EMPYREAN(SZ:301269) ZHESHANG SECURITIES·2025-11-11 15:37Investment Rating - The investment rating for the company is "Buy" [6] Core Insights - The company has shown steady revenue growth with a revenue of 805 million yuan in the first three quarters of 2025, representing an 8.24% year-on-year increase. However, the net profit attributable to the parent company decreased by 84.52% to 9.06 million yuan due to rising costs and reduced government subsidies [1] - The EDA market in China is expected to grow significantly, with a projected CAGR of 36% from 2024 to 2027, driven by domestic market opportunities arising from trade frictions and the trend towards localization [2] - The company has made significant advancements in its product line, launching 47 full-process tool systems that cover 80% of the process, and has established itself as a leading domestic IP core supplier [3][4] Financial Summary - The company is projected to achieve revenues of 1.756 billion, 2.505 billion, and 3.510 billion yuan for the years 2025, 2026, and 2027, respectively, with a CAGR of 41.4%. The net profit attributable to the parent company is expected to reach 210 million, 331 million, and 451 million yuan in the same years, with a CAGR of 46.5% [5]