中邮证券研报指出，瑞芯微重磅首发端侧AI大模型协处理器RK1820/RK1828，专为端侧大模型设计， 具备高算力和高带宽特性。受益于大模型的横空出世及大量智力资源的介入，AIoT行业正由1.0时代向 2.0时代迈进。公司发布首个端侧AI大模型协处理器RK1820/RK1828，该协处理器集成超高带宽片内置 DRAM和针对3B/7B-LLM/VLM的多核NPU，支持主流模型框架并提供通用API易于开发。RK1820搭配 RK3588等主控芯片构建强大的AI算力平台，通过其多模态AI任务能力，支持语音识别、视频分析、长 上下文对话等场景应用，适用于安防、机器人、车载、消费电子、办公、教育、家居、工业等端侧场 景。随着新产品陆续发布、车载Roadmap的进一步完善，公司将逐步扩展Tier1和IDH的深度服务范围。 维持"买入"评级。 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [2] Core Views - The company has launched its first edge AI co-processor, RK1820/RK1828, designed for edge AI applications, featuring high computing power and bandwidth [5][6] - The AIoT industry is transitioning from version 1.0 to 2.0, benefiting from the emergence of large models and significant intellectual resources [6] - The RK1820 co-processor integrates high-bandwidth on-chip DRAM and multi-core NPU, supporting mainstream model frameworks and providing a universal API for easy development [6] - The company is expanding its automotive electronics segment with the RK-M series automotive-grade SoCs, covering various applications in intelligent vehicles [7] Financial Projections - The projected revenues for the company are 4.35 billion, 5.54 billion, and 6.89 billion yuan for the years 2025, 2026, and 2027 respectively, with net profits of 1.08 billion, 1.41 billion, and 1.79 billion yuan for the same years [7] - The revenue growth rates are expected to be 38.52%, 27.43%, and 24.52% for the years 2025, 2026, and 2027 respectively [10] - The earnings per share (EPS) are projected to be 2.57, 3.34, and 4.26 yuan for the years 2025, 2026, and 2027 respectively [10] Company Overview - The latest closing price of the company's stock is 162.83 yuan, with a total market capitalization of 68.5 billion yuan [4] - The company has a debt-to-asset ratio of 16.9% and a price-to-earnings (P/E) ratio of 114.67 [4]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of RMB 181.60 [6][7]. Core Insights - The company has launched its first edge AI co-processor, RK1820/RK1828, which is expected to accelerate AI upgrades in edge products and gradually increase its revenue share [1][2]. - The company emphasizes a clear product roadmap for its next-generation flagship chip RK3688 and co-processor RK1860, focusing on parallel development of SoC and co-processors [1][3]. - The company is optimistic about the rapid growth potential in nine major markets, including automotive, education, robotics, and healthcare, while also developing independent product lines for specific applications [4]. Summary by Sections Product Development - The RK1820/RK1828 co-processor supports mainstream AI models and utilizes 3D packaging technology, enhancing bandwidth and reducing power consumption compared to traditional 2D structures [2]. - The next-generation co-processor RK1860 is planned to include over 64 TOPS NPU units, supporting larger models [2]. Market Potential - The company identifies significant growth opportunities in various sectors, including automotive, education, and healthcare, and plans to develop specialized product lines while maintaining technological synergy across different product lines [4]. Financial Forecast - The company's net profit margin for Q2 2025 is projected to reach 27.7%, driven by scale effects and flagship product growth, leading to an upward revision of net profit forecasts for 2025-2027 [5]. - The estimated revenues for 2025 are projected at RMB 4.49 billion, with a net profit of RMB 1.1 billion, reflecting substantial growth compared to previous years [10].