事件： [Table_Summary] 公司发布 2025 年年度业绩预告，预计 2025 年年度实现营业收入 43.87- 44.27 亿元，同比增长 39.88%-41.15%；实现归母净利润 10.23-11.03 亿 元，同比增长 71.97%-85.42%。 [Table_Info1] 瑞芯微(603893) 电子 [Table_Title] 证券研究报告 / 公司点评报告 全栈布局端侧算力，AI Agent 加速落地驱动价值重估 点评： 全栈布局端侧 AI 算力，算力协处理器迭代升级。端侧 AI 技术持续创 新，驱动 AIoT 高速发展。瑞芯微凭借 RK3588、RK3576、RK11 系列 为代表的 AIoT 旗舰算力平台，在汽车电子、机器人、机器视觉、工业 应用等重点产品线持续突破。2025 年，公司推出了全球首颗 3D 架构端 侧算力协处理器 RK182X，当前已快速导入十几个行业、数百个客户的 项目，将在 2026 年规模化产品落地。公司已确立"SoC+协处理器"双 轨制战略， 2026 年公司将快速推进下一代旗舰级 SoC 芯片 RK3668、 RK3688 以及 RK1860 等一系列 ...

对于业绩增长，瑞芯微表示，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。 作为国内领先的AIoT芯片设计企业，瑞芯微的主营业务为智能应用处理器SoC及周边配套芯片的设计、 研发与销售。当前，瑞芯微已成为国内人工智能物联网AIoT SoC芯片的领先者。 2025年，AIoT市场快速增长。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，各 类新兴智能硬件层出不穷，千行百业的AIoT迈入高速发展周期。 据瑞芯微介绍，2025年三季度以来，受DDR缺货、涨价影响，部分客户存储方案转型导致短期增速略 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，在四季度增速已经恢复。 长江商报奔腾新闻记者 徐佳 伴随着国内AI技术持续突破，瑞芯微（603893.SH）AIoT芯片赛道保持较强竞争实力。 1月26日晚间，瑞芯微发布业绩 ...

【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 ...

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]

1月26日，瑞芯微电子股份有限公司（以下简称"瑞芯微"）披露2025年年度业绩预告。2025年瑞芯微经营业绩实 现跨越式增长，多项核心指标再创新高。截至1月26日收盘，瑞芯微报收186.78元/股，市值786.25亿元。 天风证券研报表示，端侧AI产业链加速升温，终端厂商持续加码智能硬件与交互创新，算力与应用深度融合驱 动生态快速扩张，2026年有望迎来端侧AI大年。 展望2026年，瑞芯微确立"SoC+协处理器"双轨制战略，加速推进RK3668、RK3688等下一代旗舰SoC芯片及 RK1860协处理器研发，前瞻布局AIoT新应用。在端侧AI市场即将爆发的背景下，公司有望凭借技术积累与产 品矩阵，持续把握行业机遇。 财经频道更多独家策划、专家专栏，免费查阅>> 责任编辑：安东 业绩预告显示，瑞芯微预计全年营业收入区间为43.87亿元至44.27亿元，较上年同期的31.36亿元增加12.51亿元 至12.91亿元，同比增幅达39.88%至41.15%。 利润端增长更为显著，瑞芯微预计全年归属于母公司所有者的净利润为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 ...

报告期内，AIoT市场呈现快速增长态势，端侧AI技术创新推动各行业电子产品升级与新智能硬件不断涌现。公司以RK3588、RK3576、RV11系列为代表的 AIoT算力平台实现快速增长，并在汽车电子、机器人、机器视觉及工业应用等重点领域取得持续突破。尽管三季度曾受存储供应紧张及价格上涨影响，公 司通过快速适配多类型存储方案、发挥芯片产品对LPDDR5的支持优势，有效应对挑战，并于四季度恢复增长势头。 公司于报告期内推出全球首颗3D架构端侧算力协处理器RK182X，旨在解决端侧大模型部署中的带宽与功耗瓶颈。该方案已获得市场广泛认可，并快速导入 十多个行业、数百家客户项目，其中涵盖大量新质生产力企业，预计将于2026年实现规模化产品落地。 面向未来，瑞芯微电子判断2026年端侧AI应用将迎来爆发，工业、农业、服务业等各类机器人及新质生产力产品面临重大发展机遇。公司已确立"SoC+协处 理器"双轨制战略，正加快推进下一代旗舰SoC芯片RK3668、RK3688以及RK1860等多款协处理器研发，前瞻布局AIoT新应用，积极拥抱AIoT 2.0时代。 1月26日，瑞芯微发布《2025年年度业绩预告》。报告显示，公司预 ...

Core Viewpoint - The company is in the process of designing its next-generation flagship chip RK3688 and the mid-range chip RK3668, with plans to launch them next year [1] Group 1 - The next-generation flagship chip RK3688 is currently under design [1] - The mid-range chip RK3668 is also in the design phase [1] - Both chips are expected to be launched in the upcoming year [1]

Core Viewpoint - The company is in the process of designing its next-generation flagship chip RK3688 and the mid-range chip RK3668, with plans to launch them next year [1] Group 1 - The next-generation flagship chip RK3688 is currently under design [1] - The mid-range chip RK3668 is also in the design phase [1] - Both chips are expected to be launched in the upcoming year [1]

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].