Investment Rating - The report assigns a "Buy" rating for the company, indicating a potential upside of over 20% relative to the CSI 300 index [1][17]. Core Views - The company is positioned as a rare expert in integrated circuit yield improvement in China, focusing on EDA software and testing equipment, with a commitment to innovation and enhancing core competitiveness [4][17]. - The company has successfully integrated its EDA business with DFT technology, which is expected to accelerate customer adoption and expand its client base, leading to rapid revenue growth [14][17]. Summary by Sections Company Overview - The company, established in 2003, specializes in yield improvement in the integrated circuit manufacturing process, offering a comprehensive solution that includes EDA software tools, WAT testing equipment, and yield enhancement services [14][17]. Financial Performance - In the first half of 2023, the company achieved revenue of 127 million yuan and a net profit of 20 million yuan, representing year-on-year growth of 63.91% and 3903.60%, respectively [14][17]. - Forecasted revenues for 2023, 2024, and 2025 are 492 million yuan, 771 million yuan, and 1.262 billion yuan, with corresponding net profits of 135 million yuan, 253 million yuan, and 500 million yuan [17][18]. Market Position - The company has developed a range of EDA design tools that enhance testing chip design efficiency and reduce design cycles, with its products already applied in major semiconductor manufacturers like Samsung and Huahong Group [2][14]. - The WAT testing machine business has reached a level of performance comparable to leading international products, enhancing customer value and loyalty [16][17].
点评报告：国内稀缺集成电路良率改善专家型企业，软硬件业务持续放量