【券商聚焦】交银国际首予爱芯元智(00600)买入评级指其为AI推理系统芯片行业龙头

金吾财讯

May 04

金吾财讯 | 交银国际研报指，认为爱芯元智(00600)是AI推理系统芯片（SoC）行业龙头。公司终端极端及边缘AI产品在视觉AI推理、智能驾驶等应用场景具备广阔落地潜力。该机构指，平台化技术架构构筑技术壁垒。随着大模型快速普及，根据灼识咨询（CIC）统计，2024年公司位列全球视觉端侧AI推理芯片市场第五名，在中国内地智能驾驶系统级芯片、边缘AI推理芯片市场分别位列第二、三名。展望未来，随着全新智能驾驶产品M57步入量产，公司2026年有望迎来强劲增长；高端旗舰级智能驾驶产品M97亦将为中期成长提供动能。M97已于2026年2月回片后成功点亮，预计1Q27实现量产。受益于AI智能体热潮，该机构预计公司边缘AI推理业务在2026/27年同比增速将分别达226%/180%。该机构预测公司2026/27年总收入分别为8.52亿元/16.83亿元人民币；整体毛利率由2025年的21.6%，稳步提升至2026/27/28年的34.2%/38.9%/42.7%。预计公司2027年实现EBITDA 转正，2028 年实现净利润转正。该机构首次覆盖爱芯元智，给予买入评级。基于2026年收入预测，给予22.0倍市销率估值，对应目标价36港元。

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