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研報掘金丨華泰證券:維持瑞芯微“買入”評級,發佈協處理器加速端側AI升級
華泰證券研報指出,瑞芯微日前發佈首顆端側AI 大模型協處理器RK1820/RK1828,受到業內廣泛關注,協處理器有望成爲加速端側產品AI升級的重要方式,在公司收入比重將逐步提升。此外,公司爲產業鏈合作夥伴展示了清晰的產品路線圖,包括下一代旗艦芯片RK3688以及下一代協處理器RK1860等,從系統角度出發提供前瞻的硬件支持。根據公司業績預告,2Q25歸母淨利率已提升至27.7%(按中值),預計主要由於規模效應以及旗艦產品放量對毛利率形成拉動,上述因素或對下半年業績產生持續性影響,因此上調公司25-27年歸母淨利潤16%/10%/4%至11/14.42/18.24億元。給予公司69.3x 25PE估值(Wind可比公司一致性預期均值爲63xPE),估值溢價收窄主因機器人市場放量或仍需時日,維持目標價181.6 元及“買入”評級。
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