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].

2025 年 04 月 28 日 芯原股份(688521.SH) 25Q1 营收高增，有望长期受益 AIGC、 自动驾驶、Chiplet 等新产业趋势 事件： 4 月 25 日，公司发布 2025 年一季报。25Q1 实现营收 3.90 亿元， 同比+22.49%；实现归母净利润-2.2 亿元，毛利率 39.06%，24Q4 为 33.34%。公司持续保持高强度研发投入，2024 年投入研发费 12.47 亿元，25Q1 研发费 3 亿元。 25Q1 营收高增，有望长期受益 AI 产业趋势。 根据公司一季报，按下游领域划分：来自系统厂、互联网公司、 云服务提供商、车企等营收占比 37.3%；消费电子收入同比 +103.81%，营收占比 44.12%。按业务类型划分：芯片设计业务收 入 1.22 亿元，同比+40.75%，其中 28nm 及以下工艺节点收入占比 89.05%，14nm 及以下工艺节点收入占比 63.14%；量产业务收入 1.46 亿元，同比+40.33%；半导体 IP 授权同比小幅下滑。根据公 司年报，公司深化布局 AIGC、数据中心、智驾系统、智慧可穿戴 设备、物联网、Chiplet 等领域： ...