EMPYREAN(SZ:301269) Guohai Securities·2025-11-05 13:04Investment Rating - The investment rating for the company is "Buy" (maintained) [1][10] Core Views - The company reported a revenue of 805 million yuan for the first three quarters of 2025, representing a year-on-year increase of 8.24%, while the net profit attributable to shareholders was 9 million yuan, down 84.52% year-on-year [3][4] - The company has a strong potential for industry chain integration despite the termination of the acquisition of Chip and Semiconductor Technology [7][9] - The company continues to enhance its product layout and collaborate with major manufacturers to provide comprehensive EDA solutions [5][6] Financial Performance Summary - For the first three quarters of 2025, the gross margin was 90.51%, a decrease of 1.35 percentage points year-on-year, while the gross margin for Q3 2025 was 92.81%, an increase of 0.25 percentage points year-on-year [4] - The company’s operating income is projected to reach 1.466 billion yuan in 2025, with a growth rate of 20% [8][9] - The net profit attributable to shareholders is expected to be 170 million yuan in 2025, reflecting a significant recovery from a decline of 45% in 2024 [8][9] Product Development and Market Position - The company has developed a comprehensive EDA tool system for memory circuit design, which supports various types of memory chip designs [5] - The company has launched several core EDA products that cover nearly 80% of the main tools for digital circuit design [5] - The company has made strategic investments in multiple semiconductor firms to enhance its EDA capabilities [7]