EMPYREAN(SZ:301269) Xin Lang Cai Jing·2025-05-27 08:35Group 1 - The company maintains a strong domestic leadership position in the EDA industry and plans to fully acquire Chip and Semiconductor to complete its EDA product matrix, supported by the change of actual controller to China Electronics Group, which is expected to enhance the company's long-term development momentum [1][4] - The company is projected to achieve revenues of 15.98 billion, 21.37 billion, and 27.55 billion yuan for the years 2025-2027, with EPS of 0.43, 0.57, and 0.72 yuan respectively, reflecting an upward adjustment in target price to 147.19 yuan based on a 50x PS valuation for 2025 [2] - In 2024, the company reported a revenue of 12.22 billion yuan, a year-on-year increase of 20.98%, while net profit attributable to shareholders decreased by 45.46% to 1.09 billion yuan due to increased share-based payment expenses and rising personnel costs [3] Group 2 - The company has nearly 700 global clients, maintaining the top market share among domestic EDA firms, and has achieved comprehensive coverage of the analog circuit design process, supporting advanced processes such as 5nm, 14nm, and 28nm [4] - The actual controller change to China Electronics Group is expected to facilitate breakthroughs in the industry, accelerating the domestic substitution of EDA tools, with new product launches such as the GPU-based Liberal-GT tool and the Vision platform for process diagnosis [3][4]