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芯原股份(688521):规模效应助力盈利能力改善 AI+CHIPLET增长可期

VeriSilicon Co., Ltd. (688521): The scale effect helps improve profitability, AI+CHIPLET can be expected to grow

東北證券 ·  Sep 5, 2023 00:00

Events:

The company reported that 2 3H1 achieved revenue of 1.184 billion yuan,-2.37% year-on-year, and net profit of 22 million yuan, + 49.89% year-on-year. Q2 achieved revenue of 644 million yuan in a single quarter,-1.17% year-on-year, + 19.48% month-on-month, and net profit of 94 million yuan, + 713.02% compared with the same period last year.

Comments:

Q2 performance improved month-on-month, and the scale effect appeared. 1) the IP licensing business of 23H1 semiconductors decreased by 10.65%, of which the revenue from intellectual property license fees was 350 million yuan, which was-11.49% compared with the same period last year. The revenue of royalties is 50 million yuan,-4.85% compared with the same period last year. The royalties for intellectual property rights are affected by the customer's project start-up arrangements, with seasonal fluctuations and a steady growth trend as a whole. 23Q2 intellectual property license fee revenue increased by 141.44%. Although the number of IP licenses decreased in the first half of the year, the unit price increased. In the first half of the year, the revenue from single intellectual property rights was 5.6626 million yuan, an increase of 21.88 percent. In terms of sub-structure, graphics processor IP, neural network processor IP and video processor IP account for nearly 80% of the revenue of semiconductor IP licensing business. 2) 23H1 one-stop chip customization business also increased by 1.7%, of which chip design business revenue was 250 million yuan,-16.97% compared with the same period last year. The revenue of the mass production business was 530 million yuan, + 13.56% compared with the same period last year. 3) 23H1 realized a gross profit of 564 million yuan, an increase of 11.72%, and a comprehensive gross profit margin of 47.65%, an increase of 6.01pct. It is mainly due to the scale effect of mass production business, and the improvement of this business capacity brings higher bargaining power for the company.

There are plenty of orders on hand, and the Internet of things and data processing lead the growth. According to downstream applications, the revenue of the Internet of things in the first half of the year was 513 million yuan, an increase of 47%. Revenue in the field of data processing was 177 million yuan, an increase of 70.3%. In the first half of the year, the company had 2.137 billion yuan in-hand orders, of which 1.405 billion yuan were converted within one year, accounting for 65.73 percent.

Deepen customer cooperation based on core technology. 1) the company adheres to the iterative core technology, and based on the self-developed GPU IP and NPU IP, the company has launched an innovative AI GPU IP subsystem to achieve flexible and efficient AI computing. 2) in March 2023, the company cooperated with Microsoft Corp on the windows 10 IOT Enterprise Edition operational system, including hardware accelerators and long-term support for embedded platforms. In the same month, Lanyang released AI chips deployed by the company's GPGPU, NPU and VPUIP. 3) the company has provided one-stop chip customization services for video processors IP and 5nm for data center acceleration cards of international leading chip companies.

Profit forecast and investment advice: the company has software and hardware ecological platform, sufficient on-hand orders and flexible performance. We estimate that the company's homing net profit from 2023 to 2025 will be RMB2200,000,000, respectively, and the corresponding PS will be 11Comp8Comp7X. Maintain a "buy" rating.

Risk hint: research and development progress is not as expected; industry competition intensifies

The translation is provided by third-party software.


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