EMPYREAN(301269) ZHONGTAI SECURITIES·2025-05-14 12:38Investment Rating - The report maintains an "Accumulate" rating for the company [2][4] Core Views - The company achieved a revenue of 1.22 billion yuan in 2024, representing a year-on-year growth of 20.98%, while the net profit attributable to the parent company was 109 million yuan, a decrease of 45.46% year-on-year [4] - The company is expanding its full-process advantages and plans to acquire Chip and Semiconductor to extend its capabilities [4] - The company has a strong customer base with nearly 700 global clients, covering major integrated circuit design companies, wafer manufacturers, packaging companies, and flat panel manufacturers [4] Revenue and Profit Forecast - The company forecasts revenues of 1.61 billion yuan in 2025, 2.02 billion yuan in 2026, and 2.49 billion yuan in 2027, with corresponding net profits of 137 million yuan, 172 million yuan, and 225 million yuan respectively [2][4] - The expected growth rates for revenue are 31.9% in 2025, 25.4% in 2026, and 23.2% in 2027 [6] Financial Metrics - The company's earnings per share (EPS) is projected to be 0.25 yuan in 2025, 0.32 yuan in 2026, and 0.41 yuan in 2027 [6] - The price-to-earnings (P/E) ratio is expected to be 463 in 2025, 368 in 2026, and 281 in 2027 [6] Strategic Initiatives - The company is enhancing its research and development investments, with R&D expenses projected to reach 1.09 billion yuan in 2025 and 1.36 billion yuan in 2026 [6] - The acquisition of Chip and Semiconductor is aimed at entering the integrated system design market, which is expected to complement the company's existing EDA product line [4]