Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of RMB 92.78 [1][4]. Core Views - The company's revenue growth is driven by the increasing demand for EDA software and testing equipment, with a significant year-on-year revenue increase of 43.17% in H1 2025, reaching RMB 246 million [1][2]. - The acquisition of Luceda NV for EUR 40 million allows the company to enter the silicon photonics chip design field, enhancing its product offerings and market reach [3]. - The company is well-positioned to benefit from the domestic semiconductor industry's push for self-sufficiency, with a focus on R&D and product diversification [2]. Summary by Sections Financial Performance - In H1 2025, the company achieved a revenue of RMB 246 million, a year-on-year increase of 43.17%, and a net profit of RMB 15.68 million, up 518.42% from the previous year [1]. - Q2 2025 revenue was RMB 179 million, reflecting a year-on-year growth of 40.34% and a quarter-on-quarter increase of 169.91% [1]. Product Development - The company has launched new products, including DFT and DFM tools, which have contributed to a 50.24% increase in software development and licensing revenue [1]. - The software and testing equipment segments are expected to continue growing, with software revenue projected to reach RMB 267 million in 2025 [4][10]. Market Position and Strategy - The company is leveraging the trend of domestic substitution in the semiconductor industry, with increasing adoption of its software and testing solutions [2]. - The acquisition of Luceda NV is expected to enhance the company's capabilities in silicon photonics, potentially accelerating its overseas expansion [3]. Earnings Forecast and Valuation - Revenue forecasts for 2025-2027 have been adjusted upwards by 9%, 11%, and 10% respectively, with expected revenues of RMB 760 million, RMB 987 million, and RMB 1.23 billion [4]. - The estimated net profit for 2025 is projected to be RMB 163 million, with an EPS of RMB 0.81 [4][9].

Group 1 - Company Guangli Microelectronics (广立微) announced the acquisition of 100% equity in LUCEDA NV through its wholly-owned subsidiary Guangli Microelectronics (Singapore) Co., Ltd [1] - LUCEDA is a global leader in silicon photonic chip design automation software, providing comprehensive software and services for photonic integrated chip design, simulation, PDK construction, and operation [1][3] - The acquisition aims to enhance Guangli Microelectronics' capabilities in the rapidly evolving field of silicon photonic design automation tools (PDA), addressing the limitations of traditional EDA tools [1][3] Group 2 - The silicon photonic design automation market is still in its early rapid iteration stage, presenting strategic development opportunities for EDA companies to focus on design efficiency, accuracy, and process automation [2] - The acquisition is expected to integrate the technological advantages of both companies in the integrated circuit and photonic chip fields, covering systematic solutions for silicon photonic chip design, manufacturing, testing, and yield enhancement [3][4] - Post-acquisition, Guangli Microelectronics plans to collaborate with LUCEDA to improve the silicon photonic design automation toolchain, enhance manufacturing yield solutions, and expand market reach, particularly in overseas markets [4]