PRIMARIUS(SH:688206) Guohai Securities·2025-05-05 14:01Investment Rating - The report maintains a "Buy" rating for the company [1][11][12] Core Insights - The company achieved a turnaround in net profit for Q1 2025, with a net profit of 0.02 billion yuan compared to a loss of 0.36 billion yuan in the same period of 2024 [5][6] - The company is actively expanding its market presence through acquisitions, including the planned purchase of Rui Cheng Chip and Na Neng Micro, which will enhance its semiconductor IP business [8][9] - The company has shown a significant increase in R&D investment, with a 21.84% year-on-year increase in 2024, indicating a commitment to enhancing its competitive edge [7] Financial Performance Summary - In 2024, the company reported revenue of 4.19 billion yuan, a year-on-year increase of 27.42%, while the net profit was a loss of 0.96 billion yuan [5][6] - For Q1 2025, the company reported revenue of 0.91 billion yuan, up 11.75% year-on-year, and a net profit of 0.02 billion yuan, marking a significant improvement from the previous year's loss [5][6] - The company’s revenue from EDA software licensing and semiconductor testing showed varied growth, with EDA software licensing revenue increasing by 23.17% for integrated circuit manufacturing EDA [6] Market Position and Growth Potential - The company has a strong customer base and has successfully integrated multiple acquisitions, enhancing its product offerings and technical capabilities in the EDA sector [11] - The forecast for revenue growth is optimistic, with projected revenues of 5.34 billion yuan in 2025, 6.88 billion yuan in 2026, and 8.92 billion yuan in 2027, reflecting a compound annual growth rate of approximately 28% [10][11] - The company’s average revenue contribution per customer increased by 20.8% year-on-year, indicating improved customer engagement and market penetration [6]