昨日，第二十五届中国国际工业博览会（CIIF 2025）在国家会展中心（上海）隆重开幕。开 幕式现场，作为国内集成系统设计EDA专家，芯和半导体凭借其自主研发的3DIC Chiplet先 进封装仿真平台Metis，从五百多家参选企业中脱颖而出，斩获第二十五届中国国际工业博览 会CIIF大奖，这也是该奖项历史上首次出现国产EDA的身影。 CIIF大奖是中国工博会的最高奖项，由国务院批准设立，目标打造中国工业领域的"奥斯卡 金奖"，授奖总数不超过11项、代表全球工业和信息化融合的前沿水平产品。 评选过程由 两院院士、国内外知名学者、企业技术带头人及行业专家组成的评审团队对参展项目进行 多轮评审和现场答辩，入选项目需在核心技术、专利、经济效益等方面达到国际领先水 平，且能为推动行业进步和提升社会效益方面做出卓越贡献。 随着AI大模型训推需求的爆发，单纯依靠SoC单芯片工艺微缩所带来的性能提升接近极限，在摩尔 定律明显放缓的同时，Chiplet先进封装正通过三维堆叠、异构集成，突破先进工艺的瓶颈，成为 延续算力增长的核心路径。这种架构层面的革新，给EDA带来了前所未有的挑战，要求EDA工具 从传统的单芯片设计范畴，扩 ...

Core Viewpoint - The company, Wogao Optoelectronics (603773), is collaborating with major manufacturers in various fields to develop GCP glass-based circuit board products, with expectations for initial mass production in some products by next year [1] Group 1 - Wogao Optoelectronics is involved in the semiconductor packaging substrate business, communication RF, CPO optoelectronic co-packaging, and advanced Chiplet packaging applications [1] - The collaboration with major manufacturers is at different stages across various fields [1] - Initial mass production applications for some products are anticipated to begin next year [1]

Core Viewpoint - Wogao Optoelectronics (603773.SH) is collaborating with major manufacturers in various fields for the development of GCP glass-based circuit board products, which are applicable in semiconductor packaging, communication RF, CPO optoelectronic integration, and advanced Chiplet packaging [1] Group 1 - The GCP glass-based circuit board products are involved in multiple applications including semiconductor packaging and communication RF [1] - The collaboration with major manufacturers is at different stages depending on the specific field [1] - Further details will be provided in official announcements [1]

Investment Rating - The report maintains a "Buy" rating for the company, expecting a price increase of over 15% in the next 6-12 months [5][13]. Core Insights - In 2024, the company achieved a revenue of 1.222 billion RMB, representing a year-on-year growth of 20.98%, while maintaining the leading market share among domestic EDA companies. However, the net profit attributable to the parent company decreased by 45.46% to 109 million RMB, with a non-recurring net profit loss of 57 million RMB [2]. - The company continues to expand its product matrix through self-research and mergers and acquisitions, launching new EDA tools that enhance simulation efficiency significantly. The acquisition of a semiconductor control company is expected to improve the company's market coverage and share [4]. Summary by Sections Performance Review - In Q4 2024, the company reported a revenue of 479 million RMB, a year-on-year increase of 29.13%, and a net profit of 51 million RMB, up 73.71% year-on-year [2]. Operational Analysis - The EDA software sales revenue for 2024 was 1.092 billion RMB, growing by 20.71%, while the technical services revenue reached 115 million RMB, up 40.01%. However, hardware and other income fell by 35.71% to 15 million RMB. The overseas revenue accounted for 4.72% of total revenue, declining by 13.32% [3]. - The gross profit margin for 2024 was 93.31%, a slight decrease of 0.48 percentage points from the previous year. The sales, management, and R&D expense ratios were 16.31%, 12.05%, and 60.79%, respectively, showing a year-on-year decline [3]. Profit Forecast and Valuation - Revenue projections for 2025 to 2027 are 1.661 billion RMB, 2.138 billion RMB, and 2.708 billion RMB, with growth rates of 35.91%, 28.68%, and 26.66%, respectively. The net profit forecasts for the same period are 158 million RMB, 218 million RMB, and 285 million RMB, corresponding to price-to-sales ratios of 39.67, 30.83, and 24.34 [5][10].