Investment Rating - The report assigns a "Buy" rating to the company with a target price of 69.57 CNY per share, based on a 22x PS valuation for 2024 [2][117]. Core Insights - Guangli Micro is a leader in the integrated circuit yield enhancement sector, focusing on improving yield rates and electrical testing since its establishment in 2003. The company has developed a product matrix that includes EDA tools, wafer-level electrical testing equipment, and semiconductor big data analysis systems [1][8]. - The growth in the yield enhancement market is driven by the expansion of wafer fabs and upgrades in process technology, making yield a critical factor for product quality and cost control [1][51]. - The company has established a closed-loop product system in the yield enhancement field, leveraging both software and hardware to create synergistic advantages [1][94]. - Continuous investment in R&D is aimed at expanding the product matrix centered on yield enhancement, with expectations for significant growth in revenue from 2024 to 2026 [1][114]. Summary by Sections Company Overview - Guangli Micro focuses on providing comprehensive solutions for yield enhancement in the integrated circuit industry, with a strong emphasis on both software and hardware development [8][9]. Software Development - The company has developed six core EDA software products for testing chip design, enhancing efficiency and coverage in testing processes [20][21]. - The software tools include parameterized unit layout design tools, automated design platforms, and diagnostic tools for product chip yield and performance [22][23]. Hardware Development - After nearly a decade of development, Guangli Micro has successfully launched its WAT testing machines, breaking the import monopoly in this sector [27][85]. - The company’s testing machines have achieved high precision and speed, with ongoing upgrades to meet the demands of advanced manufacturing processes [28][104]. Financial Analysis - Revenue has grown significantly, driven by the rapid expansion of testing machine sales, which accounted for 80% of total revenue in 2023 [34][36]. - The company forecasts continued revenue growth, with expectations for substantial increases in both testing equipment and software development revenues from 2024 to 2026 [114][116]. Industry Analysis - The EDA industry is dominated by three major players, while the WAT testing machine market is characterized by high technical barriers and customer loyalty [48][81]. - The demand for yield enhancement services is expected to rise due to the ongoing expansion of wafer fabs and the increasing complexity of manufacturing processes [51][53]. Growth Drivers - The company is expanding its product offerings in EDA tools, big data analysis systems, and electrical testing equipment, with a focus on enhancing yield rates [98][100]. - New product developments, including DFT and DFM tools, are expected to contribute to revenue growth and market penetration [108][111].
广立微：卡位芯片良率提升赛道，软硬件协同助推成长