PRIMARIUS(688206) 国泰君安·2024-10-30 15:10Investment Rating - The report maintains a rating of "Buy" for the company [4][15]. Core Views - The company's performance is in line with expectations, showing a reduction in losses year-on-year in Q3, with ongoing product innovation and advancements in automotive-grade chips [2]. - The target price has been raised to 23 CNY, reflecting the company's expanding product layout and the upward shift in industry valuation due to domestic substitution trends [2][4]. Financial Summary - For the first three quarters, the company achieved revenue of 279 million CNY, a year-on-year increase of 26%, with domestic revenue growing by 40% and international revenue by 3% [2]. - The company reported a net loss attributable to shareholders of 57.16 million CNY for the first three quarters, which is an increase compared to the previous year, primarily due to investment losses and increased R&D expenses [2]. - R&D expenses for the first three quarters amounted to 187 million CNY, representing a 25% increase year-on-year, accounting for 67.25% of revenue [2]. Product Development - The company has made significant progress in the automotive-grade chip sector, receiving international certification for its NanoSpice™ series products [2]. - New products launched include the FAR™ automated design platform and FabLitho™ lithography simulation tools, expanding the manufacturing EDA product line [2]. Market Position - The company is actively building an EDA industry ecosystem and aims to lead industry transformation through initiatives like the IDAS 2024 forum and user conferences [2].