Investment Rating - The report maintains a rating of "Accumulate" for the company [6] Core Views - The company is positioned to benefit from the domestic substitution trend in the integrated circuit industry, leveraging its software and hardware integration to enhance long-term growth potential [5][6] - High R&D investment is crucial for maintaining product competitiveness, although it has impacted profitability in the short term [2][6] Financial Performance Summary - Revenue is projected to grow from 356 million in 2022 to 1,290 million by 2026, with a compound annual growth rate (CAGR) of approximately 38.7% [1] - Net profit is expected to increase from 122 million in 2022 to 254 million by 2026, with a notable growth rate of 36.8% in 2026 [1] - The company's gross margin for the first three quarters of 2024 was 62.81%, reflecting a year-on-year increase of 2.31 percentage points [2] - The net profit margin for the same period was 3.88%, down 16.05 percentage points year-on-year, primarily due to rising expenses [2] Product and Market Development - The company has diversified its product structure, launching high-cost performance products and enhancing its software and hardware synergy to meet customer needs [3] - Significant advancements have been made in EDA software, with successful integration of DFT design and yield diagnosis solutions, which have received positive feedback from clients [3] - The company has introduced new testing equipment, such as the wafer-level WLR testing device, contributing to its diversified growth [3][5] Financial Ratios and Projections - The projected EPS for 2024-2026 is expected to be 0.65, 0.93, and 1.27 respectively, with corresponding P/E ratios of 79X, 55X, and 40X [6] - The company's return on equity (ROE) is anticipated to rise from 3.8% in 2022 to 7.0% in 2026 [1][9] - The operating cash flow is projected to fluctuate, with a negative cash flow of 212 million in 2023, turning positive in subsequent years [7]
广立微：高研发投入保持产品竞争力，国产替代浪潮赋能长线增长