Core Insights - The article discusses the transformation of the technology industry driven by the integration of AI into various end-user devices, highlighting the critical role of domestic System-on-Chip (SoC) manufacturers in this shift [1][2]. Group 1: AI Migration to Edge Devices - The migration of AI capabilities from cloud to edge devices is driven by technological maturity, demand pressures, and cost optimization [2][3]. - Technological advancements, particularly in specialized Neural Processing Units (NPU), have enabled significant improvements in edge device performance, overcoming previous limitations related to power consumption and size [2][3]. - Consumer demand for personalized and real-time AI experiences, along with stringent requirements in industrial applications, has accelerated the adoption of edge AI solutions [2][3]. Group 2: Cost Optimization and Market Growth - The reduction in production costs due to semiconductor industry maturation has made edge AI more economically viable, fostering a positive cycle of cost reduction and widespread adoption [3]. - The year 2023 marks the beginning of edge AI technology deployment, with significant growth expected in 2024 and a projected explosion in market size by 2025, which is anticipated to be recognized as the "Year of Edge AI" [3][4]. Group 3: Performance of Domestic SoC Companies - Six domestic SoC companies, referred to as the "Six Little Dragons," have shown robust performance in the first three quarters of 2025, with most achieving revenue and net profit growth [4][5]. - Notable companies include: - **Rockchip**: Projected revenue of 43.87 to 44.27 billion yuan for 2025, with a net profit increase of 71.97% to 85.42% [6]. - **Allwinner Technology**: Expected net profit growth of 50.53% to 76.92% for 2025 [6]. - **Zhongke Blue Communication**: Anticipated revenue growth of 0.60% to 1.70% for 2025 [6]. Group 4: Company-Specific Insights - **Rockchip**: Positioned as a leader in edge AI with a comprehensive AI development ecosystem, serving major clients like SONY and Xiaomi [7]. - **Amlogic**: Dominates the smart home terminal market, with significant revenue from multimedia SoC chips and a strong client base including Xiaomi and Haier [8][9]. - **Espressif Systems**: Focuses on smart home applications, utilizing an open-source model to lower AI development barriers for clients [10][11]. - **Allwinner Technology**: Specializes in visual AI applications, leveraging its expertise in multimedia chips for various consumer and industrial applications [12]. - **Hengxuan Technology**: A leader in audio AI, providing low-power wireless SoC chips for a range of smart devices [13]. - **Zhongke Blue Communication**: Competes in the audio AI SoC market with a focus on cost control and high value [14]. Group 5: Future Trends in Edge AI - AI glasses are identified as a key application area for edge AI, with the potential for significant market growth as technology matures [15][16]. - Various SoC solutions for AI glasses are emerging, including high-performance systems and cost-effective MCU-based designs, indicating a competitive landscape among domestic manufacturers [16][17].

Investment Rating - The report maintains a "Buy" rating for the company, indicating expected stock price growth exceeding 15% over the next six months [5]. Core Insights - The company is projected to achieve an annual revenue of 43.87-44.27 billion yuan in 2025, representing a year-on-year growth of 39.88%-41.15%. The net profit attributable to shareholders is expected to be between 10.23-11.03 billion yuan, reflecting a significant increase of 71.97%-85.42% [1][4]. - The company is advancing its full-stack layout in edge AI computing, with the introduction of the RK182X, the world's first 3D architecture edge computing co-processor, which is rapidly being adopted across various industries [2]. - The evolution of hardware forms driven by AI agents is shifting market focus towards desktop-level edge computing, with products like Mac Mini and domestic open-source hardware gaining traction [3]. Financial Summary - The company’s projected financials for 2025 include: - Revenue: 44.04 billion yuan, a growth rate of 40.42% - Net profit: 10.86 billion yuan, a growth rate of 82.57% - Earnings per share: 2.58 yuan, with a price-to-earnings ratio of 72.39 [4][11]. - The financial outlook for 2026 and 2027 shows continued growth, with net profits expected to reach 15.57 billion yuan and 19.54 billion yuan, respectively, and corresponding P/E ratios of 50 and 40 [4][11].

Core Viewpoint - The company, Rockchip Microelectronics (瑞芯微), is expected to achieve significant revenue and profit growth in 2025, driven by advancements in AIoT technology and strong performance in key product lines [1][2]. Group 1: Financial Performance - The company forecasts 2025 revenue between 4.387 billion to 4.427 billion yuan, representing a year-on-year growth of 39.88% to 41.15% [1] - Expected net profit attributable to shareholders is projected to be between 1.023 billion to 1.103 billion yuan, with a year-on-year increase of 71.97% to 85.42% [1] - For the first three quarters of 2025, the company reported revenues of 885 million, 1.161 billion, and 1.096 billion yuan, with year-on-year growth rates of 62.95%, 64.54%, and 20.26% respectively [2] - The net profit attributable to shareholders for the same period was 209 million, 322 million, and 248 million yuan, with year-on-year growth rates of 209.65%, 179.41%, and 47.06% respectively [2] Group 2: Product Development and Market Position - The company has established itself as a leader in AIoT SoC chip design, focusing on smart application processors and supporting chips [1] - The introduction of the RK182X, the world's first 3D architecture co-processor for edge AI, addresses key challenges in bandwidth and power consumption [3] - The company is advancing its "SoC + co-processor" dual-track strategy, with ongoing development of next-generation flagship SoC chips and multiple new co-processors [3] Group 3: Research and Development - In the first three quarters of 2025, the company's R&D expenses amounted to 450 million yuan, a year-on-year increase of 10.97%, accounting for 14.34% of total revenue [4]

【东吴电子陈海进】瑞芯微：Q4业绩超市场预期，坚定拥抱端侧AI产业机遇 25年业绩高增超预期，韧性凸显穿越行业波动 – 25年预计营收43.87-44.27亿元，yoy+39.88%-41.15%；预计年度归母净利润10.23-11.03亿元，yoy+71.97%- 85.42%，扣非净利增速达84.44%-99.30%。 – 25Q4预计营收中值12.66亿元，yoy+29.7%，qoq+16%。 【东吴电子陈海进】瑞芯微：Q4业绩超市场预期，坚定拥抱端侧AI产业机遇 25年业绩高增超预期，韧性凸显穿越行业波动 – 25年预计营收43.87-44.27亿元，yoy+39.88%-41.15%；预计年度归母净利润10.23-11.03亿元，yoy+71.97%- 85.42%，扣非净利增速达84.44%-99.30%。 – 25Q4预计营收中值12.66亿元，yoy+29.7%，qoq 观点重申：2026年端侧AI应用将快速爆发，工业、农业、服务业等各类机器人及各类新质生产力产品迎来重大 发展机遇。 归母净利润中值2.85亿元，yoy+17%，qoq+15%。 – 推出全球首颗3D架构端侧算力协处理器RK18 ...

证券代码：603893 证券简称：瑞芯微 公告编号：2026-002 瑞芯微电子股份有限公司 （一）业绩预告期间 2025年1月1日至2025年12月31日。 （二）业绩预告情况 2025年年度业绩预告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性承担法律责任。 重要内容提示： ● 瑞芯微电子股份有限公司（以下简称"公司"）预计2025年年度实现营业收入438,700万元到442,700万 元，与上年同期相比，将增加125,063万元至129,063万元，同比增长39.88%到41.15%。 ● 预计2025年年度实现归属于母公司所有者的净利润102,300万元到110,300万元，与上年同期相比，将 增加42,814万元至50,814万元，同比增长71.97%到85.42%。 ● 预计2025年年度实现归属于母公司所有者的扣除非经常性损益的净利润99,300万元到107,300万元，与 上年同期相比，将增加45,461万元至53,461万元，同比增长84.44%到99.30%。 一、本期业绩预告情况 三季度以来，受DDR缺货、涨价影响， ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company is expected to achieve significant revenue growth in 2025, with total revenue projected to be between 43.87 billion and 44.27 billion RMB, representing a year-on-year increase of 39.88% to 41.15%. The net profit attributable to shareholders is forecasted to be between 10.23 billion and 11.03 billion RMB, reflecting a year-on-year growth of 71.97% to 85.42% [7] - The company has established a dual-track strategy focusing on "SoC + co-processor" development, which is expected to drive growth in various sectors including automotive electronics and industrial applications. The introduction of the RK182X co-processor is anticipated to address bandwidth and power consumption challenges in deploying large models at the edge [7] - The company is well-positioned to capitalize on the rapid growth of edge AI applications in 2026, with a strong competitive advantage in the AIoT sector [7] Financial Projections - Total revenue projections for 2025, 2026, and 2027 are 44.07 billion, 55.58 billion, and 69.62 billion RMB respectively, with net profits expected to be 10.6 billion, 14.6 billion, and 19.0 billion RMB [7] - The earnings per share (EPS) for 2025, 2026, and 2027 are projected to be 2.52, 3.47, and 4.52 RMB respectively, with a price-to-earnings (P/E) ratio decreasing from 73.99 in 2025 to 41.33 in 2027 [1][8] - The company is expected to maintain a gross margin of approximately 41.20% in 2025 and 2026, with a net profit margin increasing to 26.25% by 2026 [8]

证券日报网讯1月26日，瑞芯微（603893）在互动平台回答投资者提问时表示，2025年第三季度由于 DDR4缺货涨价，促使部分客户存储方案向DDR5转型，导致当季增长略缓。作为应对，公司快速适配 市面上多类型存储方案，形成广泛的存储支持列表；同时，RK3588、RK3576是国内同档位少数能支持 LPDDR5的芯片，为终端客户提供灵活的存储方案选择。存储的缺货、涨价不影响AIoT市场长期增长趋 势，公司2025年预计实现收入43.87亿元-44.27亿元，创历史新高；预计实现净利润10.23亿元-11.03亿 元，同比增长71.97%-85.42%。端侧AI技术创新可以重塑各行各业电子产品，为用户带来全新体验。强 劲的AIoT创新发展会抵消存储涨价的不利影响，公司始终看好AIoT长期蓬勃向上趋势。 ...

Core Viewpoint - 瑞芯微电子预计在2025年实现显著的业绩增长，多个核心指标创下新高，受益于端侧AI市场的快速扩展和公司核心产品的市场突破 [1][4] Financial Performance - 瑞芯微预计2025年全年营业收入在43.87亿元至44.27亿元之间，同比增加12.51亿元至12.91亿元，增幅为39.88%至41.15% [4] - 归属于母公司所有者的净利润预计为10.23亿元至11.03亿元，同比增长71.97%至85.42%，新增利润额在4.28亿元至5.08亿元之间 [4] - 扣除非经常性损益后的净利润预计为9.93亿元至10.73亿元，同比增幅为84.44%至99.30% [4] Market Dynamics - 瑞芯微的业绩增长得益于端侧AI市场的快速扩容，AIoT市场进入高速发展周期，推动新兴智能硬件的涌现 [4] - RK3588和RK3576等核心产品在智能座舱、机器人和边缘计算等多个领域表现突出，支持LPDDR5存储方案 [4] Strategic Outlook - 瑞芯微在2026年确立"SoC+协处理器"双轨制战略，推进下一代旗舰SoC芯片及协处理器的研发，以把握即将爆发的端侧AI市场机会 [5] - 公司在汽车电子、机器人和机器视觉等重点产品线持续突破，并推出全球首颗3D架构端侧算力协处理器RK182X，为未来规模化落地奠定基础 [5]

Core Insights - The company expects a significant increase in revenue and net profit for the year 2025, with projected revenue between 4.387 billion to 4.427 billion yuan, representing a year-on-year growth of 39.88% to 41.15% [2] - The net profit attributable to shareholders is forecasted to be between 1.023 billion to 1.103 billion yuan, indicating a year-on-year increase of 71.97% to 85.42% [2] - The AIoT market is experiencing rapid growth, driven by innovations in edge AI technology, leading to upgrades in electronic products and the emergence of new smart hardware [2] Financial Performance - The company anticipates a net profit excluding non-recurring gains and losses to be between 999 million to 1.073 billion yuan, with a year-on-year growth of 84.44% to 99.30% [2] - Despite challenges in the third quarter due to tight storage supply and price increases, the company adapted quickly and regained growth momentum in the fourth quarter [2] Product Development - The company launched the world's first 3D architecture edge computing co-processor, RK182X, aimed at addressing bandwidth and power consumption bottlenecks in large model deployment [2] - This new solution has gained wide market recognition and is being rapidly adopted across multiple industries and hundreds of customer projects, with expectations for large-scale product deployment by 2026 [2] Strategic Outlook - The company predicts a significant explosion in edge AI applications by 2026, with major opportunities in robotics and new productivity products across various sectors such as industry, agriculture, and services [3] - The company has established a dual-track strategy of "SoC + co-processor" and is accelerating the development of next-generation flagship SoC chips and multiple co-processors to embrace the AIoT 2.0 era [3]

人民财讯1月26日电，瑞芯微（603893）1月26日发布2025年业绩预告，预计2025年实现净利润10.23亿 元到11.03亿元，同比增长71.97%到85.42%。预计公司2025年实现营业收入43.87亿元到44.27亿元，同比 增长39.88%到41.15%。公司业绩增长主要得益于AIoT市场快速增长，报告期内，公司RK3588、 RK3576、RV11系列为代表的AIoT一系列算力平台快速增长；汽车电子、机器人、机器视觉、工业应用 等重点产品线持续突破。 ...