Investment Rating - The report maintains a "Buy" rating for the company, with a market price of RMB 50.30 and an industry rating of "Outperform" [1][4][6]. Core Insights - The company is expected to benefit from the increasing demand for domestic products in the context of integrated circuit self-sufficiency, leading to significant growth in its software business revenue in 2024 [1][4]. - The company reported a revenue of RMB 547 million in 2024, a year-on-year increase of 14.5%, while the net profit attributable to the parent company decreased by 37.68% to RMB 80 million [4][8]. - The first quarter of 2025 showed a revenue increase of 51.43% year-on-year, amounting to RMB 66 million, with a narrowing loss compared to the previous year [9]. Financial Performance Summary - The company’s revenue projections for 2025-2027 are RMB 684 million, RMB 861 million, and RMB 1,094 million, respectively, with a compound annual growth rate (CAGR) of 25% [6][8]. - The net profit attributable to the parent company is expected to recover to RMB 148 million in 2025, with further growth to RMB 190 million in 2026 and RMB 253 million in 2027 [6][8]. - The earnings per share (EPS) are projected to be RMB 0.74 in 2025, RMB 0.95 in 2026, and RMB 1.26 in 2027, reflecting a significant recovery from the previous year's decline [6][8]. Business Segment Performance - The company has diversified its offerings into EDA software and hardware testing equipment, with software development and licensing revenue reaching RMB 159 million in 2024, a substantial increase of 70.33% [9]. - The hardware testing equipment and accessories segment generated RMB 386 million in revenue, a slight increase of 0.63%, while the testing services and other business segments saw a remarkable growth of 360.63% [9]. Market Trends and Opportunities - The domestic EDA market is expected to grow due to the increasing demand for semiconductor products driven by advancements in AI and local procurement strategies [9]. - The company is positioned to capture market share as the U.S. imposes restrictions on certain EDA software, which may benefit domestic EDA manufacturers [9].
广立微（301095）：EDA软件品类扩展，国产化需求提升