Investment Rating - The report maintains a "Buy" rating for the company with a target price of 54.30 RMB [1][10][7] Core Insights - The company's software business is expected to drive significant revenue growth, with a projected CAGR of 118% from 2024 to 2025, outperforming comparable companies [3][10] - The company reported a revenue of 172 million RMB for H1 2024, a year-on-year increase of 34.86%, while net profit decreased by 88.90% to 2.54 million RMB [1][2] - The report highlights the potential for the company to benefit from the domestic substitution trend in the semiconductor industry, which is expected to enhance revenue growth from 2024 to 2025 [4][10] Summary by Sections Financial Performance - For H1 2024, the company achieved a revenue of 172 million RMB, with Q2 revenue reaching 128 million RMB, reflecting a year-on-year growth of 21.21% and a quarter-on-quarter growth of 191.25% [1][3] - The company’s revenue forecast for 2024 is 693.85 million RMB, with a projected growth rate of 45.27% [5] Software Business - The software development and licensing segment generated 61 million RMB in H1 2024, marking an 86.81% increase year-on-year [3] - The company is expanding its software product line, including new tools for design verification and data analysis, which are expected to enhance market share [3][4] R&D Investment - The company has a high R&D expense ratio of 76.87% in H1 2024, with R&D expenses increasing by 41.77% year-on-year, indicating a strong commitment to innovation in the EDA sector [2][10] Market Position - The report emphasizes the company's competitive edge in the EDA industry, driven by its strong R&D capabilities and the increasing demand for domestic semiconductor solutions [4][10] - The company is positioned to capitalize on the growing trend of domestic chip manufacturers shifting their production to local foundries due to supply chain security concerns [4][10]
广立微：软件业务放量有望带动营收高增长