PRIMARIUS(SH:688206) Guohai Securities·2025-11-05 14:32Investment Rating - The investment rating for the company is "Buy" (maintained) [1][10][11] Core Insights - The company reported a significant increase in net profit attributable to shareholders, with a year-on-year growth of 173.46% for the first three quarters of 2025, driven by revenue growth and increased investment income [2][6] - The company is actively pursuing acquisitions, including the proposed purchase of 100% of Ruicheng Chip and 45.64% of Naneng Micro, which is expected to enhance its performance by expanding its business from EDA software to semiconductor IP [8][10] - The company has achieved a gross margin of 89.11% for the first three quarters, although it experienced a slight decline compared to the previous year [7] Financial Performance Summary - For the first three quarters of 2025, the company reported revenue of 315 million yuan, a year-on-year increase of 12.71%, and a net profit of 42 million yuan [5][6] - The company's domestic revenue reached 230 million yuan, up 20.20% year-on-year, while overseas revenue was 84 million yuan [6] - The EDA software licensing and technical development solutions generated revenues of 212 million yuan and 62 million yuan, respectively, with growth rates of 10.71% and 89.58% [6] Research and Development - The company invested 210 million yuan in R&D, accounting for 66.79% of its revenue, reflecting its commitment to innovation [7] - The company received awards for technological innovation and product innovation in the EDA sector, indicating its strong position in the industry [7] Future Projections - Revenue projections for 2025-2027 are estimated at 480 million yuan, 678 million yuan, and 859 million yuan, respectively, with corresponding net profits of 50 million yuan, 68 million yuan, and 123 million yuan [10][11] - The company is expected to achieve a diluted EPS of 0.11 yuan, 0.16 yuan, and 0.28 yuan for the years 2025, 2026, and 2027, respectively [10][11]