第七大流通股东，持股 122.28万股，为新进股东。中国建设银行股份有限公司－前海开源研究优选混合型证券投资基金位居第 八大流通股东，持股117.43万股，为新进股东。香港中央结算有限公司位居第九大流通股东，持股 116.78万股，为新进股东。 10月29日，灿芯股份跌5.76%，成交额15.55亿元。两融数据显示，当日灿芯股份获融资买入额2.02亿 元，融资偿还2.18亿元，融资净买入-1524.87万元。截至10月29日，灿 ...

证券之星消息，2025年10月29日芯原股份（688521）发布公告称公司于2025年10月27日召开业绩说明会， 贝莱德基金、工银瑞信基金、汇丰晋信基金、建信基金、诺安基金、平安资管、上银基金、尚正基金、中 信保诚基金参与。 具体内容如下： 问：请公司如何看待AI/AR眼镜等增量市场的发展，以及公司在该领域有哪些技术布局？ 答：在边缘人工智能终端产品中，以I/R眼镜为代表的智慧可穿戴设备被认为是继智能手机之后的下一个 十亿级出货量的产品，这类设备可搭载更为自然的人机交互界面和越来越强大的本地I处理能力，创新人 们的数字生活和社交。芯原拥有面向相关领域的极低功耗高性能芯片设计平台，可以打造适应不同功率模 式的产品，满足超轻量实时在线、低功耗以及全性能的全场景应用。目前，在I/R/VR眼镜领域，公司已为 某知名国际互联网企业提供R眼镜的芯片一站式定制服务，此外还有数家全球领先的I/R/VR客户正在与芯 原进行合作。 问：公司量产业务收入增速较快，主要来自哪些领域的需求驱动？ 答：2025年前三季度，为公司贡献营业收入的量产出货芯片共112款，公司实现量产业务收入10.16亿元， 同比增长76.93%，前三季度收 ...

Core Insights - The company reported a record high revenue of 1.281 billion yuan in Q3 2025, with a significant quarter-on-quarter increase of 119.26% and a year-on-year increase of 78.38% [1] - The net profit attributable to the parent company was a loss of 26.85 million yuan, but the loss narrowed significantly compared to previous periods, with a reduction of 75.82% year-on-year and 73.02% quarter-on-quarter [1] - New orders in Q3 2025 reached 1.593 billion yuan, representing a year-on-year increase of 145.80%, with AI-related orders accounting for approximately 65% [1] Revenue and Business Performance - The company's main business segments showed rapid growth, with chip design revenue at 428 million yuan (up 290.82% quarter-on-quarter), mass production revenue at 609 million yuan (up 132.77%), and IP licensing revenue at 212 million yuan (up 13.43%) [1] - The one-stop chip customization business grew by 53.51% year-on-year in the first three quarters of 2025, driven primarily by chip design revenue of 660 million yuan, which increased by 27.53% year-on-year [1] - The revenue from advanced process nodes (28nm and below) accounted for 94.70%, while 14nm and below accounted for 81.97%, with AI-related chip design revenue making up about 73% [1] Intellectual Property and Market Position - In the semiconductor IP licensing business, the company achieved IP licensing revenue of 493 million yuan in the first three quarters of 2025, a year-on-year increase of 3.13% [2] - Core IP revenues from graphics processors, neural network processors, and video processors accounted for approximately 70% of total IP revenue, with widespread adoption by numerous well-known domestic and international companies [2] - The data processing sector saw a significant revenue increase, reaching 33.14% of total revenue in the first three quarters of 2025, up 10.36 percentage points year-on-year, with Q3 revenue growing over 180% year-on-year [2] R&D Efficiency and Future Growth - The company’s R&D investment for the first three quarters of 2025 was 991 million yuan, with the R&D investment as a percentage of revenue decreasing by 9.41 percentage points year-on-year [3] - The mass production business achieved revenue of 1.016 billion yuan in the first three quarters of 2025, a year-on-year increase of 76.93%, surpassing the total revenue of the previous year [3] - The company has 112 chip models from its own design services in mass production and 47 chip design projects pending mass production, providing ongoing growth potential [3] - The demand for high-performance chips, particularly dedicated AI ASICs, is rapidly increasing, positioning the company to benefit from industry growth due to its technological expertise in processor IP and one-stop chip customization services [3]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company achieved a record high in new orders in Q3 2025, with a significant growth in AI ASIC business, doubling its quarterly revenue [1] - The company has signed new orders amounting to 3.249 billion yuan in the first three quarters of 2025, surpassing the total for the entire year of 2024 [1] - The revenue structure shows remarkable growth in chip design and mass production businesses, with chip design revenue reaching 428 million yuan in Q3 2025, up 80.23% year-on-year [1] - The company is expected to achieve revenue of 3.813 billion yuan in 2025, with a projected net profit of -76.76 million yuan [1] Summary by Sections Financial Performance - Total revenue for 2023 is projected at 2.338 billion yuan, with a decline of 12.73% year-on-year [1] - The company anticipates a revenue increase of 64.22% in 2025, reaching 3.813 billion yuan [1] - The net profit for 2025 is expected to be -76.76 million yuan, showing an improvement from -600.88 million yuan in 2024 [1] Order and Revenue Growth - New orders in Q1-Q3 2025 reached 3.249 billion yuan, exceeding the total for 2024 [1] - The company has a backlog of orders amounting to 3.286 billion yuan, with a high conversion rate expected [1] - The revenue from chip design and mass production has shown significant growth, with mass production revenue reaching 609 million yuan in Q3 2025, up 157.84% year-on-year [1] Research and Development - R&D investment for the first three quarters of 2025 was 999 million yuan, with a reasonable decrease in the proportion of R&D expenses relative to revenue [1] - The company is focusing on optimizing its R&D structure while improving profitability [1] - The net profit for Q3 2025 was -27 million yuan, indicating a 73% quarter-on-quarter improvement [1]