以下文章来源于日观芯设 ，作者小芯 日观芯设 . 新闻发布更新，产品发布更新，公司动态更新，人才招聘发布 RIGORON 日观芯设 2 0 2 5 集 成 电 路 发 展 论 坛 ( 成 渝 ) 暨 三 十 一 届 集 成 电 路 设 计 业 展 览 会 "ICCAD-Expo 2025 Nov. 20-21 than chengdu 日观芯设 与行业伙伴聚力同行, 共汇产业磅礴力量, 加速 EDA 技术突破与产业落地, 共筑集成电路生态多元化发展新蓝图。 请 展位号: 329 / B30 享誉全球的半导体产业盛会ICCAD-Expo（第31届）将于11月20日-21日在成都·中国西部国际博览城盛大召 开。日观芯设将携Rigor产品系列全面亮相，与行业伙伴聚力同行, 共汇产业磅礴力量 , 加速 EDA 技术突破 与产业落地，共筑集成电路生态多元化发展新蓝图。 01 六大产品亮相 尽显技术硬实力 日观芯设产品家族重磅集结！旗下RigorTime、RigorDRC、RigorEMIR、RigorCons、RigorFlow、 RigorLLM 六大核心产品， 以完全自主知识产权打破海外技术依赖 ，构筑高精度、高效 ...

Core Insights - The company reported a revenue of 303 million yuan in Q3 2025, a year-on-year increase of 1.16%, but the net profit attributable to shareholders decreased by 71.02% to 6 million yuan [1] - For the first three quarters of 2025, the company achieved a revenue of 805 million yuan, up 8.24% year-on-year, while the net profit attributable to shareholders fell by 84.52% to 9 million yuan [1] - The revenue growth has slowed down, and the profit has declined due to the rigid nature of operating expenses and the slowdown in revenue growth [1] Revenue and Profit Analysis - Q3 2025 revenue growth of 1.16% is a deceleration compared to the first two quarters of the year [1] - The net profit for Q3 2025 saw a significant decline of 71.02% year-on-year, indicating challenges in maintaining profitability [1] - The first three quarters of 2025 showed a net profit decline of 84.52%, highlighting ongoing profitability issues [1] Product Development and Market Position - The company is enhancing its product competitiveness through a technology-driven development strategy and increased R&D investment [2] - Significant breakthroughs have been made in various EDA systems, including digital chip design, storage chip design, advanced packaging, and 3DIC design, which are now integrated into major domestic chip design and manufacturing processes [2] - The digital EDA tool product line covers nearly 80% of the main tools for digital circuit design, and the company is expected to exceed 80% coverage in major processes by the end of 2025 [2] Profit Forecast and Investment Recommendations - Due to the slowdown in revenue growth, the company's revenue forecasts for 2025-2027 have been adjusted to 1.458 billion, 1.796 billion, and 2.197 billion yuan respectively [3] - The net profit forecasts for the same period are adjusted to 102 million, 191 million, and 284 million yuan respectively [3] - The company maintains a "buy" rating despite the adjustments in forecasts [3]

Core Insights - The company, Gaon Electronics, closed at 23.85 yuan, up 1.27%, with a latest price-to-book ratio of 5.28 and a total market capitalization of 10.349 billion yuan [1] - As of the first quarter of 2025, 15 institutions held shares in Gaon Electronics, with a total holding of 71.7666 million shares valued at 1.704 billion yuan [1] - Gaon Electronics specializes in providing EDA (Electronic Design Automation) solutions, including manufacturing and design EDA, semiconductor device testing systems, and technical development solutions [1] - The company has been recognized as a top 100 hard-tech enterprise in Shanghai for two consecutive years and has won the annual industry outstanding contribution award in EDA for four years [1] - Gaon Electronics received the "Industry Pioneer" title at the fifth anniversary of the Dongfang Chip Port in Shanghai, highlighting its leadership in technology innovation and product development [1] Financial Performance - In the first quarter of 2025, the company reported operating revenue of 91.424 million yuan, a year-on-year increase of 11.75%, and a net profit of 1.5041 million yuan, a year-on-year increase of 104.12% [2] - The sales gross margin for the company was reported at 95.64% [2] - The company's price-to-earnings (P/E) ratio (TTM) was -178.45, while the industry average was 113.31 [2]

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].