VeriSilicon(688521)2024-10-31 08:38Company Overview - Chip Original is a semiconductor company providing customized chip services and semiconductor IP authorization, focusing on a platform-based, comprehensive service model [1] - The company has a diverse 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] Market Position and Performance - In 2023, Chip Original ranked first in China and eighth globally in semiconductor IP authorization market share, with a sixth-place ranking in global IP licensing revenue [2] - The company achieved a revenue of 718 million CNY in Q3 2024, reflecting a quarter-on-quarter growth of 16.96% and a year-on-year growth of 23.60% [3] - As of Q3 2024, the company had a backlog of orders amounting to 2.138 billion CNY, with 78.26% expected to convert to revenue within a year [3][4] Business Model and Strategy - Chip Original operates under a unique business model with no product inventory risk and no application domain boundaries, allowing for rapid recovery in business performance [3][4] - The company is actively pursuing market expansion in emerging sectors and has signed new orders worth 648 million CNY in Q3 2024 [3] Future Outlook - The semiconductor industry is gradually recovering, and Chip Original anticipates continued improvement in revenue, with Q3 2024 marking a record high for the quarter [4] - The company plans to enhance its core competitiveness by focusing on markets such as AIGC, ADAS, and smart wearable devices, while also strengthening its system design capabilities [5]