端側AI高景氣！炬芯科技Q1業績創新高，股價3日飆升34%
近期，多家A股公司在市場劇烈波動之際自願披露了一季報業績預吿。
其中，SoC相關公司一季度預報驚喜不斷，有着淡季不淡的態勢。
Q1業績創新高
昨日晚間，炬芯科技披露了一季度業績預吿。
受此影響，炬芯科技股價今日大升11%，最新報47.75元/股，總市值69.78億元。
昨日，炬芯科技股價20CM升停，近三個交易日累計升超34%。
一季度雖是SoC行業的傳統淡季，但炬芯科技卻取得了歷史上單季度最好的表現，甚至超過傳統的銷售旺季。
炬芯科技預計，今年一季度實現營收1.91億元，同比增加61.23%；歸母淨利潤為4130萬元，同比增加383.91%；扣非淨利潤為3850萬元，同比增加603.9%。
期間，淨利率預計為21.62%，相比2024年的16.35%有明顯提升；研發投入約5100萬元，同比增長13.34%。
值得注意的是，炬芯科技今年一季度的銷售額、淨利潤環比、 同比均增長，並創下了單季度的歷史新高。
去年以來，得益於端側AI的快速發展，炬芯科技的業績出現高增長態勢。
2024年全年，炬芯科技實現營業收入為6.52億元，同比增加25.34%；歸母淨利潤為1.07億元，同比增長63.83%；扣非淨利潤為7855.39萬元，同比增長53.65%。
加碼端側AI
炬芯科技是中國領先的低功耗AIoT芯片設計廠商，業績高增長主要系公司加碼端側設備AI化。
今年一季度，炬芯科技的端側AI處理器芯片出貨量不斷攀升，銷售收入保持倍數增長；低延遲高音質無線音頻產品加速放量，銷售額持續上揚；藍牙音箱SoC芯片系列產品不斷迭代和放量。
目前，炬芯科技已成功研發出 CPU+DSP+NPU 三核異構的核心架構，併發布集成存內計算NPU的高端藍牙音箱 SoC芯片ATS286X、低延遲高音質無線音頻SoC芯片ATS323X、端側AI處理器芯片ATS362X。
上述產品處於客户導入期，部分客户產品已接近量產發佈。
同時，炬芯科技已經在着手第二代CIM技術的相關IP研發工作，目標是將NPU單核算力提升三倍至300GOPS，直接支持Transformer模型，能效比提高到7.8TOPS/W @INT8。
另據公司的規劃，到2026年，炬芯科技將推出新制程12納米的第三代（GEN3）MMSCIM，單核算力達到1 TOPS，能效比進一步提升至15.6TOPS/W @INT8。
隨着端側AI芯片技術的不斷突破，炬芯科技有望繼續保持高增長趨勢，獲機構普遍看好。
廣發證券看好炬芯科技深耕智能無線音頻SOC領域，以及端側AI處理器的佈局，參考可比公司估值和公司業績成長性，給予其25年50xPE估值，對應合理價值為63.57元/股，給予“買入”評級。
Follow us
Find us on
Facebook,
Twitter ,
Instagram, and
YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the
uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app！
Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements. Any calculations or images in the article are for illustrative purposes only.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance. Please carefully consider your personal risk tolerance, and consult independent professional advice if necessary.
