Investment Rating - The report does not explicitly state an investment rating for the company Core Insights - The company has established stable partnerships with major state-owned enterprises in the domestic special integrated circuit sector, with significant recognition for its core products such as CPLD/FPGA and high-precision ADCs [1] - The company benefits from the trend of chip localization and the promotion of new products, leading to a compound annual growth rate (CAGR) of 39.93% in revenue and 87.66% in net profit from 2020 to 2023 [33] - The company plans to invest its IPO proceeds of 1.416 billion yuan into R&D, testing, and working capital, with a focus on FPGA, ADC, and SoC product development [6] Summary by Sections Customer Base and Market Position - The company serves major state-owned enterprises such as China Electronics and has maintained a stable revenue contribution from its top ten customers, which accounted for over 40% of total revenue from 2020 to H1 2023 [1] - The company is recognized for its leading position in the domestic market for special integrated circuits, particularly in CPLD/FPGA and high-precision ADCs [1][14] Financial Performance - The company's revenue and net profit for 2023 were 926 million yuan and 311 million yuan, respectively, reflecting a year-on-year growth of 9.64% and 10.61% [33] - The company's gross margin improved from 76.28% in 2020 to 82.70% in 2021, although it slightly decreased to 76.13% in 2022 due to challenges in product yield [18] R&D and Product Development - The company emphasizes R&D investment, with a consistent R&D expense ratio above 20% from 2020 to Q1 2024, aiming to enhance its product offerings in high-margin segments [18] - The company plans to allocate significant funds from its IPO for the development of high-end integrated circuits and to enhance its testing capabilities [6][20] Industry Outlook - The domestic integrated circuit market is expected to gradually recover, with a projected sales growth of 20.78% in 2024 and 13.71% in 2025, particularly in the logic and storage segments [22][28] - The report highlights the increasing demand for high-performance and high-reliability applications in the special integrated circuit sector, driven by advancements in technology and the push for localization [46]
成都华微：投资价值分析报告：国内特种集成电路设计领先企业，高端新品研发储备助推成长