2025年08月27日 电子 芯原股份(688521.SH) 核心半导体IP积累丰富，公司在手订单再创历史新高 推荐 ( 维持) 股价:143.17元 公 司 报 告 主要数据 | 行业 | 电子 | | --- | --- | | 公司网址 | www.verisilicon.com | | 大股东/持股 | VeriSilicon Limited/14.40% | | 实际控制人 | | | 总股本(百万股) | 526 | | 流通A股(百万股) | 501 | | 流通B/H股(百万股) | | | 总市值(亿元) | 753 | | 流通A股市值(亿元) | 717 | | 每股净资产(元) | 6.85 | | 资产负债率(%) | 43.0 | 行情走势图 证券分析师 事项： 公司发布2025年半年度报告，实现营业收入9.74亿元，同比增长4.49%，实现 归母净利润-3.20亿元。 平安观点： 司 半 年 报 点 评 研 究 报 告 | | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | ...

每经记者｜朱成祥 每经编辑｜程鹏 魏文艺 8月25日晚间，芯原股份（688521.SH）披露股东询价转让定价情况，向机构投资者询价后，初步确定的转让价格为105.21元/股。截至8月25日收盘，芯原 股份报157.90元/股，即询价转让定价为当日收盘价约66.63%，不足七成。 出让方拟转让股份的总数占芯原股份总股本的比例为5.00%，拟参与芯原股份首发前股东询价转让的股东为VeriSilicon Limited、共青城时兴投资合伙企业 （有限合伙）、嘉兴海橙创业投资合伙企业（有限合伙）、济南国开科创产业股权投资合伙企业（有限合伙）、共青城文兴投资合伙企业（有限合伙）、 富策控股有限公司。 公告显示，本次询价转让拟转让股份已获全额认购，初步确定受让方为37家机构投资者，拟受让股份总数为2628.57万股。以105.21元的转让价计算，此次 交易总价超过27亿元。 值得一提的是，从去年9月24日到今年8月25日这近一年时间，芯原股份股价累计涨幅超过500%。 图片来源：芯原股份公告 《每日经济新闻》记者注意到，从业务结构看，半导体IP（知识产权）厂商营收结构中，以常年版税为主，而芯原股份一次性授权费用占比较高。 ...

上周五发布询价转让公告后，芯原股份已经于本周一迅速敲定了初步转让定价。 8月25日晚间，芯原股份披露股东询价转让定价情况提示性公告，根据8月25日询价申购情况，初步确定 的本次询价转让价格为105.21元/股。受让方通过询价转让受让的股份，在受让后6个月内不得转让。 四天即初步敲定询价转让 根据公司披露，参与本次询价转让报价的机构投资者为37家，涵盖基金管理公司、保险公司、证券公 司、私募基金管理人、合格境外投资者等专业机构投资者。本次询价转让拟转让股份已获全额认购。 | 序号 | 拟转让股东名称 | 拟转让股份 | | 占总股本比 占所持股份 | 转让原因 | | --- | --- | --- | --- | --- | --- | | | | 数量(股) | 例 | 比例 | | | 1 | VeriSilicon Limited | 15,771,398 | 3.000% | 20.84% | 自身资金需求 | | 2 | 共青城时兴投资合伙企业(有 | 2,986,492 | 0.568% | 12.18% | 自身资金需求 | | | 限合伙) | | | | | | 3 | 嘉兴海橙创业投资合伙 ...

Core Insights - The company has experienced significant order growth driven by demand in AI cloud and edge sectors, with a notable increase in ASIC business contributing to revenue growth [1][2] - In the first half of the year, the company signed new orders worth 1.656 billion yuan, a year-on-year increase of 38.33%, primarily from chip design and volume production orders [1] - The company reported a revenue of 974 million yuan in the first half, a 4.49% increase year-on-year, but also saw an increase in net loss to 320 million yuan [1] Order and Revenue Growth - New orders in chip design reached 784 million yuan, up 141.32% year-on-year, while volume production orders were 665 million yuan, up 39.60% [1] - In Q2, ASIC design revenue orders exceeded 700 million yuan, with a quarter-on-quarter growth of over 700% and a year-on-year growth of over 350% [1] R&D and Talent Acquisition - The company has expanded its R&D team to 1,805 personnel, representing 89.31% of the workforce, up from 1,640 last year [2] - The company emphasizes the importance of maintaining growth and achieving scale to reach profitability, leveraging the scale effect typical of platform service companies [2] AI Market Demand - The company has successfully implemented advanced chip processes, including 5nm FinFET technology, and is executing multiple projects in the 5nm/4nm range [2] - The company's NPU IP has been adopted in over 140 chip designs across 91 global clients, with nearly 200 million chips shipped [3] Automotive and Edge AI Applications - The company has received ISO 26262 certification for automotive safety management and has successfully implemented its high-performance SoC design platform for automotive applications [4] - The company is focusing on AI/AR glasses, aiming for lightweight, long-lasting, and cost-effective solutions, with potential sales volumes of 1 to 2 million units if specifications are met [5]

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company has achieved a historical high in backlog orders exceeding 3 billion yuan, driven by significant growth in intellectual property licensing fees and volume business revenue [1] - The company is positioned as a leading player in customized ASIC and IP solutions, with a strong customer base including major tech firms [2][4] - The company is expected to experience substantial revenue growth in the coming years, with projected revenues of 31.8 billion yuan in 2025, 40.6 billion yuan in 2026, and 58.8 billion yuan in 2027, reflecting year-on-year growth rates of 36.9%, 27.6%, and 45.0% respectively [11] Summary by Sections Financial Performance - In Q2 2025, the company reported revenue of 584 million yuan, a quarter-on-quarter increase of 49.90%, primarily driven by a 99.63% increase in intellectual property licensing fees [1] - The company signed new orders worth 1.182 billion yuan in Q2 2025, marking a nearly 150% quarter-on-quarter increase [1] - The company’s backlog reached 3.025 billion yuan by the end of Q2 2025, a 23.17% increase from Q1 2025 [1] Business Segments - The company’s chip design business signed over 700 million yuan in new orders in Q2 2025, with a year-on-year increase of over 350% [2] - The volume business generated revenue of 261 million yuan in Q2 2025, reflecting a quarter-on-quarter growth of 79.01% and a year-on-year growth of 11.65% [3] - The company has a diverse application portfolio, including data centers, automotive, wearable devices, and IoT, which positions it to benefit from the growing demand in these sectors [4] Market Position - The company has established a strong presence in the semiconductor industry, with significant experience in various process nodes from 5nm to 250nm [2] - The company’s intellectual property (IP) revenue from GPU, NPU, and VPU IP accounted for approximately 75% of its total IP revenue in the first half of 2025 [9][10] - The company is actively collaborating with leading clients in AI and automotive sectors, enhancing its market competitiveness [4][10]

电子 芯原股份(688521.SH) 前瞻性布局AIGC，公司在手订单保持高位 推荐 ( 维持) 股价:92.41元 行情走势图 证券分析师 公 司 报 告 事项： 公司公布2024年年报和2025年一季报，2024年公司实现营收23.22亿元，同 比减少0.69%；归属上市公司股东净利润-6.01亿元，同比减少102.68%。 2025年一季度公司实现营收3.90亿元，同比增长22.49%；归属上市公司股东 净利润-2.20亿元，同比减少6.45%。 平安观点： 证 券 研 究 报 告 | | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入(百万元) | 2,338 | 2,322 | 2,955 | 3,617 | 4,404 | | YOY(%) | -12.7 | -0.7 | 27.3 | 22.4 | 21.8 | | 净利润(百万元) | -296 | -601 | -263 | -86 | 74 | | YOY(%) | -501.6 | -102.7 | 56.2 | 6 ...

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]

芯原股份 20250126 摘要 • 芯原股份研发投入占比约 30%，90%员工为研发人员，89%研发人员拥 有硕士及以上学历，研发人员主要集中于国内，海外市场销售收入占比约 35%。 • 公司自 2020 年上市以来整体收入增长，2022 年营收逆势增长 25%，扣 非后扭亏为盈；2024 年第四季度新签订单金额超 10 亿元，同比增长超 80%，在手订单达 24 亿元。 • 芯原 IP 业务全球排名第八，中国第一，IP 种类与 ARM 相当，已授权给 445 家客户。VPU IP 市占率全球第一，被 12 家云平台解决方案提供商采 用；NPU IP 已被 82 家客户用于 142 款 AI 芯片。 • 2024 年 license 收入达 6.33 亿元，AI 相关 license 收入占比 40%，授 权次数 216 次，同比增长 82 次。GPU、NPU 和 VPU 三类处理器 IP 占整 体 IP 收入约七成。 • 2024 年定制化芯片设计业务收入 7.25 亿元，同比增长 47%，AI 算力相 关 NRE 收入占比约 68%。85%设计业务收入来自 14 纳米或更先进工艺 制程项目。 Q&A 请 ...