芯原股份_ 2025 年四季度新订单环比增长 57%；AI 与数据处理项目扩张；买入评级-VeriSilicon (.SS)_ New orders at +57% QoQ in 4Q25; AI and data processing projects in expansion; Buy

Earnings revision: We revise down our VeriSilicon earnings by 8% / 12% / 14% / 14% / 12% in 2026E-2030E to reflect a lower revenues contribution from higher margin semi design services and IP solutions considering the likely longer time needed to see an acceleration of AI edge devices. That said, we view robust cloud contribution positively and remain constructive on the strong growth ahead driven by Gen-AI demand. We revise down GM by 0.3ppts~1.9ppts in 2026E-2030E on product mix changes. Allen Chang 30 De ...