EMPYREAN(SZ:301269) Minsheng Securities·2024-04-30 07:00Investment Rating - The report maintains a "Recommended" rating for the company [2] Core Insights - The company achieved a revenue of 1.01 billion yuan in 2023, representing a year-on-year growth of 26.61%. The net profit attributable to the parent company was 201 million yuan, up 8.20% year-on-year [1][2] - The EDA software sales contributed significantly to revenue, reaching 905 million yuan in 2023, a growth of 33.56%, increasing its share of total revenue from 84.90% to 89.56% [1] - The company continues to enhance its product matrix with new EDA tools, including a full-process EDA tool system for storage circuit design and a platform for compound RF circuit design [1] - The company has established strong partnerships with over 600 domestic and international clients, solidifying its position as an industry leader [1] Financial Performance Summary - In 2023, the company reported a gross margin of 93.78%, an increase of 3.91 percentage points year-on-year [1] - The forecast for net profit attributable to the parent company for 2024, 2025, and 2026 is 156 million, 265 million, and 377 million yuan respectively, with growth rates of -22.3%, 69.9%, and 42.3% [2][6] - The projected PE ratios for 2024, 2025, and 2026 are 278, 164, and 115 respectively [2][6] Revenue and Profit Forecast - The company expects to achieve revenues of 1.31 billion, 1.68 billion, and 2.14 billion yuan in 2024, 2025, and 2026, with growth rates of 29.7%, 28.1%, and 27.2% respectively [2][6] - The net profit forecast for 2024 is 156 million yuan, reflecting a decrease due to increased stock incentive expenses [1][2] Research and Development - R&D expenses for 2023 were 685 million yuan, a year-on-year increase of 40.72%, with 76% of total employees engaged in R&D [1] - The company has received international standard certifications for several of its new tools, enhancing its competitive edge in the market [1]