Investment Rating - The report maintains a "Buy" rating for the company, expecting the stock price to outperform the industry index by more than 15% in the next six months [35]. Core Views - The company has experienced significant revenue growth driven by its hardware business, with a 34.31% year-on-year increase in revenue for 2023, reaching 478 million [38]. - Despite revenue growth, the company's profitability has been under pressure due to increased R&D expenses and a shift in revenue structure, leading to a decline in gross margin to 60.30% and net margin to 27.16% in 2023 [2]. - The company is well-positioned to benefit from the domestic semiconductor industry's growth and the trend of domestic substitution, leveraging its integrated software and hardware business model [15][27]. Financial Summary - Revenue for 2023 was 478 million, with a projected increase to 755 million in 2024, representing a growth rate of 58.1% [8]. - The net profit for 2023 was 129 million, with forecasts of 202 million, 300 million, and 438 million for 2024, 2025, and 2026 respectively [8][15]. - The company's R&D expenses have increased significantly, reflecting its commitment to enhancing product quality and technological advancement [2][29]. Business Model and Strategy - The company has developed a business model that combines EDA software, semiconductor big data platforms, and electrical testing equipment, which is expected to drive long-term growth [15]. - The company has established a strong customer base, including leading international and domestic semiconductor manufacturers, which enhances its market position [27]. - The company is focusing on technological innovation and expanding its product offerings in EDA and testing equipment, aiming to improve chip yield rates and overall performance [29].
广立微：硬件业务驱动营收增长，软硬件齐发力赋能长线增长