格隆汇12月12日丨瑞芯微(603893.SH)在投资者互动平台表示，公司下一代旗舰芯片RK3688及次旗舰芯 片RK3668正在设计中，计划明年推出。 ...

格隆汇12月12日丨瑞芯微(603893.SH)在投资者互动平台表示，公司下一代旗舰芯片RK3688及次旗舰芯 片RK3668正在设计中，计划明年推出。 ...

Core Viewpoint - The company has made significant progress in multiple product lines within the automotive electronics sector, particularly in smart cockpit solutions and audio systems, with a strong focus on AI technology integration [2] Group 1: Automotive Electronics Progress - The company has closely collaborated with several domestic automakers in the smart cockpit field, resulting in the mass production of dozens of vehicle models, with more models and customers expected to be added next year [2] - In the in-vehicle audio sector, the company's RK2118M and RK2116M chips have been adopted in over thirty projects, with ongoing expansion of clients and projects, leading to the gradual release and mass production of new vehicle models [2] - The company is promoting its RK182X smart cockpit AIBox solution, which offers a convenient upgrade path for traditional vehicles through multimodal fusion perception technology [2] Group 2: AI Technology and Market Potential - Driven by innovations in AI technology, the application scenarios for edge AI are rapidly expanding across various fields, including automotive, robotics, education, healthcare, and agriculture, indicating vast market opportunities [2] - According to IDC research, the AIoT market in China is projected to exceed 3.2 trillion yuan by 2025 and is expected to reach 8.6 trillion yuan by 2030, positioning it as the largest AIoT market globally [2] Group 3: Future Product Development - The company is actively developing next-generation products, with flagship chip RK3688 and sub-flagship chip RK3668 currently in design, slated for release next year [2] - The next-generation edge computing co-processor RK1860 is being developed at an accelerated pace, with an expected launch in the first half of next year, contributing to a series of co-processor layouts [2]

Core Viewpoint - The company, Rockchip (瑞芯微), is experiencing a slowdown in revenue growth due to the rising prices of DDR4 memory chips and the transition of clients' products from DDR4 to DDR5, impacting short-term demand while maintaining a positive outlook on the long-term growth of AIoT [1][3]. Financial Performance - In the first three quarters of the year, the company achieved revenue of 3.141 billion yuan, a year-on-year increase of 45.46%, with net profit attributable to shareholders reaching 780 million yuan, up 121.65% [2]. - In the third quarter, revenue growth was approximately 20% year-on-year, and net profit growth was about 47%, marking the lowest quarterly growth rates since Q2 2022 [2]. Impact of Memory Chip Price Increase - The company’s management highlighted that the surge in DDR4 memory chip prices has led to a shift in some clients' high-end AIoT products from DDR4 to DDR5, affecting order rhythms without reducing demand for the company's products [3]. - The company supports the transition by providing technical documentation and flexible design options to assist clients in adapting to the current market conditions [3]. Strategic Partnerships and Supply Chain Management - The company maintains strong relationships with upstream suppliers and closely monitors supply chain changes to negotiate better pricing, with no current notifications of price increases from foundries [4]. - The company focuses on strategic and tactical inventory to ensure supply chain security for its advanced process products [4]. Product Development and Innovation - Rockchip is a leading AIoT chip design company, with a diverse product line including the flagship RK3588, which is penetrating various markets such as automotive electronics and robotics [4]. - The company is developing the next-generation flagship chip RK3688 and the RK3668, along with the RK1860 co-processor, expected to launch in the first half of next year [5]. Applications in Robotics and Automotive Electronics - The RK3588 chip has been widely adopted in various robotic applications, including humanoid robots and industrial inspection robots, demonstrating strong performance and AI support [6]. - In the automotive sector, the company has made significant progress with the RK3588M in smart cockpit applications, collaborating with multiple domestic automakers and producing numerous models [6][7].

Core Insights - The company’s various SoCs support multiple types of DDR, enhancing the promotion of its mid-to-high-end products [1] - The RK3588 and RK3576 are among the few chips in their class that support LPDDR5, which is beneficial for the company’s mid-to-high-end product expansion [1] - The next-generation flagship chip RK3688 and the sub-flagship chip RK3668 are currently in design, with plans for release next year [1]

Investment Rating - The report maintains a "Buy" rating for 瑞芯微 (603893) [4][7] Core Insights - The company reported a revenue of 3.141 billion yuan for the first three quarters of 2025, representing a year-on-year growth of 45.46%. The net profit attributable to the parent company reached 780 million yuan, up 121.65% year-on-year [2][4] - The AIoT industry is experiencing strong long-term growth momentum, driven by continuous iterations of AI technology and the expansion of application scenarios [2][3] - The company is focusing on the development of the RK3688 chip to initiate a new growth cycle, while also advancing the RK3668 chip to enhance design efficiency and reduce costs for clients [3] Financial Forecasts - Revenue projections for the company are estimated at 4.36 billion yuan in 2025, 5.57 billion yuan in 2026, and 6.97 billion yuan in 2027. The net profit attributable to the parent company is expected to be 1.082 billion yuan in 2025, 1.445 billion yuan in 2026, and 1.853 billion yuan in 2027 [4][6] - The report indicates significant growth rates, with a projected net profit growth of 341.01% in 2025 and 81.96% in 2026 [6][11]

Investment Rating - The report maintains a "Recommended" rating for the company, considering the flagship chip's leadership in driving high growth across product lines and the increasing demand for edge intelligence [4][6]. Core Insights - The company achieved a revenue of 2.046 billion yuan in H1 2025, representing a year-on-year growth of 63.85%, and a net profit attributable to shareholders of 531 million yuan, up 190.61% year-on-year [1]. - The company’s sales gross margin reached 42.29%, an increase of 6.38 percentage points year-on-year, driven by the rising demand for AIoT applications and the company's strategic positioning in the market [2]. - The company is focusing on enhancing its AIoT platform layout and has increased R&D investment to 279 million yuan in H1 2025, up from the previous year [2][3]. Financial Performance Summary - For 2025, the company is projected to achieve a net profit of 1.198 billion yuan, with a growth rate of 101.4%, and a PE ratio of 69 [5]. - The revenue forecast for 2025 is 4.494 billion yuan, reflecting a growth rate of 43.3% [5]. - The company’s R&D personnel accounted for 77% of its workforce in H1 2025, indicating a strong commitment to innovation and development [3].

Core Insights - The report from Dongwu Securities highlights that Rockchip experienced significant revenue growth in H1 2025, with enhanced profitability and a strong AIoT ecosystem [1] Group 1: Financial Performance - Rockchip's revenue showed high growth in the first half of 2025, indicating a robust financial performance [1] - The company's profitability has significantly improved, reflecting effective operational strategies [1] Group 2: Product Development and Market Position - The AIoT market continues to grow steadily, with flagship products RK3588 and newer RK3576 leading the market [1] - Rockchip launched its first edge computing co-processor RK182X, which supports LLM and VLM deployments ranging from 3 billion to 7 billion parameters, expanding its AI application boundaries [1] - The company is advancing the development of mid-range products like RK3572, RV1103C, and RK3538 to meet diverse computing needs [1] - Plans are underway to establish flagship RK3688 and sub-flagship RK3668 products, aiming to set industry benchmarks through advanced processes and differentiated positioning [1] Group 3: Competitive Advantage and Market Strategy - As a leading player in the domestic SoC industry, Rockchip's competitive advantages are evident, with the flagship RK3588 leading multiple AIoT product lines [1] - The company's market share in downstream sectors is steadily increasing, positioning it well to capture market opportunities in emerging smart applications such as automotive electronics, robotics, and machine vision [1] - The strategic layout focuses on leveraging high-performance chips to seize market opportunities and explore new growth points [1]