Core Viewpoint - The semiconductor industry faces increasing challenges from low-frequency noise, which can significantly impact device performance and reliability as transistor sizes shrink into the nanometer range [2][5][6]. Group 1: Low-Frequency Noise Challenges - Low-frequency noise includes flicker noise (1/f), random telegraph noise (RTN), thermal noise, and shot noise, closely related to the imperfections in semiconductor crystal structures [2][5]. - As transistor sizes decrease, even a single trap can cause significant current disturbances, making low-frequency noise a potential source of device failure [2][5]. - Precise quantification of low-frequency noise is essential for optimizing manufacturing processes and enhancing circuit robustness, making it a critical aspect of high-end chip design and manufacturing [2][5][6]. Group 2: Impact on Circuit Design - In analog circuits, if the input signal is lower than the noise signal, the amplified output will be completely masked by noise, determining the circuit's sensitivity [5]. - Low-frequency noise can affect RF circuits through frequency conversion and manifest as random jitter in digital circuits, leading to timing degradation [5]. - For wafer fabs, noise serves as a sensitive probe reflecting process quality and material issues, with new materials potentially introducing additional trap states that increase low-frequency noise occurrence [5][6]. Group 3: Testing and Measurement Solutions - The industry has begun incorporating noise modeling into the PDK process since 28nm, with low-frequency noise models becoming crucial for advanced nodes below 14nm [6]. - High-quality low-frequency noise test data extraction is increasingly demanded, driving accelerated research in this area [6][19]. - The 981X series noise testing systems from Gokun Electronics are recognized as the "gold standard" in the semiconductor industry for low-frequency noise testing, supporting advanced process development and device modeling [12][21]. Group 4: Market Trends and Future Outlook - The global and Chinese electronic measurement instrument markets are projected to reach approximately 112 billion and 42.1 billion respectively by 2025, with steady long-term growth [21]. - The restructuring of the global semiconductor supply chain and the rising demand for domestic industry chain autonomy are driving the development of testing and measurement equipment [21][24]. - Gokun Electronics aims to build a closed-loop testing ecosystem centered on independent research and development, enhancing its competitive advantage in the domestic testing equipment sector [24][27].

Investment Rating - The investment rating for the company is "Buy" and is maintained [1] Core Views - The company plans to acquire 100% of Rui Cheng Microelectronics and 45.64% of NaNeng Microelectronics through a combination of stock issuance and cash payment, aiming to build a dual-engine model of "EDA + IP" [4] - The company has achieved a revenue of 419 million yuan in 2024, representing a year-on-year growth of 27.42%, with a significant contribution from EDA software licensing and semiconductor device testing systems [5] - The company has increased its R&D investment to 289 million yuan in 2024, accounting for 68.90% of its operating revenue, indicating a strong commitment to innovation and domestic substitution [6] Company Overview - The latest closing price of the company's stock is 27.66 yuan, with a total market capitalization of 12 billion yuan [3] - The company has a total share capital of 4.35 billion shares, with 1.78 billion shares in circulation [3] - The company has a debt-to-asset ratio of 20.0% and a negative price-to-earnings ratio of -125.73 [3] Financial Projections - The company is expected to achieve revenues of 525 million yuan, 658 million yuan, and 826 million yuan in 2025, 2026, and 2027 respectively, with corresponding net profits of 10 million yuan, 30 million yuan, and 64 million yuan [8][10] - The projected growth rates for revenue are 25.29%, 25.39%, and 25.46% for the years 2025, 2026, and 2027 respectively [10] - The company anticipates a significant improvement in net profit margins, with a projected net profit margin of 7.7% by 2027 [10]