VeriSilicon(SH:688521)2024-08-12 08:52Group 1: Company Overview - Chip原微电子 provides customized semiconductor IP services, focusing on a platform-based, comprehensive, one-stop IP licensing service [1] - The company has developed a range of proprietary IPs, including GPU, NPU, VPU, DSP, ISP, and Display Processor IPs, along with over 1,600 mixed-signal and RF IPs [2] Group 2: Market Position and Financial Performance - In 2023, Chip原's semiconductor IP licensing market share ranked first in China and eighth globally, with licensing revenue ranking sixth worldwide [2] - In Q2 2024, the company achieved a revenue of CNY 614 million, a 92.96% increase from Q1, while the net profit loss narrowed by 62.40% [3] - As of Q2 2024, the company had a backlog of orders amounting to CNY 2.271 billion, with an expected conversion rate of approximately 81% within a year [3] Group 3: Revenue Breakdown - In H1 2024, domestic sales revenue was CNY 603 million, accounting for 64.72% of total revenue, while overseas sales revenue was CNY 329 million, making up 35.28% [4] Group 4: Technological Advancements - Chip原 has been active in the automotive electronics sector, obtaining ISO 26262 certification for automotive functional safety management, which supports its strategic layout in electric and smart vehicles [3] - The company has extensive experience in designing high-performance automotive ADAS chips, including a custom chip for a well-known electric vehicle manufacturer using 5nm technology [3] Group 5: Future Outlook and Strategic Initiatives - The company aims to expand its overseas customer base, with expectations that international revenue will account for about 30% of total revenue in the long term [4] - Chip原 is transitioning from SoC to SiP, focusing on Chiplet architecture to meet the growing demand for high-performance computing [5] - The company is actively pursuing mergers and acquisitions to enhance its technology and team capabilities, aligning with its strategic development direction [5]