本报（chinatimes.net.cn）记者石飞月 北京报道 在AI浪潮席卷全球半导体产业的宏大叙事下，芯原股份在10月8日交出了一份亮眼的2025年第三季度成 绩单：单季营收创历史新高，同比猛增近八成，亏损大幅收窄，前三季度新签订单更是超越去年全年， 其中AI算力相关订单占据可观比重。然而，这份充斥着"大幅增长"的公告背后，却隐藏着一个令人费解 的现实：自2023年第四季度启动的、已持续八个季度的"订单高位"周期，为何迟迟未能将这家公司从亏 损的泥潭中彻底拖出？ AI算力驱动订单大增 芯原股份预计2025年第三季度实现营业收入12.84亿元，单季度收入创公司历史新高，环比大幅增长 119.74%，同比大幅增长78.77%。 具体到业务层面，一站式芯片定制业务实现了大幅增长。芯原股份的一站式芯片定制服务具体分为两个 主要环节：芯片设计业务和芯片量产业务。该公司预计2025年第三季度芯片设计业务实现收入4.29亿 元，环比增长291.76%，同比增长80.67%；预计量产业务实现收入6.09亿元，环比增长133.02%，同比增 长158.12%。 订单量的增加是推动收入增长的关键因素。芯原股份预计，该公司20 ...

摘要 新元股份 2025 年第三季度营收达 12.84 亿元，创历史新高，同比增长 78.77%，环比增长 119.74%，主要得益于一站式芯片定制服务，尤其 是 AI ASIC 业务的突出贡献。 截至 2025 年第三季度末，新元股份在手订单达 30.86 亿元，连续 8 个 季度保持高位，前三季度新签订单总额 32.49 亿元，超过 2024 年全年 水平，AI 算力相关订单占比约 65%，预示未来业绩增长潜力。 新元股份自 2020 年上市以来盈利能力逐步提升，2021 年实现扣非前 盈利，2022 年实现扣非后盈利，并摘掉"U"标识，2023 年上半年保 持盈利，高位在手订单为未来持续盈利奠定基础。 新元股份在 IP 领域表现卓越，中国排名第一（含台湾地区），全球排名 第八，拥有 1,600 多种模拟和视频 IP，客户超过 400 家，并通过并购 补全数字 IP 板块。 新元股份积极应对地缘政治变化，拓展国际市场，视频产品已成功部署 到主要云平台，AI 产品出货量超 2 亿颗，同时关注数据中心发展机遇， 强调产品竞争力和实际出货量。 Q&A 请介绍一下新元股份的基本情况及其商业模式。 新元股份成立于 ...

在订单方面，芯原股份预计第三季度新签订单15.93亿元，其中AI算力相关的订单占比约65%。公司预 计前三季度新签订单32.49亿元，已超过2024年全年新签订单水平。公司在手订单已连续八个季度保持 高位，预计截至第三季度末在手订单金额为32.86亿元，持续创造历史新高。公司第三季度末在手订单 中，一站式芯片定制业务在手订单占比近90%，且预计一年内转化的比例约为80%。 资料显示，芯原股份是一家依托自主半导体IP，为客户提供平台化、全方位、一站式芯片定制服务和半 导体IP授权服务的企业。该公司于2020年上市，被誉为"中国半导体IP第一股"。根据IPnest统计，2024 年芯原股份的半导体IP授权业务市场占有率位列中国第一、全球第八；知识产权授权使用费收入排名全 球第六。 在AI ASIC领域，芯原股份基于自有的丰富IP和领先的芯片定制能力，已推出面向AI应用的软硬件芯片 定制平台解决方案，涵盖如智能手表、AR/VR眼镜等轻量化空间计算设备，AIPC、AI手机、智慧汽 车、机器人等高效率端侧计算设备，以及数据中心、服务器等高性能云侧计算设备。芯原股份2025年上 半年芯片设计业务收入中，AI算力相关收入占 ...

10月8日晚间，芯原股份(688521)发布第三季度经营情况自愿性披露公告，经财务部门初步测算，预计 2025年第三季度实现营业收入12.84亿元，单季度收入创公司历史新高，环比大幅增长119.74%，同比大 幅增长78.77%。 在AI ASIC领域，芯原股份基于自有的丰富IP和领先的芯片定制能力，已推出面向AI应用的软硬件芯片 定制平台解决方案，涵盖如智能手表、AR/VR眼镜等轻量化空间计算设备，AIPC、AI手机、智慧汽 车、机器人等高效率端侧计算设备，以及数据中心、服务器等高性能云侧计算设备。芯原股份2025年上 半年芯片设计业务收入中，AI算力相关收入占比约52%。 同时，芯原股份预计第三季度盈利能力大幅提升，单季度亏损同比、环比均实现大幅收窄。公司还预计 第三季度新签订单15.93亿元，同比大幅增长145.80%。 2025年第二季度，芯原股份实现营业收入5.84亿元，环比增长49.90%，主要由知识产权授权使用费收入 及量产业务收入增长所带动。 芯原股份表示，公司第三季度营收大幅增长，主要受一站式芯片定制业务增长所带动。从各业务具体表 现来看，公司预计2025年第三季度实现芯片设计业务收入4.2 ...

Investment Rating - The report maintains a "Buy" rating for the company [1][9] Core Insights - The company is leading in the Chiplet technology and its applications, particularly in AIGC and intelligent driving systems. It has been developing Chiplet technology for five years and is focusing on "IP chipification," "chip platformization," and "platform ecosystem" [3] - The company expects to achieve a record high revenue of 1.284 billion yuan in Q3 2025, with a year-on-year growth of 78.77% and a quarter-on-quarter increase of 119.74%. New orders are projected to reach 1.593 billion yuan, a year-on-year increase of 145.80% [8] - The company has a strong accumulation of semiconductor IP and a broad layout across various downstream sectors, including AIGC, automotive electronics, wearable devices, data centers, and IoT [8] Financial Projections - The company’s total revenue is projected to reach 3.813 billion yuan in 2025, with a year-on-year growth of 64.22%. The net profit attributable to the parent company is expected to be -76.76 million yuan [1][10] - The report adjusts the revenue expectations for 2025-2027 to 3.8 billion, 5.3 billion, and 7 billion yuan respectively, and the net profit expectations to -0.8 billion, 2.7 billion, and 5.6 billion yuan [9]

Summary of Key Points Core Viewpoint - Canshin Semiconductor (Shanghai) Co., Ltd. is experiencing significant fluctuations in its stock performance and financial metrics, indicating potential investment opportunities and risks in the semiconductor industry. Group 1: Stock Performance and Financing - On September 29, Canshin's stock fell by 2.99% with a trading volume of 669 million yuan [1] - The financing buy-in amount for Canshin on the same day was 93.28 million yuan, while the financing repayment was 111 million yuan, resulting in a net financing outflow of 18.19 million yuan [1] - As of September 29, the total financing and securities lending balance for Canshin was 408 million yuan, which accounts for 6.47% of its market capitalization, indicating a high level of financing activity compared to the past year [1] Group 2: Company Financials - As of June 30, Canshin reported a total of 10,900 shareholders, an increase of 26.66% from the previous period, with an average of 6,574 circulating shares per shareholder, up by 121.26% [2] - For the first half of 2025, Canshin achieved a revenue of 282 million yuan, a year-on-year decrease of 52.56%, and reported a net profit attributable to shareholders of -60.88 million yuan, a decline of 175.69% year-on-year [2] Group 3: Shareholder and Dividend Information - Since its A-share listing, Canshin has distributed a total of 71.76 million yuan in dividends [3] - As of June 30, 2025, several institutional investors exited the top ten circulating shareholders, including Changcheng Jiujia Innovation Growth Mixed A and others [3]

Group 1 - On September 22, Canshin Co., Ltd. saw an 8.23% increase in stock price with a trading volume of 1.089 billion yuan, while the net financing buy was -827,700 yuan, indicating a high level of financing activity [1] - As of September 22, the total margin balance for Canshin Co., Ltd. was 347 million yuan, accounting for 5.91% of its market capitalization, which is above the 80th percentile of the past year [1] - The company specializes in integrated circuit design services, with its main business revenue composition being 50.27% from chip design and 49.73% from chip mass production [1] Group 2 - As of June 30, the number of shareholders for Canshin Co., Ltd. increased by 26.66% to 10,900, with an average of 6,574 circulating shares per person, up 121.26% [2] - For the first half of 2025, Canshin Co., Ltd. reported a revenue of 282 million yuan, a year-on-year decrease of 52.56%, and a net profit attributable to shareholders of -60.88 million yuan, a decline of 175.69% [2] - Since its A-share listing, Canshin Co., Ltd. has distributed a total of 71.76 million yuan in dividends [3]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company has a strong order backlog of 3.025 billion yuan as of the end of Q2 2025, with AI-related orders accounting for approximately 64% of new contracts signed, which increased by 85.88% compared to the same period last year [4][5] - The company plans to acquire Chiplet Technology to enhance its CPU IP offerings, aiming to build a comprehensive heterogeneous computing IP platform [5] - Revenue projections for 2025, 2026, and 2027 are estimated at 3.1 billion, 4 billion, and 5.3 billion yuan respectively, with net profits expected to turn positive by 2026 [6][8] Company Overview - The latest closing price is 173.00 yuan, with a total market capitalization of 90.9 billion yuan [3] - The company has a debt-to-asset ratio of 54.2% and is primarily owned by VeriSilicon Limited [3] Financial Forecasts - Revenue is expected to grow at rates of -0.69% in 2024, 31.96% in 2025, 31.77% in 2026, and 31.37% in 2027 [8][13] - The company is projected to achieve a net profit of 98.29 million yuan in 2026 and 286.71 million yuan in 2027, indicating a significant turnaround from losses in 2024 and 2025 [8][13] Relative Valuation - The company is positioned as a leading AI ASIC enterprise with a strong IP reserve, competing effectively with global peers [11] - The relative valuation analysis suggests a price-to-sales (P/S) ratio of 30.65x for 2025, reflecting the company's growth potential in the semiconductor industry [11][12]

Investment Rating - The report initiates coverage with a "Buy" rating for the company, Chip Origin Technology [7][6]. Core Views - Chip Origin Technology has over 20 years of experience in semiconductor IP and provides comprehensive chip customization services and semiconductor IP licensing. The company serves a diverse range of clients, including chip design firms, IDM manufacturers, system vendors, internet companies, and CSPs, across various sectors such as consumer electronics, IoT, data processing, automotive electronics, and industrial applications [6][17]. - The company is the largest domestic and eighth largest global design IP provider, with a robust product matrix that includes six categories of processor IP, smart pixel processing platforms, and over 1600 mixed-signal IPs [6][21]. - The SiPaaS model positions the company as a "shovel seller" in chip development, focusing on delivering IP products and design services without designing end products, which enhances the reusability of IP and meets the growing demand for outsourced chip design services [6][10]. - The company is expected to benefit from the increasing demand for ASIC customization driven by domestic internet giants and the growing trend of AI services, with projected revenues of 2.753 billion, 6.104 billion, and 8.525 billion yuan for 2025-2027 [6][7]. Financial Data and Profit Forecast - Total revenue (in million yuan) is projected to be 2,322 in 2024, 2,753 in 2025, 6,104 in 2026, and 8,525 in 2027, with year-on-year growth rates of -0.7%, 18.6%, 121.7%, and 39.7% respectively [2]. - The net profit attributable to the parent company is forecasted to be -601 million in 2024, -439 million in 2025, -158 million in 2026, and 347 million in 2027 [2]. - The earnings per share (EPS) is expected to improve from -1.20 yuan in 2024 to 0.66 yuan in 2027 [2]. Market Data - As of September 19, 2025, the closing price of the company's stock is 173.00 yuan, with a market capitalization of 86.648 billion yuan [3]. - The company has a price-to-book ratio of 25.2 and a projected price-to-sales ratio of 33 for 2025, which is below the average of comparable companies [3][7]. Key Assumptions - The company anticipates a significant increase in ASIC customization orders from domestic system vendors, with an order backlog of approximately 3 billion yuan as of Q2 2025, indicating a high demand environment [8][50]. - Revenue from chip design services is expected to grow at a rate of 20% annually from 2025 to 2027, reflecting the increasing complexity and demand for customized chips [9]. - The semiconductor IP licensing business is projected to generate substantial revenue growth, driven by the ongoing demand for high-quality IP assets [9][38]. Industry Context - The semiconductor industry is experiencing a trend towards increased specialization and outsourcing, with a growing need for customized solutions to meet diverse application requirements [10][23]. - The report highlights the significant market concentration among leading IP providers, with the top four companies holding a 75% market share, indicating a competitive landscape where Chip Origin Technology is well-positioned to capture growth opportunities [6][10].

2025 年 09 月 21 日 芯原股份 (688521) 国产算力卖铲人，受益 ASIC 定制趋势（国产 ASIC 系列研究之 2) 报告原因:首次覆盖 投资要点: 财务数据及盈利预测 | | 2024 | 2025H1 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入(百万元) | 2,322 | 974 | 2,753 | 6.104 | 8.525 | | 同比增长率 (%) | -0.7 | 4.5 | 18.6 | 121.7 | 39.7 | | 归母净利润（百万元） | -601 | -320 | -439 | -158 | 347 | | 同比增长率(%) | | | | | | | 每股收益(元/股) | -1.20 | -0.64 | -0.84 | -0.30 | 0.66 | | 毛利率(%) | 39.9 | 43.3 | 42.5 | 32.2 | 30.4 | | ROE (%) | -28.3 | -8.9 | -12.5 | -4.7 | 9.3 | | 市智率 | -151 | ...