PRIMARIUS(688206) 国海证券·2024-11-04 07:25Company Overview - The company has a market capitalization of 8,281.33 million yuan and a circulating market value of 3,380.07 million yuan [1][3] - The company's stock price is currently 19.09 yuan, with a 52-week price range of 12.10-25.86 yuan [3] - The total number of shares is 433.80 million, with 177.06 million shares in circulation [3] Financial Performance - In the first three quarters of 2024, the company's revenue was 279 million yuan, a year-on-year increase of 26% [2] - The net profit attributable to the parent company was -57 million yuan, a year-on-year decrease of 99% [2] - In Q3 2024, the company's revenue was 83 million yuan, a year-on-year increase of 19.34%, and the net profit attributable to the parent company was -16 million yuan, a year-on-year increase of 44.48% [2] - The gross profit margin for the first three quarters of 2024 was 90.26%, an increase of 8.02 percentage points year-on-year [4] Business Segments - EDA tool licensing revenue was 192 million yuan, accounting for 68.81% of total revenue, with a year-on-year increase of 42% [3] - Semiconductor device testing instrument revenue was 54 million yuan, accounting for 19.51% of total revenue [3] - Technical development solutions revenue was 33 million yuan, accounting for 11.68% of total revenue [3] - Revenue from mainland China was 211 million yuan, accounting for 69% of total revenue, with a year-on-year increase of 40% [3] R&D and Innovation - The company's R&D investment in the first three quarters of 2024 was 199 million yuan, a year-on-year increase of 32.54% [4] - As of H1 2024, the company had 381 R&D personnel, accounting for 70.69% of the total workforce [4] - The company has launched several new products, including the NanoSpice™ simulator and the ESDi™ platform, which have been certified by Samsung's 3/4nm process technology [11] Market and Clients - The company's main clients include the top ten global wafer fabs and leading integrated circuit companies such as TSMC, Samsung Electronics, and SK Hynix [6] - The company has successfully integrated several acquisitions, including Broadcom, Entasys, and Magwel, which have expanded its product line and market reach [6][29] Future Outlook - The company is expected to achieve revenues of 417 million yuan, 530 million yuan, and 678 million yuan in 2024, 2025, and 2026, respectively [7] - The net profit attributable to the parent company is expected to be -41 million yuan, -23 million yuan, and 25 million yuan in 2024, 2025, and 2026, respectively [7] - The company's current stock price corresponds to a PS ratio of 20X, 16X, and 12X for 2024, 2025, and 2026, respectively, with a "Buy" rating [7] Strategic Initiatives - The company is accelerating the implementation of its application-driven EDA full-process strategy, with the DTCO manufacturing EDA full-process and memory design EDA full-process already in place [6][22] - The company has sufficient funds on hand, with 1.216 billion yuan in cash, providing a solid foundation for continued mergers and acquisitions [6][29]