Investment Rating - The report assigns an "Accumulate" rating for the company, marking its first coverage [2]. Core Insights - The company focuses on enhancing chip yield and rapid monitoring technology, indicating a promising growth trajectory [1]. - It is a leading supplier of integrated circuit EDA software and wafer-level electrical testing equipment, partnering with major domestic and international semiconductor manufacturers [1][9]. - The company has achieved a compound annual growth rate (CAGR) of 55.26% in revenue from 2021 to 2023, with a significant increase in customer base and product offerings [1][12]. - The domestic EDA market is expected to grow at a CAGR of 15.64% from 2022 to 2025, driven by policy support and the acceleration of domestic substitution [1][30]. - The company is one of the few capable of providing comprehensive solutions in yield enhancement and electrical monitoring, creating high technical barriers [1][2]. Summary by Sections Company Overview - The company, established in 2003, specializes in EDA software and wafer-level testing equipment, breaking the long-standing foreign monopoly in chip yield enhancement [9]. - It has gained recognition from leading manufacturers, including Samsung and SK Hynix, and has developed a strong customer base [9]. Financial Analysis - From 2021 to 2023, the company reported revenues of 198.13 million, 355.60 million, and 477.62 million CNY, respectively, with a strong gross margin [12]. - In the first half of 2024, revenue reached 171.78 million CNY, a year-on-year increase of 34.86%, with software development and licensing revenue growing by 86.81% [12]. - The company’s R&D expenses have seen a CAGR of 77.87% from 2021 to 2023, reflecting its commitment to innovation [15]. Industry Analysis - The EDA industry in China reached a market size of 11.56 billion CNY in 2022, with a growth rate of 11.80%, outpacing global growth [30]. - The domestic EDA market is projected to exceed 18.4 billion CNY by 2025, driven by increased investment and technological advancements [30]. - The global EDA market is dominated by a few players, but domestic companies are gradually increasing their market share [33]. Competitive Analysis - The company has a diverse product matrix that includes yield enhancement solutions and electrical testing equipment, catering to high-end clients [1][2]. - It has successfully entered the supply chains of leading semiconductor manufacturers, breaking the monopoly of foreign companies in the WAT testing machine sector [35]. Investment Projections - Revenue forecasts for 2024-2026 are 652.22 million, 909.68 million, and 1.22 billion CNY, with net profits projected at 150 million, 208 million, and 288 million CNY, respectively [2]. - The expected earnings per share (EPS) for the same period are 0.75, 1.04, and 1.44 CNY, with corresponding price-to-earnings (P/E) ratios of 51.38, 37.03, and 26.70 [2].
广立微：聚焦芯片良率提升，业务规模持续扩张