Company Overview - Latest closing price: 62.46 yuan [3] - Total shares outstanding: 2.00 billion shares, with 1.07 billion shares in circulation [4] - Total market capitalization: 125 billion yuan, with a circulating market cap of 67 billion yuan [5] - 52-week high/low: 87.47 yuan / 34.76 yuan [6] - Debt-to-asset ratio: 8.1% [7] - P/E ratio: 97.59 [8] - Largest shareholder: Hangzhou Guangliwei Equity Investment Co Ltd [9] Investment Rating - Stock investment rating: Buy | Maintain [9] Core Investment Thesis - The company has achieved full-process coverage in the yield improvement field, including EDA and IP tools, WAT electrical testing equipment, and semiconductor big data analysis systems [11] - The company's products are interdependent and closely linked, forming an effective closed-loop system for yield improvement [11] - The company has expanded its product offerings to include DFM and DFT EDA software to meet the yield management needs of advanced processes and large-scale chips [11] - The company's software and hardware products can promote and attract each other, reducing the certification difficulty for other products once a single product enters the customer's supply system [11] Financial Performance and Projections - R&D expenses for the first three quarters of 2024: 201 million yuan, a year-on-year increase of 37.72% [11] - Number of authorized patents as of June 2024: 160, a year-on-year increase of 37.93%, with 88 invention patents, a year-on-year increase of 62.96% [11] - Expected revenue for 2024/2025/2026: 5.0/6.6/8.8 billion yuan [14] - Expected net profit attributable to the parent company for 2024/2025/2026: 0.7/1.5/2.4 billion yuan [14] - Current stock price corresponds to a P/E ratio of 180x, 83x, and 53x for 2024-2026 [14] Product Development - The company has developed an efficient process control monitoring (PCM) solution, extending the yield improvement solution from process development to chip mass production [11] - The company has launched the INF-AI software product, applying AI, machine learning, and large models in semiconductor data analysis [13] - The company has introduced reliability (WLR) testing equipment and is developing high-voltage testing equipment, while also advancing the collaborative development of key components to achieve supply chain autonomy [13] Financial Ratios - Revenue growth rate for 2024E/2025E/2026E: 4.83%/32.58%/33.05% [16] - Net profit growth rate for 2024E/2025E/2026E: -46.08%/116.08%/57.31% [16] - Gross margin for 2024E/2025E/2026E: 64.4%/67.8%/69.7% [18] - ROE for 2024E/2025E/2026E: 2.1%/4.4%/6.5% [18]
广立微：软硬件协同助力良率提升