Investment Rating - The report maintains a "Buy" rating for the company [2][10] Core Views - The company reported a revenue of 547 million yuan in 2024, representing a year-on-year increase of 14.50%. However, the net profit attributable to shareholders decreased by 37.68% to 80.27 million yuan [5][6] - In Q1 2025, the company achieved a revenue of 66.48 million yuan, a significant year-on-year growth of 51.43%, but reported a net loss of 13.71 million yuan [5][6] - The company is focusing on enhancing its EDA product matrix, particularly in DFT and DFM tools, which are crucial for improving chip yield and manufacturing efficiency [7][8] Summary by Sections Company Overview - The latest closing price is 48.50 yuan, with a total market capitalization of 9.7 billion yuan and a total share capital of 200 million shares [4] Financial Performance - In 2024, the company’s revenue was 547 million yuan, with software development and licensing contributing 159 million yuan, a 70.33% increase year-on-year. The gross margin improved from 60.30% in 2023 to 61.90% in 2024 [6] - The company’s R&D expenses increased by 33.49% due to a rise in the number of R&D personnel from 416 to 522 [6] Investment Highlights - The company is a leading supplier of EDA software and wafer-level electrical testing equipment, focusing on improving chip yield and providing comprehensive solutions throughout the product lifecycle [7] - The acquisition of a 43% stake in Shanghai Yirui Chip Electronics Technology Co., Ltd. marks the company's expansion from manufacturing EDA to design EDA [9] Earnings Forecast - The company is projected to achieve revenues of 705 million yuan, 903 million yuan, and 1.201 billion yuan for the years 2025, 2026, and 2027, respectively, with corresponding net profits of 112.75 million yuan, 180.74 million yuan, and 268.95 million yuan [10][12]
广立微（301095）：良率服务助力制程演进，EDA产品矩阵逐步丰富