Rockchip Electronics (603893 SH)｜Based on Hua Chuang Securities Deep Dive (Sep 27, 2026)｜ AIoT SoC Platform Leader — On‑Device AI Drives Multi‑Scenario Expansion
Rockchip (603893 SH): Transitioning from consumer SoC to AIoT platform. "Main SoC + coprocessor" strategy, RK3582/RK3572 ramp, RK36 pipeline. On-device AI, robotics, cockpit localization. Hua Chuang initiates Strong Recommend, 45x 2027E P/E, target RMB 277.22.
Disclaimer:This report is part of the “Unpacking the Gap” series by Gawin Research. It provides general information and an analytical framework only, and does not constitute investment advice, a solicitation, or an offer to buy or sell any security. Gawin Research is not a registered investment adviser under the U.S. Investment Advisers Act of 1940, nor a registered commodity trading adviser. This communication is directed solely at sophisticated institutional investors and high‑net‑worth individuals who can independently evaluate risks. As of the publication date, the author(s) and/or Gawin Research [hold / do not hold] positions in Rockchip Electronics Co., Ltd. (603893 SH), including [common shares / options / derivatives / none]. No compensation has been received from the issuer, underwriter, or any third party for preparing or distributing this report. All financial data are based on public filings (e.g., Rockchip 2025 annual report, 1H26 interim report, Shanghai Stock Exchange announcements) and third‑party vendors [Wind / company IR / Hua Chuang Securities deep‑dive dated 2026/09/27]. Figures are in RMB unless stated; PRC GAAP, IFRS and US GAAP differences may cause restatements. This note contains scenario/valuation discussion solely as an illustrative framework—not a guarantee of returns and not a trading trigger. Forward‑looking statements are subject to risks; see footer disclaimers. By accessing this content you agree to our full Terms of Service and Disclaimer; for email distribution include unsubscribe link and physical address [insert Gawin entity, street, city, country] (CAN‑SPAM).
Investment Thesis
We frame Rockchip as migrating from a consumer‑electronics SoC supplier to an AIoT compute‑platform operator. The “main SoC plus coprocessor” architecture, RK3588 scale‑up, RK3572 mid‑tier adoption and RK36 flagship pipeline position the company to capture on‑device AI, robotics and automotive‑cockpit localization. Hua Chuang initiates with a constructive call, applies 45x 2027E P/E and sets a RMB 277.22 target, rated Strong Recommend (强推).
Source: 华创证券《瑞芯微(603893)深度研究报告：AIoT SoC平台领军者，端侧AI驱动多场景需求扩张》2026/09/27 / Hua Chuang Securities “Rockchip Electronics (603893) Deep‑Dive: AIoT SoC Platform Leader; On‑Device AI Drives Multi‑Scenario Demand Expansion” dated 27 Sep 2026.
Key Data and Operating Logic
- Earnings base and forecast: 2025 revenue RMB 4.402bn (+40.4% y/y), attributable net profit RMB 1.040bn (+74.8% y/y). 1H26 filings show net profit RMB 0.859bn, EPS RMB 2.03 and ROE 17.45%. Hua Chuang models 2026–2028 attributable net profit of RMB 1.926bn / 2.607bn / 3.211bn and EPS of RMB 4.55 / 6.16 / 7.59; at the 2027E layer, 45x P/E on RMB 6.16 implies the RMB 277.22 target versus a market reference near RMB 219.05.
- Product ladder: RK3588 (flagship, ~6 TOPS class per prior product disclosures) serves robotics, edge and cockpit; RK3572 launched May 2026 on 8nm with octa‑core CPU and 4 TOPS NPU for tablets, AI cameras, NAS, retail and digital signage with LPDDR5/5x; RK3538 targets overseas IPTV/OTT; RK36 series (RK3688/RK3668) is built on 4–5nm as the next‑generation reserve. Coprocessors RK182X/RK1828 (up to 20 TOPS) address in‑vehicle AI Box, cleaning/companion robots, AI TVs and offline agent inference, with Hua Chuang citing hundreds of customers across dozens of industries and initial mass production in 2H26.
- Localization and multiple anchor: Comparables are Allwinner, Sicomm, Bestechnic and Espressif; Hua Chuang assigns a premium to Rockchip for platform leadership and coprocessor optionality, hence 45x 2027E versus the reported peer average around 33.8x. The thesis leans on domestic substitution in automotive cockpit, robotics and high‑end AIoT where foreign incumbents remain entrenched.
Independent Assessment and Risks
At RMB 219.05 the stock trades around 35.6x 2027E EPS of RMB 6.16—below Hua Chuang’s 45x target but above the peer average—so the market already discounts RK3572 ramp, RK1828 scale‑up and RK36 validation. We would track three leading indicators rather than headline revenue: coprocessor revenue once design‑ins convert to volume; cockpit design‑wins and vehicle installations for RK3588M/RK3576M; and RK36 tape‑out‑to‑qualification on 4–5nm, where wafer/advanced‑packaging cost can pressure the 46%‑area gross‑margin assumption. Downside sits in slower coprocessor monetization, certification delays, Qualcomm/domestic competition in cockpit, and input‑cost inflation across memory, substrates, glass fabric and PCB. Base case is constructive on 2027–28 earnings compounding; valuation upside requires proof that coprocessors and RK36 flagship content convert from pipeline to recurring revenue.
B2a Sources
本分析基于瑞芯微电子股份有限公司公开文件（2025年年度报告、2026年半年度报告、上海证券交易所公告，603893 SH）及华创证券2026年9月27日报告《瑞芯微(603893)深度研究报告：AIoT SoC平台领军者，端侧AI驱动多场景需求扩张》，并辅以[Wind / 公司投资者关系部门 / 半导体行业数据提供商]与产品发布参数（RK3572/RK36/RK182X等）。所有数字已在可能情况下与原文件交叉核对；作者对第三方数据准确性不承担责任。
This analysis is based on Rockchip Electronics Co., Ltd. public filings (2025 annual report, 1H26 interim report, Shanghai Stock Exchange announcements, 603893 SH) and Hua Chuang Securities “Rockchip Electronics (603893) Deep‑Dive: AIoT SoC Platform Leader; On‑Device AI Drives Multi‑Scenario Demand Expansion” dated 27 Sep 2026, supplemented by [Wind / company IR / semiconductor industry data providers] and product‑release parameters (RK3572/RK36/RK182X etc.). All figures have been cross‑checked against original filings where possible; the publisher assumes no responsibility for third‑party data accuracy.
B2b Conflicts of Interest & Holdings
截至发布前最后一个交易日，作者及Gawin Research [持有/不持有] 603893 SH的多头或空头头寸，包括期权、衍生品或[无]。作者及Gawin Research均未从瑞芯微、其关联公司或任何承销商处收取撰写本报告的直接或间接报酬。Gawin Research不接受付费换取报道或有利分析。若未来出现任何重大利益冲突，将在本文更新版本中显著披露。
As of the last trading day prior to publication, the author(s) and Gawin Research [do / do not] hold a long or short position in 603893 SH, including options, derivatives, or [none]. Neither the author nor Gawin Research has received any direct or indirect compensation from Rockchip, its affiliates, or any underwriter for this report. Gawin Research does not accept payment for coverage or favorable analysis. Any future material conflict will be prominently disclosed in an updated version.
B2c Forward‑Looking Statements
本报告某些陈述构成美国1995年《私人证券诉讼改革法案》意义上的前瞻性陈述，包括但不限于RK3572/RK1828放量、RK36流片与认证、协处理器客户从设计导入转向量产、座舱与机器人定点、毛利率走势及45x/277.22元估值框架。此类陈述受需求、认证、供应链、汇率及监管不确定性影响，实际结果可能重大差异。Gawin Research不承担更新任何前瞻性陈述的义务，除非适用法律另有要求。
Certain statements constitute forward‑looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995, including but not limited to RK3572/RK1828 ramp, RK36 tape‑out and qualification, coprocessor design‑in‑to‑volume conversion, cockpit and robotics design wins, margin trajectory, and the 45x / RMB 277.22 valuation framework. Such statements are subject to demand, certification, supply‑chain, FX and regulatory uncertainties; actual results may differ materially. Gawin Research undertakes no obligation to update any forward‑looking statement except as required by applicable law.
B2d Scenario Valuation Boundaries
本文45x 2027E P/E与RMB 277.22目标价仅属说明性框架，不代表公允价值、买卖建议或交易触发。输入假设——收入增长、利润率、折扣率、终值、晶圆/封装成本及行业份额——本质不确定；小幅调整可显著改变结论。投资者应独立分析。
The 45x 2027E P/E and RMB 277.22 target price herein are an illustrative framework only, not a fair‑value estimate, buy/sell recommendation or trading trigger. Inputs—revenue growth, margins, discount rate, terminal value, wafer/packaging cost and market share—are inherently uncertain; small adjustments can materially alter conclusions. Conduct independent analysis.
B2e Cross‑Market & Jurisdictional Notes
Rockchip在上海证券交易所上市（603893 SH，人民币，中国会计准则；2025审计为天健会计师事务所标准无保留意见）。本内容未涉及H股或ADR；若日后增加跨境上市或存托凭证，交易时间、结算、币种（人民币/港币/美元）、股息税、卖空及互联互通规则需重新评估。PRC GAAP、IFRS与US GAAP差异可能导致重述。对EEA/英国读者：本内容为非独立研究，仅面向专业客户/合格对手方，不符合MiFID II独立性要求。对美国读者：按出版商投资顾问注册豁免作为一般出版物分发，不针对个人财务状况。邮件分发须含退订链接与实体地址[插入Gawin实体、街道、城市、国家]（CAN‑SPAM）。
Rockchip trades on the Shanghai Stock Exchange (603893 SH, RMB, PRC GAAP; 2025 audit by Tianjian with unqualified opinion). No H‑share or ADR is referenced; if any cross‑listing or depositary receipt is added, trading hours, settlement, currency (CNY/HKD/USD), dividend taxation, short‑selling and Stock Connect rules must be reassessed. PRC GAAP, IFRS and US GAAP differences may cause restatements. For EEA/UK readers: non‑independent research for professional clients/eligible counterparties only, not MiFID II independent research. For US readers: distributed as a general publication under the publisher’s investment‑adviser exemption; not tailored to any individual. Email distribution must include an unsubscribe link and physical address [insert Gawin entity, street, city, country] (CAN‑SPAM).
