➢ 事件：8 月 18 日，瑞芯微发布 2025 年半年度报告，公司 25H1 实现收入 20.46 亿元，同比增长 63.85%；实现归母净利润 5.31 亿元，同比增长 190.61%； 实现扣非归母净利润 5.16 亿元，同比增长 191.36%. 瑞芯微（603893.SH）2025 年半年报点评 旗舰芯领航成长，全面拥抱 AIoT 2.0 浪潮 2025 年 08 月 24 日 其中，公司 2Q25 实现收入 11.61 亿元，同比增长 64.54%，环比增长 31.19%； 实现归母净利润 3.22 亿元，同比增长 179.41%，环比增长 54.07%。 ➢ AI 赋能业务腾飞，半年度营收创历史新高。2025 年上半年，公司依托在 AIoT 产品长期战略布局优势，顺应 AI 在端侧应用发展需求，经营业绩持续向好。 受产业景气度持续提升及公司战略布局的共同驱动，公司 25H1 的营收和净利润 均实现高增，销售毛利率达到 42.29%，同比提升 6.38 pct。此外，公司旗舰产 品 RK3588、次新产品 RK3576 等带领各产品线继续保持高速增长，特别是在 汽车电子、工业应用、机器视觉及各类机 ...

Investment Rating - The report assigns an "Accumulate" rating for the company [1] Core Views - The company has achieved a historical high in quarterly performance, with a significant increase in revenue and net profit driven by its AIoT product strategy [4][5] - The company is advancing the development of next-generation edge computing processors to support larger parameter models, enhancing its product offerings in various applications [6] - The company is expanding its automotive electronics segment, covering multiple directions in automotive intelligence, and has launched several new products to strengthen its market position [8][9] Company Overview - The latest closing price is 185.94 CNY, with a total market capitalization of 78.2 billion CNY and a total share capital of 4.21 billion shares [3] - The company reported a revenue of 2.046 billion CNY for the first half of 2025, representing a year-on-year growth of 63.85%, and a net profit of 531 million CNY, up 190.61% year-on-year [4][5] Financial Forecasts - Projected revenues for 2025, 2026, and 2027 are 4.36 billion CNY, 5.57 billion CNY, and 6.97 billion CNY respectively, with net profits expected to be 1.14 billion CNY, 1.46 billion CNY, and 1.89 billion CNY [10][12] - The company is expected to maintain strong growth rates, with revenue growth rates of 39.02%, 27.66%, and 25.26% for the respective years [12][13]

Investment Rating - The investment rating for the company is "Buy" [4][6]. Core Views - The company achieved record high revenue and profit in Q2 2025, with revenue of 2.046 billion yuan, a year-on-year increase of 64%, and a net profit of 531 million yuan, a year-on-year increase of 191% [1]. - The growth is driven by flagship products like RK3588 and new products such as RK3576, particularly in the AIoT sector, with significant expansion in automotive electronics, industrial applications, machine vision, and robotics [1]. - The gross margin reached 43.3%, up 6.5 percentage points year-on-year, and the net margin improved to 27.7%, up 11.4 percentage points year-on-year, indicating stable profitability driven by improved product mix [1]. Product Development - The company launched the RK182X edge computing co-processor, designed to meet diverse computing needs with high neural network performance and bandwidth [2]. - The new AI visual processor RV1126B was released in May 2025, enhancing the company's visual chip product matrix [3]. - The audio processor RK2116 was introduced in July 2025, completing the audio product lineup [3]. - Ongoing development of mid-range AIoT processors and next-generation flagship chips is aimed at expanding the product portfolio and improving design efficiency [3]. Financial Forecast and Recommendations - Revenue forecasts for 2025, 2026, and 2027 are set at 43.1 billion yuan, 55.9 billion yuan, and 69.7 billion yuan, respectively, with year-on-year growth rates of 37.5%, 29.7%, and 24.6% [4]. - Net profit forecasts for the same years are 1.14 billion yuan, 1.49 billion yuan, and 1.92 billion yuan, with year-on-year growth rates of 92.2%, 30.8%, and 28.7% [4]. - The strong performance and expanding product range support the "Buy" rating [4].

Macro Strategy - The core viewpoint is that the "innovation bull market" in 2025 is driven by a positive cycle of capital pricing and industrial implementation under policy guidance, with macro policies anchoring industrial direction and capital markets facilitating value discovery [1] - The market liquidity and valuation have improved, with A-share trading volume exceeding 2 trillion yuan, indicating a positive trading structure and sentiment cycle [1] - The initial phase of the "innovation bull" is likely to extend towards financial sectors and technology industries, particularly in robotics, computing power, and innovative pharmaceuticals [1] Economic Outlook - The report anticipates that China's export growth may continue to exceed market expectations due to the dual easing of U.S. fiscal and monetary policies, suggesting resilience in external demand [2] - The expectation of interest rate cuts by the Federal Reserve is highlighted, with predictions of two cuts in September and December, although there is caution regarding overly optimistic market pricing [2] Fixed Income Market - The fixed income market has shown a "desensitization" to fundamental data, with the yield on 10-year government bonds rising to 1.745% despite disappointing economic indicators [4] - The report notes that structural policy tools may replace total monetary policies as the main line of easing in the third quarter [4] Company Performance - 瑞芯微 (Rockchip) reported a significant revenue increase of 63.85% year-on-year in H1 2025, with a net profit growth of 190.61%, driven by strong performance in AIoT products [8] - 禾赛科技 (Hesai Technology) achieved a revenue increase of 53.9% year-on-year in Q2 2025, with a net profit growth of 161.2%, supported by strong demand for ADAS and robotics [9] - 道通科技 (Dautong Technology) reported a revenue increase of 27.3% year-on-year in H1 2025, driven by advancements in digital repair and energy solutions [10] Industry Trends - The report emphasizes the growth potential in the AI and robotics sectors, with companies like 禾赛科技 and 瑞芯微 leading in their respective fields [9][8] - The demand for 3D vision technology is highlighted as a key growth driver for 奥比中光 (Orbbec), with expected rapid revenue growth in the coming years [20] Investment Ratings - The report maintains a "buy" rating for several companies, including 瑞芯微, 禾赛科技, and 道通科技, based on their strong performance and growth prospects in innovative sectors [8][9][10]

Core Viewpoint - The company reported significant growth in revenue and net profit for the first half of 2025, driven by its strategic focus on AIoT products and new product developments [1][2]. Group 1: Financial Performance - In the first half of 2025, the company achieved operating revenue of 2.046 billion yuan, a year-on-year increase of 64%, marking a historical high [1]. - The net profit attributable to shareholders reached 531 million yuan, reflecting a year-on-year growth of 191% [1]. Group 2: Market and Industry Insights - The AIoT market continues to grow, particularly in China, which benefits from a large population, diverse application scenarios, and a well-developed manufacturing ecosystem [2]. - The company positions itself as a leading AIoT SoC provider, leveraging its core technologies and product offerings to support the intelligent upgrade of various industries [2]. Group 3: Product Development - The company has enhanced its AIoT SoC chip platform and is actively advancing new product development, including the launch of the next-generation AI vision processor RV1126B and the new audio processor RK2116 [3]. - Ongoing design work for several new products, such as RK3572, RV1103C, and RK3538, is also in progress [3].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved significant revenue growth in H1 2025, with a revenue of 2.046 billion yuan, representing a year-on-year increase of 63.85% [8] - The gross margin improved to 42.29%, up by 6.38 percentage points year-on-year, while the net profit attributable to shareholders reached 531 million yuan, a year-on-year increase of 190.61% [8] - The flagship products continue to grow steadily, with the introduction of new NPU products aimed at expanding edge AI applications [8] - The company is accelerating its AIoT chip layout across various scenarios, including automotive, home, education, and industrial applications [8] - The company is expected to maintain its competitive advantage in the SoC industry, with revenue forecasts for 2025-2027 adjusted to 4.371 billion, 5.558 billion, and 6.962 billion yuan respectively [8] Financial Summary - The total revenue for 2023 is projected at 2.135 billion yuan, with a year-on-year growth of 5.17% [1] - The net profit attributable to shareholders for 2023 is estimated at 134.89 million yuan, reflecting a year-on-year decrease of 54.65% [1] - The earnings per share (EPS) for 2023 is projected at 0.32 yuan, with a P/E ratio of 558.64 [1] - The company’s total assets are expected to reach 4.266 billion yuan in 2024, with a debt-to-equity ratio of 21.02% [7][9]

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].