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广立微(301095):营收稳步提升,战略并购LUCEDA布局硅光PDA
China Post Securities· 2025-08-22 07:11
Investment Rating - The report assigns an "Accumulate" rating to the company [2][13]. Core Views - The company has shown steady revenue growth, with a 43.17% year-on-year increase in H1 2025, achieving revenue of 246 million yuan and a net profit of 15.68 million yuan, up 518.42% year-on-year [5][6]. - The company is actively investing in R&D, with R&D expenses amounting to 144 million yuan in H1 2025, representing 58.57% of its revenue, which is a 9.10% increase year-on-year [6]. - The company has a strong order backlog of 496 million yuan, which supports future performance [6]. - The acquisition of LUCEDA for 40 million euros is expected to enhance the company's capabilities in silicon photonics design automation [11][12]. Summary by Sections Company Overview - Latest closing price: 86.84 yuan - Total shares: 200 million, circulating shares: 175 million - Total market value: 17.4 billion yuan, circulating market value: 15.2 billion yuan - 52-week high/low: 94.88/34.76 yuan - Debt-to-asset ratio: 7.6% - Price-to-earnings ratio: 217.10 [4]. Financial Performance - H1 2025 revenue: 246 million yuan, up 43.17% year-on-year - H1 2025 net profit: 15.68 million yuan, up 518.42% year-on-year - Q2 2025 revenue: 179 million yuan, up 40.34% year-on-year - Q2 2025 net profit: 29.40 million yuan, up 15.59% year-on-year [5][6]. Product Development - The company is enhancing its EDA product offerings, focusing on yield improvement and design for manufacturability [7]. - The semiconductor big data analysis software has received significant orders, indicating strong market recognition [8]. - The company has launched new wafer-level aging test equipment and made progress in domestic component localization [10]. Strategic Initiatives - The acquisition of LUCEDA is aimed at strengthening the company's position in the silicon photonics market, which is expected to grow rapidly [11][12]. - The company plans to develop collaborative testing chips and tools with LUCEDA to optimize the design-manufacturing process [12]. Earnings Forecast - Projected revenues for 2025-2027 are 717 million, 933 million, and 1.22 billion yuan, respectively, with net profits of 123 million, 189 million, and 291 million yuan [13][15].
中际旭创(300308):一季度盈利能力环比改善,2025海外算力依旧保持旺盛需求
Shanxi Securities· 2025-05-22 09:17
网络接配及塔设 中际旭创(300308.SZ) 买入-A(维持) 一季度盈利能力环比改善,2025 海外算力依旧保持旺盛需求 2025 年 5 月 22 日 公司研究/公司快报 公司近一年市场表现 事件描述 公司发布 2024 年年报和 2025 年一季报。2024 年公司实现营收 238.6 亿 元,同比增长 122.6%;实现归母净利润为 51.7 亿元,同比增长 137.9%。同 时,得益于 800G/400G 等高端产品出货比重的快速增加、产品结构不断优化 以及持续的降本增效,公司毛利率(33.8%)、净利率(22.5%)进一步得到 提升。 市场数据:2025 年 5 月 22 日 收盘价(元): 94.46 年内最高/最低(元): 185.83/67.20 2025 年一季度,公司实现营收 66.7 亿元,同环比分别提升 37.8%、1.9%; 实现归母净利润 15.8 亿元,同环比分别提升 56.8%、11.6%。同时由于高端 产品占比提升以及成本降低、海外工厂良率提升等因素净利润率环比提升 2pct。 流通A股/总股本(亿): 11.00/11.05 事件点评 流通 A 股市值(亿): 1,03 ...