EMPYREAN(301269) 民生证券·2024-10-31 00:32Investment Rating - Maintain "Recommend" rating [2][4] Core Views - The company's revenue shows steady growth, with Q3 2024 revenue reaching 300 million yuan, a year-on-year increase of 27.60% and a quarter-on-quarter increase of 30.14% [2] - Despite a significant year-on-year decline in net profit attributable to the parent company, the company maintains a high gross margin of 92.56% in Q3 2024, up 1.72 percentage points year-on-year [2] - The company continues to strengthen its market leadership position through continuous R&D investment and the launch of innovative products [2] Financial Performance - In the first three quarters of 2024, the company achieved revenue of 744 million yuan, a year-on-year increase of 16.25%, while net profit attributable to the parent company was 59 million yuan, a year-on-year decrease of 65.84% [2] - The company's revenue is expected to grow steadily, with forecasts of 1.285 billion yuan, 1.638 billion yuan, and 2.068 billion yuan for 2024, 2025, and 2026, respectively [3] - Net profit attributable to the parent company is projected to be 117 million yuan, 223 million yuan, and 334 million yuan for 2024, 2025, and 2026, respectively [3] Product and Market Strategy - The company has launched several new EDA products, including Andes-Analog, Andes-Power, Optimus, and Vision, which enhance its competitiveness in the semiconductor design and manufacturing fields [2] - With over 600 global customers, including Diodes, Renesas Electronics, and Ricoh Microelectronics, the company has established a strong global client network [2] Valuation and Forecast - The company's PE ratio is expected to be 457, 239, and 160 for 2024, 2025, and 2026, respectively [3] - Earnings per share are forecasted to be 0.22 yuan, 0.41 yuan, and 0.61 yuan for 2024, 2025, and 2026, respectively [3]