According to the Huatai Securities Research Report, Rockchip recently released the RK1820/RK1828, the first large-scale end-side AI model coprocessor, which has received widespread attention in the industry. The coprocessor is expected to become an important way to accelerate the AI upgrade of end-side products, and the share of the company's revenue will gradually increase. In addition, the company presented a clear product roadmap for industry chain partners, including the next generation flagship chip RK3688 and the next generation coprocessor RK1860, to provide forward-looking hardware support from a system perspective. According to the company's performance forecast, the 2Q25 net profit margin has increased to 27.7%. It is estimated that due mainly to scale effects and flagship product volume driving gross margin, the above factors may have a continuing impact on the second half of the year's results. As a result, the company's net profit from 25-27 was raised by 16%/10%/4% to 11/14.42/1,824 billion yuan. The company was given a valuation of 69.3x 25PE. The main reason for the narrowing of the valuation premium was that the robot market volume may still take some time, maintaining a target price of 181.6 yuan and a “buy” rating.

According to the Huatai Securities Research Report, Rockchip recently released the RK1820/RK1828, the first large-scale end-side AI model coprocessor, which has received widespread attention in the industry. The coprocessor is expected to become an important way to accelerate the AI upgrade of end-side products, and the share of the company's revenue will gradually increase. In addition, the company presented a clear product roadmap for industry chain partners, including the next generation flagship chip RK3688 and the next generation coprocessor RK1860, to provide forward-looking hardware support from a system perspective. According to the company's performance forecast, the 2Q25 net profit margin has increased to 27.7%. It is estimated that due mainly to scale effects and flagship product volume driving gross margin, the above factors may have a continuing impact on the second half of the year's results. As a result, the company's net profit from 25-27 was raised by 16%/10%/4% to 11/14.42/1,824 billion yuan. The company was given a valuation of 69.3x 25PE. The main reason for the narrowing of the valuation premium was that the robot market volume may still take some time, maintaining a target price of 181.6 yuan and a “buy” rating.