Investment Rating - The report maintains a "Buy" rating for the company [1][3] Core Views - The company has increased its R&D investment, solidifying its long-term technological barriers [3] - The company reported a revenue of 290 million RMB for the first three quarters of 2024, a year-on-year increase of 12.2%, but a net profit attributable to shareholders of 7.71 million RMB, a decrease of 84.9% year-on-year [2][3] - The company is expanding its product categories and has made significant progress in its EDA software offerings [3] Summary by Sections Financial Performance - In Q3, the company's main business revenue was 120 million RMB, a year-on-year decrease of 10.2%, with a net profit attributable to shareholders of 5.17 million RMB, down 81.6% year-on-year [3] - R&D expenses reached 200 million RMB in the first three quarters, an increase of 37.7% year-on-year [3] Market Expansion - The company is actively expanding its overseas market presence, with overseas business revenue exceeding 6 million RMB in the first half of 2024, a year-on-year increase of 27.9% [3] Product Development - The company has launched new EDA software products, including DFT tools and a semiconductor AI application platform, which have been successfully implemented and generated sales [3] Valuation - The projected net profits for 2024-2026 are 140 million, 210 million, and 280 million RMB, with corresponding EPS of 0.71, 1.03, and 1.42 RMB, reflecting a downward adjustment of 58.7%-63.1% [3][4]
广立微：加大研发投入，夯实中长期技术壁垒