证 券 研 究 报 告 概伦电子（688206）2025 年业绩预告点评 推荐（维持） 业绩扭亏为盈，外延并购完善 EDA 生态 当前价：36.52 元 事项： 近日，公司发布 2025 年度业绩预告，预计 2025 年实现营业收入约 4.87 亿元， 同比增长约 16.21%；实现归母净利润约 0.36 亿元，相比将实现扭亏为盈；扣 非净利润约为-0.59 亿元。 评论： [ReportFinancialIndex] 主要财务指标 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 419 | 487 | 616 | 756 | | 同比增速(%) | 27.4% | 16.2% | 26.5% | 22.8% | | 归母净利润(百万) | -96 | 36 | 51 | 84 | | 同比增速(%) | -70.4% | 137.4% | 41.2% | 65.1% | | 每股盈利(元) | -0.22 | 0.08 | 0.12 | 0.19 | | 市盈率(倍) | -163 | 434 ...

Investment Rating - The report maintains a "Recommendation" rating for the company, indicating an expectation to outperform the benchmark index by 10%-20% over the next six months [2][19]. Core Insights - The company is expected to achieve a revenue of approximately 487 million yuan in 2025, representing a year-on-year growth of about 16.21%. It is also projected to turn a profit with a net profit of around 36 million yuan [2][4]. - The significant improvement in performance is attributed to increased R&D investment and technological upgrades, leading to rapid growth in core businesses such as EDA software licensing and technical development solutions [8]. - The company has established a leading advantage in key EDA point tools, which has helped build a strong competitive barrier in the global market [8]. - The company is actively pursuing acquisitions to enhance its product portfolio, aiming to create a synergistic platform for EDA and IP development [8]. Financial Summary - The projected financial indicators for the company from 2025 to 2027 are as follows: - Revenue: 487 million yuan (2025), 616 million yuan (2026), 756 million yuan (2027) with growth rates of 16.2%, 26.5%, and 22.8% respectively [4]. - Net profit: 36 million yuan (2025), 51 million yuan (2026), 84 million yuan (2027) with growth rates of 137.4%, 41.2%, and 65.1% respectively [4]. - The company’s earnings per share (EPS) are projected to be 0.08 yuan in 2025, 0.12 yuan in 2026, and 0.19 yuan in 2027 [4].

Core Viewpoint - TSMC's latest EDA alliance list, announced on February 6, includes 12 member companies, reflecting the industry's structural adjustments and the importance of EDA in semiconductor development [1][3]. Group 1: EDA Alliance Composition - The EDA alliance remains stable, with major players like Synopsys, Cadence, and Siemens EDA maintaining their dominant positions, while Primarius is the only domestic EDA company included [1][3]. - Ansys has exited the alliance due to its acquisition by Synopsys, which enhances Synopsys's influence within TSMC's EDA ecosystem [3]. - The remaining 11 members of the alliance have not changed, indicating a stable ecosystem [3]. Group 2: Domestic EDA Industry - Primarius's continued presence as the sole Chinese EDA firm highlights its technical recognition and the current state of the domestic EDA industry [4]. - Primarius focuses on core EDA areas such as modeling, simulation, and circuit verification, serving mid-to-high-end analog and mixed-signal circuit design, demonstrating strong technical capabilities [4]. - The exit of Empyrean from the alliance, following significant changes, underscores the challenges faced by domestic EDA firms in maintaining their positions in global ecosystems [7][8]. Group 3: Industry Dynamics - The TSMC EDA alliance is part of its Open Innovation Platform (OIP), aimed at collaborating with global EDA vendors for tool adaptation and methodology optimization [7]. - The stability and minor adjustments in the alliance reflect the ongoing dominance of international EDA giants in the advanced EDA field, while domestic firms still face significant technological gaps [10]. - Domestic EDA companies like Primarius are gradually overcoming technical barriers and integrating into the global semiconductor manufacturing ecosystem through focused R&D and collaboration with foundries [10].

| 指数 | 收盘 | | 涨跌（％） | | | --- | --- | --- | --- | --- | | 名称 | （点） | 1 日 | 5 日 | 1 月 | | 上证指数 | 4066 | -0.25 | -0.44 | -1.27 | | 深证综指 | 2650 | -0.04 | 1.21 | -1.27 | | 风格指数 (％) | 昨日 | 近 1 个月 | 近 6 个月 | | --- | --- | --- | --- | | 大盘指数 | -0.59 | -3.66 | 12.69 | | 中盘指数 | -0.12 | 2.43 | 27.18 | | 小盘指数 | -0.09 | 3.15 | 20.55 | | 涨幅居前 行业(％) | 昨日 | 近 1 个月 | 近 6 个月 | | --- | --- | --- | --- | | 油服工程 | 3.75 | 25.48 | 31.12 | | 饰品 | 3.1 | 14.09 | 4.75 | | 化学纤维 | 2.71 | 4.23 | 24.5 | | 化学制品 | 2.63 | 6.2 | 24.95 | | 电 ...

因经营管理和公司发展需要，上海概伦电子股份有限公司（以下简称"公 司"）于近日对主要办公地址进行了调整，自 2026 年 2 月 9 日起将在新的办公 地址办公，为更好地开展投资者关系管理工作，便于和广大投资者沟通和交流， 现将公司变更后的主要办公地址公告如下： | 变更事项 | 变更前 | | | | | | 变更后 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 地址 | | | | 邮编 | 地址 | | 邮编 | | 主要办公 | 中国（上海）自由贸易试验区 | | | | | 上海市浦东新区银冬 | | | | 地址 | 申江路 5709 号、上海市浦东新 | | | | 201210 | 路20弄集鼎天地3号 | | 201210 | | | 区秋月路 号 室 4 | 26 | 幢 | 901 | | 楼 层 17 | | | 除上述主要办公地址变更外，公司投资者关系热线及邮箱均保持不变，具体 联系方式如下： 证券代码：688206 证券简称：概伦电子 公告编号：2026-003 上海概伦电子股份有限公司 关于变更主要 ...

本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 上海概伦电子股份有限公司（以下简称"公司"）拟通过发行股份及支付现 金的方式购买成都锐成芯微科技股份有限公司 100%股权及纳能微电子（成都） 股份有限公司 45.64%股权，并募集配套资金（以下简称"本次交易"）。本次 交易构成重大资产重组，构成关联交易，不构成重组上市。 证券代码：688206 证券简称：概伦电子 公告编号：2026-004 上海概伦电子股份有限公司 关于延期回复《关于上海概伦电子股份有限公司发行 股份及支付现金购买资产并募集配套资金暨关联交 易申请的审核问询函的回复》的 公 告 本次交易尚需满足多项条件后方可实施，包括但不限于上海证券交易所审核 通过、中国证券监督管理委员会同意注册等。本次交易能否取得上述批准和注册， 以及最终取得审核通过和同意注册的时间均存在不确定性。公司将继续推进本次 交易的相关工作，并根据本次交易的进展情况严格按照有关法律法规的要求履行 信息披露义务，敬请广大投资者注意投资风险。 特此公告。 上海概伦电子股份有限公司董事会 2026 ...

概伦电子公告称，公司拟发行股份及支付现金购买成都锐成芯微100%股权、纳能微电子45.64%股权并 募集配套资金，构成重大关联重组。2026年1月9日，公司收到上交所《审核问询函》，回复时间总计不 超1个月，难按时回复可申请延期1个月。因部分事项需进一步落实，公司已申请自回复期届满起延期不 超1个月提交回复文件。本次交易尚需多项审批，存在不确定性。 ...

Investment Rating - The report rates the EDA industry as "Overweight," indicating that the industry is expected to outperform the overall market [12]. Core Insights - The EDA industry is entering an accelerated development phase, driven by active IPOs and mergers and acquisitions [5]. - The report highlights two significant events in January 2026: the performance forecast of Gaolun Electronics and the increase in shareholding by state-owned investment [5]. - The long-term outlook for the EDA industry suggests the emergence of 2-3 major players through mergers and acquisitions, with state capital playing a crucial role in this growth [5]. Summary by Sections Key Events - Gaolun Electronics forecasts a revenue of 487 million yuan for 2025, a year-on-year increase of 16.21%, and a net profit of 36 million yuan, marking a turnaround from a loss of 95.97 million yuan in the previous year [5]. - State-owned investment increased its stake in Gaolun Electronics by 5%, highlighting the company's strategic importance in the EDA sector [5]. Industry Trends - The report emphasizes the importance of domestic technology paths in semiconductor manufacturing, which creates independent market opportunities for local EDA companies due to the lack of support from foreign EDA tools [5]. - The report notes that the EDA industry is experiencing a surge in IPO activities, with three new companies entering the IPO process, reflecting the overall growth trend in the sector [5]. - The report stresses the need for EDA companies to possess comprehensive platform capabilities to enhance competitiveness, underscoring the role of EDA firms as integration platforms for local industries [5]. Related Companies - Key companies mentioned include Huada Jiutian, Gaolun Electronics, and Guangli Micro, each with distinct advantages in the EDA market [5].

Investment Rating - The industry investment rating is "Overweight" indicating that the EDA industry is expected to outperform the overall market [13]. Core Insights - The EDA industry is entering an accelerated development phase, driven by active IPOs and mergers and acquisitions [5][3]. - The report highlights two key events in January 2026: the performance forecast of Gaon Electronics and the increase in shareholding by state-owned investment [5]. - Gaon Electronics is projected to achieve a revenue of 487 million yuan in 2025, a year-on-year increase of 16.21%, and is expected to turn a profit with a net profit of 36 million yuan [5]. - The report emphasizes the potential of EDA integration platforms, predicting the emergence of 2-3 comprehensive giants in the next five years, supported by state capital and large funds [5]. - The report identifies three main viewpoints: the opportunities arising from the divergence of domestic process paths, the active IPO and M&A activities, and the importance of industry chain collaboration and policy/capital support [5]. Summary by Sections Key Events - In January 2026, two significant events occurred in the domestic EDA industry: Gaon Electronics' performance forecast and the increase in shareholding by state-owned investment [5]. - Gaon Electronics expects to achieve a revenue of 487 million yuan in 2025, a 16.21% increase year-on-year, and a net profit of 36 million yuan, marking a turnaround from a loss of approximately 95.97 million yuan in the previous year [5]. Industry Trends - The EDA industry is experiencing an acceleration in development, with three new companies entering the IPO process, each positioned in different segments of the industry [5]. - The report notes that recent M&A activities in the EDA sector have seen increasing transaction values, focusing on core areas of digital IC design, indicating a shift towards advanced fields [5]. Investment Opportunities - The report highlights the importance of domestic process divergence, which creates opportunities for local EDA companies due to the lack of support from overseas EDA tools for new domestic technologies [5]. - It emphasizes the necessity for EDA companies to possess comprehensive platform capabilities to enhance competitiveness and the role of EDA listed companies as important integration platforms for local EDA industries [5]. Related Companies - Key companies mentioned include Huada Jiutian, Gaon Electronics, and Guangliwei, each with distinct advantages and growth potential in the EDA sector [5].

Group 1 - The core point of the news is that Gaolun Electronics experienced a 5.2% drop in stock price, closing at 36.86 yuan per share, with a trading volume of 127 million yuan and a turnover rate of 0.78%, resulting in a total market capitalization of 16.041 billion yuan [1] - Gaolun Electronics, established on March 18, 2010, and listed on December 28, 2021, is located in the Shanghai Free Trade Zone and specializes in providing EDA products and solutions widely validated by leading global integrated circuit design and manufacturing companies [1] - The revenue composition of Gaolun Electronics includes 67.95% from EDA tool licensing, 21.23% from technical development solutions, 10.63% from semiconductor device characteristic testing systems, and 0.18% from other sources [1] Group 2 - Southern Fund's Southern Information Innovation Mixed A (007490) entered the top ten circulating shareholders of Gaolun Electronics in the third quarter, holding 5.7441 million shares, which accounts for 1.32% of the circulating shares, with an estimated floating loss of approximately 11.6031 million yuan [2] - The Southern Information Innovation Mixed A fund, established on June 19, 2019, has a latest scale of 2.835 billion yuan, with a year-to-date return of 29.28%, ranking 42 out of 9000 in its category, and a one-year return of 105.7%, ranking 149 out of 8193 [2] - The fund manager of Southern Information Innovation Mixed A is Zheng Xiaoxi, who has a cumulative tenure of 6 years and 231 days, with a total asset scale of 6.898 billion yuan and a best fund return of 244.45% during the tenure [3] Group 3 - Southern Fund's Southern Sci-Tech Innovation 3-Year Open Mixed (506000) holds 2.8683 million shares of Gaolun Electronics, representing 4.33% of the fund's net value, making it the ninth largest holding, with an estimated floating loss of about 579.41 thousand yuan [4] - The Southern Sci-Tech Innovation 3-Year Open Mixed fund was established on July 28, 2020, with a latest scale of 2.307 billion yuan, achieving a year-to-date return of 17.23%, ranking 369 out of 9000, and a one-year return of 60.74%, ranking 1266 out of 8193 [4] - The fund manager of Southern Sci-Tech Innovation 3-Year Open Mixed is also Zheng Xiaoxi, with the same cumulative tenure and asset scale as mentioned previously [5]