芯原股份：人工智能专用集成电路设计及生产服务订单势头强劲，产能提升；目标价上调至 193 元人民币；评级买入

24 August 2025 | 1:30PM HKT VeriSilicon (688521.SS) Buy AI ASIC design and production services ramp up with strong order momentum; TP raised to Rmb193; Buy 688521.SS 12m Price Target: Rmb193.00 Price: Rmb149.82 Upside: 28.8% We are constructive on Verisilicon's AI ASIC turnkey solution and IP business ramp up, supported by growing client demand in China, and its private placement funding (Link) to accelerate new products development. Management highlights orders were up 33% YoY (or 23% QoQ) to Rmb3bn by end ...