芯原股份（688521.SH）2025 年半年报点评 在手订单连创新高，国产 ASIC 龙头加速腾飞 2025 年 08 月 25 日 ➢ 事件：芯原股份 8 月 22 日晚发布了 2025 年半年报，2025 年上半年实现 营业收入 9.74 亿元，同比增长 4.49%；实现归母净利润为亏损 3.2 亿元。 ➢ 营收快速增长，亏损环比大幅收窄。从 2025 年 Q2 单季度来看，收入为 5.84 亿元，环比增长 49.90%，亏损环比大幅收窄，收入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。从分业务来看，第二季度实现知识产权授权使 用费收入 1.87 亿元，环比增长 99.63%，同比增长 16.97%；第二季度实现量产 业务收入 2.61 亿元，环比增长 79.01%，同比增长 11.65%。2025 年第二季度， 公司新签订单 11.82 亿元，单季度环比提升近 150%。公司在手订单已连续七个 季度保持高位，再创公司历史新高，截至 2025 年第二季度末，公司在手订单金 额为 30.25 亿元，较 2025 年第一季度末增长 5.69 亿元，环比增长 23.17%。公 司技术能力业界领先， ...

Core Insights - The company reported a revenue of 390 million yuan for Q1 2025, representing a year-on-year increase of 22.49%, but incurred a net loss of 220 million yuan [1] - The gross margin improved to 39.06% in Q1 2025 from 33.34% in Q4 2024, indicating better cost management or pricing power [1] - The company continues to invest heavily in R&D, with an expenditure of 1.247 billion yuan planned for 2024 and 300 million yuan spent in Q1 2025 [1] Revenue Breakdown - Revenue from downstream sectors such as system manufacturers, internet companies, cloud service providers, and automotive companies accounted for 37.3% of total revenue [3] - Consumer electronics revenue saw a significant year-on-year increase of 103.81%, making up 44.12% of total revenue [3] - Chip design business revenue reached 122 million yuan, up 40.75%, with 89.05% of this from 28nm and below process nodes [3] Business Segments and Growth Areas - The company is focusing on AIGC, data centers, intelligent driving systems, smart wearable devices, IoT, and Chiplet technologies [3] - In the AIGC sector, the company has 82 clients and 142 chip applications across various devices [3] - The automotive electronics segment has made strides in cockpit and autonomous driving technologies, with multiple IPs adopted by automotive chip companies [3] Investment Outlook - The company is positioned as a leading IP and custom chip service provider, expected to benefit from trends in cloud-side AI, edge AI, autonomous driving, and advanced packaging [4] - Revenue projections for 2025 to 2027 are 2.902 billion yuan, 3.512 billion yuan, and 4.32 billion yuan respectively, with net losses expected to decrease over the same period [4] - The target price is set at 104.3 yuan, based on an 18x PS for 2025, maintaining an "Accumulate-A" investment rating [4]