Investment Rating - The report maintains a "Buy" rating for the company, with a market price of RMB 50.30 and an industry rating of "Outperform" [1][4][6]. Core Insights - The company is expected to benefit from the increasing demand for domestic products in the context of integrated circuit self-sufficiency, leading to significant growth in its software business revenue in 2024 [1][4]. - The company reported a revenue of RMB 547 million in 2024, a year-on-year increase of 14.5%, while the net profit attributable to the parent company decreased by 37.68% to RMB 80 million [4][8]. - The first quarter of 2025 showed a revenue increase of 51.43% year-on-year, amounting to RMB 66 million, with a narrowing loss compared to the previous year [9]. Financial Performance Summary - The company’s revenue projections for 2025-2027 are RMB 684 million, RMB 861 million, and RMB 1,094 million, respectively, with a compound annual growth rate (CAGR) of 25% [6][8]. - The net profit attributable to the parent company is expected to recover to RMB 148 million in 2025, with further growth to RMB 190 million in 2026 and RMB 253 million in 2027 [6][8]. - The earnings per share (EPS) are projected to be RMB 0.74 in 2025, RMB 0.95 in 2026, and RMB 1.26 in 2027, reflecting a significant recovery from the previous year's decline [6][8]. Business Segment Performance - The company has diversified its offerings into EDA software and hardware testing equipment, with software development and licensing revenue reaching RMB 159 million in 2024, a substantial increase of 70.33% [9]. - The hardware testing equipment and accessories segment generated RMB 386 million in revenue, a slight increase of 0.63%, while the testing services and other business segments saw a remarkable growth of 360.63% [9]. Market Trends and Opportunities - The domestic EDA market is expected to grow due to the increasing demand for semiconductor products driven by advancements in AI and local procurement strategies [9]. - The company is positioned to capture market share as the U.S. imposes restrictions on certain EDA software, which may benefit domestic EDA manufacturers [9].

中国国际金融股份有限公司 关于杭州广立微电子股份有限公司 2 录、签到表等； （2）查阅公司信息披露制度及信息披露文件； （3）与董事会办公室、财务部相关人员进行沟通，了解公司信息披露制度的执行情况。 1.公司已披露的公告与实际情况是否一致 √ 2.公司已披露的内容是否完整 √ 3.公司已披露事项是否未发生重大变化或 者取得重要进展 √ 4.是否不存在应予披露而未披露的重大事 项 √ 5.重大信息的传递、披露流程、保密情况等 是否符合公司信息披露管理制度的相关规 定 √ 6.投资者关系活动记录表是否及时在本所 互动易网站刊载 √ （四）保护公司利益不受侵害长效机制的建立和执行情况 现场检查手段： （1）查阅《深圳证券交易所创业板股票上市规则》中关于关联交易、对外担保的规定， 取得公司关联交易管理制度、对外担保管理制度以及其他公司内部的相关规定； （2）查阅历次董事会、监事会、股东大会会议材料，包括会议通知、会议决议、会议记 录、签到表等； （3）与财务人员沟通，询问公司是否发生关联交易及审议对外担保的内部流程等。 2024 年度持续督导定期现场检查报告 | 保荐人名称：中国国际金融股份有限公司 | | 被保荐 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [2] 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 attributable to shareholders 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] Company Overview - The latest closing price of the company's stock is 48.50 yuan, with a total market capitalization of 9.7 billion yuan [4] - The company has a total share capital of 200 million shares, with 108 million shares in circulation [4] - The company has a low debt-to-asset ratio of 7.6% and a high price-to-earnings ratio of 121.25 [4] Financial Performance - The company’s revenue is projected to grow to 705 million yuan in 2025, 903 million yuan in 2026, and 1.201 billion yuan in 2027, with corresponding net profits of 112.75 million yuan, 180.74 million yuan, and 268.95 million yuan respectively [10][12] - The company’s gross margin improved from 60.30% in 2023 to 61.90% in 2024, indicating better cost management and product mix [6] - The R&D expenses increased by 33.49% in 2024, reflecting the company's commitment to innovation and product development [6] Investment Recommendations - The current stock price corresponds to a price-to-earnings ratio of 86 times for 2025, 54 times for 2026, and 36 times for 2027, supporting the "Buy" rating [10][12]

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]

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance relative to the benchmark index [6][8]. Core Insights - The company has demonstrated robust revenue growth, with a 14.50% year-on-year increase in 2024, achieving total revenue of 546.87 million yuan. However, net profit declined by 37.68% to 80.27 million yuan [3][6]. - In the first quarter of 2025, the company reported a significant revenue increase of 51.43% year-on-year, amounting to 66.48 million yuan, while the net loss narrowed to 13.71 million yuan [3][6]. - The software business is rapidly growing, particularly in AI-enabled semiconductor design and manufacturing, with notable product launches such as the INF-AI platform and SemiMind model [4][6]. Financial Performance - The company’s revenue projections for 2025-2027 are estimated at 688.69 million yuan, 852.77 million yuan, and 1.045 billion yuan, respectively, with corresponding net profits of 107 million yuan, 140.11 million yuan, and 179.21 million yuan [6][9]. - The earnings per share (EPS) are forecasted to be 0.53 yuan, 0.70 yuan, and 0.89 yuan for the years 2025, 2026, and 2027, respectively, with price-to-earnings (P/E) ratios of 90.22, 68.90, and 53.87 [6][9]. Research and Development - The company has maintained a high level of R&D investment, with R&D expenses reaching 276.56 million yuan, accounting for 50.57% of total revenue, reflecting a 33.49% increase year-on-year [5][6]. - The company has expanded its product offerings to include DFM and DFT EDA software to meet the demands of advanced processes and large-scale chip yield management [5][6].

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance relative to the benchmark index [6][8]. Core Insights - The company has shown robust revenue growth in 2024, achieving an operating income of 546.87 million yuan, a year-on-year increase of 14.50%. However, the net profit attributable to the parent company decreased by 37.68% to 80.27 million yuan [3][6]. - In the first quarter of 2025, the company returned to a rapid growth trajectory with a revenue of 66.48 million yuan, marking a year-on-year increase of 51.43% [3][4]. - The software business is experiencing significant growth, particularly in AI-enabled semiconductor design and manufacturing, with the software development and licensing segment achieving a revenue of 159 million yuan, up 70.33% year-on-year [3][4]. Financial Performance - The company reported a net profit of -13.71 million yuan in Q1 2025, indicating a significant narrowing of losses compared to previous periods [3]. - The company has maintained a high level of R&D investment, with R&D expenses amounting to 276.56 million yuan, representing 50.57% of operating income, a 33.49% increase year-on-year [5]. - Revenue forecasts for 2025-2027 are projected at 688.69 million yuan, 852.77 million yuan, and 1.045 billion yuan respectively, with net profits expected to reach 107 million yuan, 140.11 million yuan, and 179.21 million yuan [6][9]. Product Development - The company has launched several AI-driven platforms and tools, including the INF-AI semiconductor AI application platform and the SemiMind large model platform, which enhance design and manufacturing efficiency [4][5]. - The company is one of the few EDA firms that provide comprehensive yield management services through a combination of software and hardware solutions, addressing the increasing defect rates in semiconductor manufacturing [5]. Market Position - The company is positioned as a leading supplier of EDA software and wafer-level electrical testing equipment, with significant growth potential aligned with the global integrated circuit industry [6]. - The report highlights the company's ability to adapt to evolving semiconductor processes and the introduction of new EDA software to meet advanced manufacturing needs [5].

中国国际金融股份有限公司 关于杭州广立微电子股份有限公司 使用部分闲置自有资金进行现金管理的核查意见 根据公司经营计划和资金使用情况，在保证资金流动性和安全性的基础上， 公司拟使用额度不超过人民币55,000万元的闲置自有资金进行现金管理，自公司 董事会审议通过之日起十二个月内有效，在上述额度及决议有效期内，资金可以 循环滚动使用。 1 4、实施方式 中国国际金融股份有限公司（以下简称"保荐机构"）作为杭州广立微电子 股份有限公司（以下简称"广立微"或"公司"）首次公开发行股票并在创业板 上市的保荐机构，根据《证券发行上市保荐业务管理办法》《深圳证券交易所上 市公司自律监管指引第 13 号——保荐业务》《深圳证券交易所创业板股票上市规 则》《深圳证券交易所上市公司自律监管指引第 2 号——创业板上市公司规范运 作》等相关规定，对广立微使用部分闲置自有资金进行现金管理事项进行了核查， 具体核查情况如下： 一、使用部分闲置自有资金进行现金管理的情况 1、管理目的 为提高公司资金使用效率，在不影响公司正常经营情况下，合理利用部分闲 置自有资金进行现金管理，增加资金收益，为公司及股东获取更多的投资回报。 2、投资品种 ...

Financial Performance - The company reported a basic earnings per share of -0.0696 yuan for Q1 2025, an improvement of 39.21% compared to -0.1145 yuan in Q1 2024 [1] - Operating revenue increased by 50% year-on-year, reaching 0.66 billion yuan in Q1 2025, up from 0.44 billion yuan in Q1 2024 [1] - The net profit for Q1 2025 was -0.14 billion yuan, showing a 39.13% improvement from -0.23 billion yuan in Q1 2024 [1] - The return on equity (ROE) improved to -0.46% in Q1 2025 from -0.70% in Q1 2024, reflecting a 34.29% increase [1] Shareholder Structure - The top ten unrestricted shareholders hold a total of 33.61 million shares, accounting for 31.24% of the circulating shares, with a decrease of 2.47 million shares compared to the previous period [2] - Notable changes among the top shareholders include a decrease of 67.37 million shares held by 亦合高科技产业投资合伙企业, and a new entry of 常州武岳峰桥矽实业投资合伙企业 with 1.11 million shares [3] Dividend Policy - The company has announced that it will not distribute or transfer any dividends [4]

1、管理目的 为提高公司资金使用效率，在不影响公司正常经营情况下，合理利用部分闲 置自有资金进行现金管理，增加资金收益，为公司及股东获取更多的投资回报。 关于使用部分闲置自有资金进行现金管理的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有 虚假记载、误导性陈述或重大遗漏。 杭州广立微电子股份有限公司（以下简称"公司"或"广立微"）于 2025 年 4 月 25 日召开的第二届董事会第十八次会议及第二届监事会第十一次会议审议 通过了《关于使用部分闲置自有资金进行现金管理的议案》，为提高公司资金使 用效率，合理利用自有资金，获取较好的投资回报，在保证日常经营资金需求和 资金安全的前提下，公司及子公司拟使用不超过人民币 55,000 万元的闲置自有 资金购买安全性高、流动性好、期限不超过 12 个月的现金管理产品（包括但不 限于协定存款、通知存款、定期存款、结构性存款等），使用期限为自公司董事 会审议通过之日起 12 个月内。在上述额度及决议有效期内，资金可以滚动使用。 一、使用部分闲置自有资金进行现金管理的情况 2、投资品种 公司将按照相关规定严格控制风险，对现金管理产品进行严格评估、筛选， ...

杭州广立微电子股份有限公司（以下简称"公司"）第二届监事会第十一次会 议于 2025 年 4 月 25 日（星期五）在浙江省杭州市余杭区五常街道联创街 188 号 A1 号楼 4 楼会议室召开，会议通知已于 2025 年 4 月 20 日通过书面、邮件及其 他通讯方式送达全体监事。本次会议应出席监事 3 名，实际出席监事 3 名。会议 由监事会主席李莉莉女士召集和主持，董事会秘书、财务总监陆春龙先生列席会 议。 本次会议的召集和召开符合《中华人民共和国公司法》等有关法律、行政法 规、部门规章和《公司章程》的规定，形成的决议合法有效。 证券代码：301095 证券简称：广立微 公告编号：2025-030 杭州广立微电子股份有限公司 第二届监事会第十一次会议决议公告 本公司及监事会全体成员保证信息披露内容的真实、准确和完整，没有 虚假记载、误导性陈述或重大遗漏。 一、 监事会会议召开情况 二、 监事会会议审议情况 经与会监事审议，一致通过以下决议： （一） 审议通过《关于<2025 年第一季度报告>的议案》 经审查，监事会认为：《公司 2025 年第一季度报告》的编制程序符合法律、 行政法规和中国证监会的规定，报 ...