Group 1 - The next-generation flagship chip RK3688 is currently under development, with expected CPU performance reaching 300K DMPIS and GPU performance at 2 TFLOPS, along with an integrated NPU of 32 TOPs, significantly improving performance compared to RK3588 [2] - RK3688 is designed to meet the higher processing performance needs of AIoT applications, such as intelligent cockpit systems, edge computing, and various robotics, positioning it as a complementary product to RK3588 rather than a replacement [2] - The introduction of RK3688 enhances the company's AIoT chip platform's high-end product positioning, creating a tiered product sequence with RK3588 to cater to diverse performance requirements of end devices [2] Group 2 - The end-side computing co-processor series is an innovative solution by the company to address the dynamic balance of computing, storage, and power for AIoT model deployment [3] - The newly launched RK182X is the first product in this series, serving as a computing center for automotive cockpits, capable of deploying multimodal models up to 7 billion parameters [3] - The RK182X series features high computing power and bandwidth, supporting the deployment of mainstream large models, and is targeted at various applications including automotive, machine vision, smart home, education, and industrial manufacturing [3]

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]

产品推陈出新，全场景AIoT芯片布局加速。公司25H1推出的新一代视觉处理器RV1126B具备四核CPU、 3TOPs自研NPU及独立AI-ISP，已面向IPC、车载、工业相机等量产应用。音频产品方面，RK2116发布， 凭借高性能DSP和丰富音频接口，形成与RK2118的高低配组合，完善车载与智能音频方案。公司推进 RK3572、RV1103C、RK3538等中端产品研发，覆盖多层次算力需求，并着手打造旗舰RK3688和次旗舰 RK3668，以先进制程和差异化定位树立行业标杆。 东吴证券股份有限公司陈海进,李雅文近期对瑞芯微（603893）进行研究并发布了研究报告《2025年中报 业绩点评：25H1营收利润高增，AIoT矩阵和生态共振》，给予瑞芯微买入评级。 瑞芯微 投资要点 25H1营收高增，盈利能力显著增强。据公司25年中报，25H1实现营收20.46亿元，yoy+63.85%，与此前业 绩预告20.45亿元基本一致；毛利率42.29%，同比上升6.38pcts；归母净利润5.31亿元，同比增长190.61%， 与业绩预告中值5.3亿元基本一致。25Q2单季营收11.61亿元，yoy+64.54%，qo ...

Core Viewpoint - The company is developing a co-processor chip aimed at addressing the growing demand for computing power and the slow upgrade cycle of SoC (System on Chip) technology, with plans to release the RK3688 flagship chip in 2026 [1] Group 1 - The co-processor chip is set to be launched this year and will enhance the AI computing capabilities of edge devices by working in conjunction with the company's existing high-performance AIoT SoC chip platform [1] - The next-generation flagship chip, RK3688, is currently in the research and development phase, with a focus on advanced process technology [1] - The company has not disclosed further details regarding the RK3688 chip at this stage [1]

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].