EMPYREAN(SZ:301269)2024-08-09 13:31Investment Rating - The report maintains an "Outperform" rating for the company [6] Core Views - The company reported a revenue of 444 million yuan for the first half of 2024, representing a year-on-year growth of 9.6%. However, the net profit attributable to the parent company decreased by 54.8% to 37.87 million yuan, with a net loss of 51.25 million yuan after deducting non-recurring items [6][8] - The second quarter of 2024 saw a revenue of 230 million yuan, down 6.0% year-on-year, and a net profit of 30.21 million yuan, down 51.8% year-on-year. The report suggests that the performance was affected by the timing of order confirmations [6][7] - Despite the quarterly fluctuations, the overall outlook for the year remains optimistic due to the company's significant position in the industry and the recovery of the semiconductor sector [6][7] Summary by Sections Financial Performance - The company achieved a revenue of 4.44 billion yuan in the first half of 2024, with a year-on-year increase of 9.6%. The net profit attributable to the parent company was 37.87 million yuan, a decline of 54.8% [6][8] - The revenue from EDA software sales was 3.86 billion yuan, up 0.8% year-on-year, while technical service revenue surged by 472.4% to 0.52 billion yuan [6][7] Product Development - The company made significant progress in various product lines, including the PyAether design platform, which enhances design efficiency with 12,000 interface functions. The ALPS circuit simulation tool received 4nm certification, and new tools were introduced to improve design processes [7] - The report highlights advancements in storage circuit EDA, digital circuit EDA, and wafer manufacturing EDA, showcasing the company's commitment to innovation and development [7] Future Projections - The net profit forecasts for 2024-2026 have been revised down to 114 million yuan, 289 million yuan, and 449 million yuan, respectively, due to the impact of order confirmation timing [7][8] - The company is positioned to potentially become a significant player in the global EDA market, especially in light of increasing semiconductor restrictions and national initiatives for technological self-reliance [7]