Investment Rating - The report maintains a "Buy" rating for the company [2][6] Core Views - The company has shown a recovery in performance in Q2 2024, with revenue reaching 128 million yuan, a year-on-year increase of 21.21% and a quarter-on-quarter increase of 191.25%. The net profit attributable to shareholders was 25.43 million yuan, a year-on-year increase of 35.21, marking a return to profitability [4][6] - The company's EDA software accumulation is gradually being released, with significant revenue growth in software development and licensing, which increased by 86.81% year-on-year [4] - The company continues to invest heavily in R&D, with R&D expenses amounting to 132 million yuan in H1 2024, accounting for 76.87% of revenue, reflecting a year-on-year increase of 41.77% [4] - The company has a strong order backlog, with signed contracts at the end of H1 2024 corresponding to 413 million yuan in revenue, supporting future growth [4] Financial Summary - For the fiscal years 2024, 2025, and 2026, the company is expected to achieve revenues of 651 million yuan, 973 million yuan, and 1.374 billion yuan, respectively, with net profits of 148 million yuan, 242 million yuan, and 374 million yuan [6][10] - The projected P/E ratios for 2024, 2025, and 2026 are 51 times, 31 times, and 20 times, respectively [6][10] - The company reported a total revenue of 172 million yuan in H1 2024, with a year-on-year growth rate of 34.86% [3][4]
广立微：EDA软件积累逐步释放