Workflow
集成电路成品率提升
icon
Search documents
广立微:良率服务助力制程演进,EDA产品矩阵逐步丰富-20250430
China Post Securities· 2025-04-30 03:23
Investment Rating - The investment rating for the company is "Buy" and is maintained [2] Core Views - The company reported a revenue of 547 million yuan in 2024, representing a year-on-year increase of 14.50%. However, the net profit attributable to shareholders decreased by 37.68% to 80.27 million yuan [5][6] - In Q1 2025, the company achieved a revenue of 66.48 million yuan, a significant year-on-year growth of 51.43%, but reported a net loss attributable to shareholders of 13.71 million yuan [5][6] - The company is focusing on enhancing its EDA product matrix, particularly in DFT and DFM tools, which are crucial for improving chip yield and manufacturing efficiency [7][8] Company Overview - The latest closing price of the company's stock is 48.50 yuan, with a total market capitalization of 9.7 billion yuan [4] - The company has a total share capital of 200 million shares, with 108 million shares in circulation [4] - The company has a low debt-to-asset ratio of 7.6% and a high price-to-earnings ratio of 121.25 [4] Financial Performance - The company’s revenue is projected to grow to 705 million yuan in 2025, 903 million yuan in 2026, and 1.201 billion yuan in 2027, with corresponding net profits of 112.75 million yuan, 180.74 million yuan, and 268.95 million yuan respectively [10][12] - The company’s gross margin improved from 60.30% in 2023 to 61.90% in 2024, indicating better cost management and product mix [6] - The R&D expenses increased by 33.49% in 2024, reflecting the company's commitment to innovation and product development [6] Investment Recommendations - The current stock price corresponds to a price-to-earnings ratio of 86 times for 2025, 54 times for 2026, and 36 times for 2027, supporting the "Buy" rating [10][12]
广立微(301095):良率服务助力制程演进,EDA产品矩阵逐步丰富
China Post Securities· 2025-04-30 03:02
Investment Rating - The report maintains a "Buy" rating for the company [2][10] Core Views - The company reported a revenue of 547 million yuan in 2024, representing a year-on-year increase of 14.50%. However, the net profit attributable to shareholders decreased by 37.68% to 80.27 million yuan [5][6] - In Q1 2025, the company achieved a revenue of 66.48 million yuan, a significant year-on-year growth of 51.43%, but reported a net loss of 13.71 million yuan [5][6] - The company is focusing on enhancing its EDA product matrix, particularly in DFT and DFM tools, which are crucial for improving chip yield and manufacturing efficiency [7][8] Summary by Sections Company Overview - The latest closing price is 48.50 yuan, with a total market capitalization of 9.7 billion yuan and a total share capital of 200 million shares [4] Financial Performance - In 2024, the company’s revenue was 547 million yuan, with software development and licensing contributing 159 million yuan, a 70.33% increase year-on-year. The gross margin improved from 60.30% in 2023 to 61.90% in 2024 [6] - The company’s R&D expenses increased by 33.49% due to a rise in the number of R&D personnel from 416 to 522 [6] Investment Highlights - The company is a leading supplier of EDA software and wafer-level electrical testing equipment, focusing on improving chip yield and providing comprehensive solutions throughout the product lifecycle [7] - The acquisition of a 43% stake in Shanghai Yirui Chip Electronics Technology Co., Ltd. marks the company's expansion from manufacturing EDA to design EDA [9] Earnings Forecast - The company is projected to achieve revenues of 705 million yuan, 903 million yuan, and 1.201 billion yuan for the years 2025, 2026, and 2027, respectively, with corresponding net profits of 112.75 million yuan, 180.74 million yuan, and 268.95 million yuan [10][12]
杭州广立微电子股份有限公司2024年年度报告摘要
Core Viewpoint - The company is a leading supplier of integrated circuit EDA software and wafer-level electrical testing equipment, focusing on improving chip yield and rapid monitoring technology, and has established itself as a key partner for major integrated circuit manufacturing and design enterprises [4][5]. Company Overview - The company specializes in EDA software, circuit IP, WAT testing equipment, and comprehensive solutions aimed at enhancing chip performance, yield, and stability throughout the product lifecycle [4][5]. - The company has successfully broken the long-standing foreign monopoly in the chip yield enhancement sector with its advanced solutions [4]. Business Model and Product Matrix - The company has developed a product matrix centered on integrated circuit yield enhancement, consisting of EDA software, semiconductor big data analysis and management systems, and wafer-level electrical testing equipment, which collectively drive sustainable performance [5][6]. - The products are independently sold while also cross-promoting each other, contributing to steady revenue growth and an expanding customer base [5]. Key Products and Services - The main product categories include: - EDA software for yield enhancement, DFM software, and DFT software, which are crucial for improving manufacturing feasibility and testing efficiency [7][9][10]. - Semiconductor big data analysis and management systems that leverage AI and machine learning to enhance data management and analysis across the entire lifecycle of integrated circuit products [12][14]. - Wafer-level electrical testing equipment designed for high efficiency and precision in chip manufacturing processes [15]. Recent Developments - In 2023, the company acquired a 43% stake in Shanghai Yirui Chip Electronics Technology Co., marking its expansion from manufacturing EDA to design EDA [11]. - The company launched several advanced solutions, including the DFTEXP process and solutions, which have been well-received in the industry [11]. Financial Performance - The company reported a profit distribution plan approved by the board, proposing a cash dividend of 2.5 yuan per 10 shares, indicating a commitment to returning value to shareholders [3].