Core Insights - The emergence of DeepSeek has propelled large models into the realm of edge AI, with companies like Lexin, Rockchip, and Allwinner making significant strides in this area, while JiaNeng has decided to cut its AI chip business [1][9]. Company Performance - Rockchip reported impressive half-year results, expecting revenue of approximately 204.5 million yuan for the first half of 2025, a year-on-year increase of about 64%. The net profit is projected to be between 52 million and 54 million yuan, reflecting a staggering growth of 185% to 195% [2]. - Lexin also announced strong performance, forecasting revenue between 122 million and 125 million yuan for the first half of 2025, a year-on-year increase of 33% to 36%. The net profit is expected to rise by 65% to 78% compared to the previous year [4]. - Allwinner's 2024 annual report indicated a revenue of 2.288 billion yuan, a year-on-year increase of 36.76%, and a net profit of 167 million yuan, reflecting a remarkable growth of 626.15% [7]. Product Development - Rockchip's RK3588 chip has become a staple for embedded engineers, with a projected shipment of 4 million units and revenue of 1.3 billion yuan in 2024. The company is also advancing in AI with the release of the RV1126B AI vision chip and RK2118G audio processing chip [3]. - Lexin is focusing on wireless connectivity innovations, with plans to mass-produce its first Wi-Fi 6E chip in the second half of 2025 and has already launched several popular ESP32 variants [5]. - Allwinner is enhancing its documentation and SDK offerings, aiming to regain its position in the single-board computer market by providing better support for its SoCs [8]. Market Challenges - Despite the growth in edge AI, the market remains challenging, as evidenced by JiaNeng's decision to terminate its non-core AI chip business due to poor performance and lack of innovation in its product line [9].

发布时间：2025-05-08 证券研究报告：电子 | 公司点评报告 股票投资评级 瑞芯微(603893) 盈利能力逐季改善，AIoT SoC 平台纵深布局 ⚫ 事件 公司发布 2024 年年报及 2025 年一季报。2024 年，公司实现营 业收入 31.36 亿元，同比增长 46.94%；实现归母净利润 5.95 亿元， 同比增长 341.01%。25Q1 单季，公司实现营业收入 8.85 亿元，同比 增长 62.95%；实现归母净利润 2.09 亿元，同比增长 209.65%。 ⚫ 投资要点 AIoT 驱动业绩高增长，汽车电子、机器人等领域高速增长。公 司 25Q1 业绩表现亮眼，主要得益于 AIoT 市场的迅猛增长，尤其是 在汽车电子、工业视觉、工业检测以及各类机器人等新兴应用的快 速增长。以 Deepseek 为代表的国内 AI 大模型技术开源化，为边 缘、端侧的 AIoT 快速发展带来全新机遇。1）汽车电子：智能座舱 RK3588M 已量产车型十余款，超二十余款定点项目同步推进，在业 内知名度持续提升；车载 AI 音频处理器平台 RK2118M 作为业界领先 的集成 NPU 的汽车音频处理器，已成 ...

证券研究报告：电子 | 公司点评报告 发布时间：2025-05-08 股票投资评级 瑞芯微(603893) 盈利能力逐季改善，AIoT SoC 平台纵深布局 ⚫ 事件 公司发布 2024 年年报及 2025 年一季报。2024 年，公司实现营 业收入 31.36 亿元，同比增长 46.94%；实现归母净利润 5.95 亿元， 同比增长 341.01%。25Q1 单季，公司实现营业收入 8.85 亿元，同比 增长 62.95%；实现归母净利润 2.09 亿元，同比增长 209.65%。 ⚫ 投资要点 AIoT 驱动业绩高增长，汽车电子、机器人等领域高速增长。公 司 25Q1 业绩表现亮眼，主要得益于 AIoT 市场的迅猛增长，尤其是 在汽车电子、工业视觉、工业检测以及各类机器人等新兴应用的快 速增长。以 Deepseek 为代表的国内 AI 大模型技术开源化，为边 缘、端侧的 AIoT 快速发展带来全新机遇。1）汽车电子：智能座舱 RK3588M 已量产车型十余款，超二十余款定点项目同步推进，在业 内知名度持续提升；车载 AI 音频处理器平台 RK2118M 作为业界领先 的集成 NPU 的汽车音频处理器，已成 ...

Core Viewpoint - 瑞芯微电子股份有限公司 has completed the cancellation of 789,000 stock options, which will not affect the company's capital structure or financial performance, nor the implementation of related incentive plans [1][2]. Group 1: Stock Options Cancellation - The cancellation of stock options was approved by the company's board and supervisory board [1]. - The specific details of the stock options cancellation were disclosed in previous announcements [1]. Group 2: AIoT Market and Company Performance - The company participated in the 2024 annual AI-themed performance briefing, discussing its operational results and financial status for 2024 and Q1 2025 [3][4]. - The company reported a revenue of 3.136 billion yuan in 2024, a year-on-year increase of 46.94%, and a net profit of 595 million yuan, up 341.01% [12]. - In Q1 2025, the company achieved a revenue of 885 million yuan, a 62.95% increase year-on-year, and a net profit of 209 million yuan, growing by 209.65% [12]. Group 3: AIoT Development and Strategy - The company is focusing on AI development, continuously iterating its self-developed NPU modules since 2018 to enhance AI support efficiency [5]. - The AIoT market is rapidly growing, and the company plans to launch co-processor chips to address the increasing demand for computing power [6]. - The company aims to maintain a strong R&D investment in AIoT, leveraging its technology and product advantages to capture market opportunities [7][14]. Group 4: Market Opportunities and Challenges - The company sees significant opportunities in the domestic AIoT market, particularly in automotive electronics, where it aims to increase its market share [8][9]. - The company has established a compliance system to address supply chain security challenges amid evolving international trade conditions [11]. - The company is gradually expanding its AIoT market globally, starting from a strong domestic base [10].

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company achieved a significant revenue increase of 46.94% year-on-year in 2024, reaching 3.136 billion yuan, and a net profit increase of 341.01%, totaling 595 million yuan. The growth was driven by AIoT computing platforms such as RK3588, RK356X, and RV11 series [5] - In Q1 2025, the company reported a revenue of 885 million yuan, a year-on-year growth of 62.95%, with a gross margin reaching a historical high of 40.95% [5] - The company is expected to continue its growth trajectory, with projected revenues of 4.224 billion yuan, 5.486 billion yuan, and 7.018 billion yuan for 2025, 2026, and 2027 respectively, alongside net profits of 910 million yuan, 1.196 billion yuan, and 1.531 billion yuan for the same years [5] - The company maintains a strong focus on R&D, with expenses of 569 million yuan in 2024, consistently investing around 20% of its revenue in R&D over the past decade [6] - The rapid development of edge AIoT presents new opportunities, particularly in automotive electronics and robotics, with multiple projects already in progress [7] Financial Summary and Valuation Metrics - In 2024, the company reported a gross margin of 37.6% and a net margin of 19.0%, with a return on equity (ROE) of 16.8% [9] - The projected P/E ratios for 2025, 2026, and 2027 are 73, 56, and 44 respectively, indicating a strong growth outlook [5][9] - The company’s total market capitalization is approximately 64.465 billion yuan, with a circulating market capitalization of 64.433 billion yuan [1]

Core Viewpoint - 瑞芯微 is experiencing significant growth driven by the recovery of the electronics industry and the explosion of edge applications, particularly in automotive electronics and machine vision sectors [1] Financial Performance - In Q1 2025, 瑞芯微 achieved revenue of 885 million yuan, a year-on-year increase of approximately 60%, with net profit attributable to shareholders reaching 209 million yuan, a year-on-year growth of about 200%, resulting in basic earnings per share of 0.5 yuan [1] - For the year 2024, 瑞芯微 reported revenue of 3.136 billion yuan, a nearly 47% increase year-on-year, and net profit of 595 million yuan, a year-on-year growth of 341%, with basic earnings per share of 1.42 yuan [1] - The company announced a cash dividend of 9 yuan (including tax) for every 10 shares [1] Market Trends and Product Development - The AIoT market is rapidly growing, with significant increases in automotive electronics, industrial vision, industrial inspection, and various robotics applications [1] - 瑞芯微 is leveraging its AIoT SoC chip platform to offer a comprehensive product lineup across high-end, mid-high-end, mid-range, and entry-level segments, with flagship chip RK3588 driving substantial growth [2] - The company's gross margin improved by 3.34 percentage points year-on-year to 37.59% [2] - Operating cash flow remained significantly positive, with a net cash flow from operating activities of 1.379 billion yuan in 2024 [2] Research and Development - 瑞芯微 maintains a high level of R&D investment, with R&D expenses of 569 million yuan last year, consistently representing around 20% of revenue for over a decade [3] - The company successfully launched several new products, including RK3576, RK2118, RV1103B, and RK3506, while continuing to advance core technology IP and collaborative projects [3] - 瑞芯微's product lines cover various sectors, including automotive electronics, machine vision, industrial applications, education, commercial finance, smart home, and consumer electronics [3] Strategic Positioning - The majority of AIoT applications are concentrated in China, and 瑞芯微 is confident in its growth trajectory based on its core technology, product offerings, and application scenarios [3] - The company has observed that the impact of the U.S. "reciprocal tariff" policy is minimal, as its chips primarily reach international markets through end products of clients, with a low overall export ratio to the U.S. [3] Shareholder Activity - In Q1 2025, major shareholders such as 银河创新成长, 香港中央结算, and 国家集成电路产业基金 reduced their holdings in 瑞芯微, while 万家行业优选混合型证券投资基金 and 华夏国证半导体芯片交易型开放式指数证券投资基金 became new shareholders [4]

Financial Performance Summary - In 2024, the company achieved total operating revenue of approximately 3.14 billion yuan, representing a year-on-year growth of 46.94% [2] - The net profit attributable to shareholders reached approximately 594.86 million yuan, a significant increase of 341.01% year-on-year [2] - The net profit after deducting non-recurring gains and losses was approximately 538.39 million yuan, up 326.22% year-on-year [2] - Basic earnings per share were reported at 1.42 yuan, reflecting a growth of 343.75% [2] Business Operations and Market Trends - The global electronic market demand has rebounded, driven by rapid advancements in AI technology and the expansion of application scenarios, benefiting the company's long-term focus on AIoT [3] - The company leveraged its AIoT chip "雁形方阵" layout advantages, with flagship chip RK3588 leading the way, resulting in a sustained increase in market share across various AIoT product lines, particularly in automotive electronics, machine vision, and industrial applications [3] - For 2025, the company plans to continue developing automotive electronics, industrial applications, and machine vision products, while also focusing on the research and development of next-generation flagship chips [3] Non-Recurring Gains and Losses - In 2024, non-recurring gains and losses, including fair value changes of investments and government subsidies, impacted the company's net profit by approximately 56.47 million yuan, compared to 8.57 million yuan in the previous year [4] Q1 2025 Performance Forecast - For the first quarter of 2025, the company expects net profit attributable to shareholders to be between 200 million and 225 million yuan, an increase of 132.35 million to 157.35 million yuan, translating to a year-on-year growth of 196% to 233% [8][10] - The forecasted net profit after deducting non-recurring gains and losses is expected to be between 198 million and 221 million yuan, with a year-on-year increase of 200% to 235% [8][10] - The anticipated growth is attributed to the rapid expansion of the AIoT market and the company's strategic positioning in the sector [12]