Investment Rating - The report assigns a "Buy" rating for the company, indicating an expected relative increase in stock price of over 20% compared to the benchmark index within six months [5][15]. Core Insights - The company has demonstrated rapid revenue growth, achieving 428 million yuan in revenue for the first three quarters of 2025, a year-on-year increase of 48.86%. The net profit attributable to shareholders reached 37.01 million yuan, up 380.14% year-on-year [3]. - The company is a leading supplier of EDA software and wafer-level electrical testing equipment, focusing on improving chip yield and rapid monitoring technology. It has established itself as a key partner for major integrated circuit manufacturing and design firms [3][12]. - The introduction of the WLBI B5260M aging test system addresses the reliability testing challenges posed by third-generation semiconductor materials, enhancing the overall yield and reliability of devices [4]. Financial Performance - The company is projected to achieve revenues of 720 million yuan, 940 million yuan, and 1.23 billion yuan for the years 2025, 2026, and 2027, respectively. The net profit attributable to shareholders is expected to be 124.25 million yuan, 190.41 million yuan, and 294.98 million yuan for the same years [5][9]. - The EBITDA is forecasted to grow significantly, reaching 353.77 million yuan by 2027, reflecting a strong growth trajectory [9][14]. Market Position and Strategy - The company has developed a comprehensive solution that combines EDA design software, WAT testing equipment, and semiconductor data analysis tools, enhancing chip performance and yield throughout the product lifecycle [3][12]. - Strategic acquisitions, such as LUCEDA, are aimed at expanding the company's capabilities in the silicon photonics sector, positioning it to address critical yield bottlenecks in the semiconductor industry [12].
广立微（301095）：营收持续高增，化合物WLBI发布