Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company has achieved a historical high in backlog orders exceeding 3 billion yuan, driven by significant growth in intellectual property licensing fees and volume business revenue [1] - The company is positioned as a leading player in customized ASIC and IP solutions, with a strong customer base including major tech firms [2][4] - The company is expected to experience substantial revenue growth in the coming years, with projected revenues of 31.8 billion yuan in 2025, 40.6 billion yuan in 2026, and 58.8 billion yuan in 2027, reflecting year-on-year growth rates of 36.9%, 27.6%, and 45.0% respectively [11] Summary by Sections Financial Performance - In Q2 2025, the company reported revenue of 584 million yuan, a quarter-on-quarter increase of 49.90%, primarily driven by a 99.63% increase in intellectual property licensing fees [1] - The company signed new orders worth 1.182 billion yuan in Q2 2025, marking a nearly 150% quarter-on-quarter increase [1] - The company’s backlog reached 3.025 billion yuan by the end of Q2 2025, a 23.17% increase from Q1 2025 [1] Business Segments - The company’s chip design business signed over 700 million yuan in new orders in Q2 2025, with a year-on-year increase of over 350% [2] - The volume business generated revenue of 261 million yuan in Q2 2025, reflecting a quarter-on-quarter growth of 79.01% and a year-on-year growth of 11.65% [3] - The company has a diverse application portfolio, including data centers, automotive, wearable devices, and IoT, which positions it to benefit from the growing demand in these sectors [4] Market Position - The company has established a strong presence in the semiconductor industry, with significant experience in various process nodes from 5nm to 250nm [2] - The company’s intellectual property (IP) revenue from GPU, NPU, and VPU IP accounted for approximately 75% of its total IP revenue in the first half of 2025 [9][10] - The company is actively collaborating with leading clients in AI and automotive sectors, enhancing its market competitiveness [4][10]

芯原股份 20250126 摘要 • 芯原股份研发投入占比约 30%，90%员工为研发人员，89%研发人员拥 有硕士及以上学历，研发人员主要集中于国内，海外市场销售收入占比约 35%。 • 公司自 2020 年上市以来整体收入增长，2022 年营收逆势增长 25%，扣 非后扭亏为盈；2024 年第四季度新签订单金额超 10 亿元，同比增长超 80%，在手订单达 24 亿元。 • 芯原 IP 业务全球排名第八，中国第一，IP 种类与 ARM 相当，已授权给 445 家客户。VPU IP 市占率全球第一，被 12 家云平台解决方案提供商采 用；NPU IP 已被 82 家客户用于 142 款 AI 芯片。 • 2024 年 license 收入达 6.33 亿元，AI 相关 license 收入占比 40%，授 权次数 216 次，同比增长 82 次。GPU、NPU 和 VPU 三类处理器 IP 占整 体 IP 收入约七成。 • 2024 年定制化芯片设计业务收入 7.25 亿元，同比增长 47%，AI 算力相 关 NRE 收入占比约 68%。85%设计业务收入来自 14 纳米或更先进工艺 制程项目。 Q&A 请 ...