证券研究报告——晨会聚焦 2025 年 5 月 13 日 中银晨会聚焦-20250513 ■重点关注 【计算机】广立微*杨思睿 郑静文。广立微发布 2024 年年报及 2025 年一季 报。2024 年，公司实现营收 5.47 亿元，同增 14.50%；归母净利 0.80 亿元， 同减 37.68%；扣非归母净利 0.58 亿元，同减 46.86%。2024 年公司软件业务 收入同比大幅增长，公司有望受益于集成电路自主化背景下市场对本土产品 的需求提升。 | 市场指数 | | | | --- | --- | --- | | 指数名称 | 收盘价 | 涨跌% | | 上证综指 | 3369.24 | 0.82 | | 深证成指 | 10301.16 | 1.72 | | 沪深 300 | 3890.61 | 1.16 | | 中小 100 | 6388.09 | 1.48 | | 创业板指 | 2064.71 | 2.63 | 行业表现（申万一级） | 指数名称 | 涨跌% | 指数名称 | 涨跌% | | --- | --- | --- | --- | | 国防军工 | 4.80 | 农林牧渔 | (0.49 ...

2025年《政府工作报告》明确指出，加快制造业数字化转型，培育一批既懂行业又懂数字化的服务商，加大对中小企业数字化转型的支持。这一决策部署为 产业数字化转型指明了方向，也催生了如北京万联易达控股集团有限公司（以下简称"万联易达集团"）等产业互联网生态系统运营商的蓬勃发展。 作为产业互联网生态系统的积极构建者，万联易达集团正通过人工智能应用、商品交易、整车物流服务、数智金融四大平台的产业互联网运营体系，深度赋 能传统产业转型升级。 本报讯 （记者袁传玺）今年是"十四五"规划收官之年，我国产业结构持续优化升级，数字经济核心产业增加值占GDP比重已达10%。 以内蒙古某冶金企业为例，传统商业模式导致其在采购、研发、生产、物流、风控等环节产生较高的运营成本，同时在获取政策和产业资讯上存在信息错配 的情况，难以在数字经济浪潮下形成商业闭环。 对此，为加强业务提质增效，逐步提升企业信息化管理水平，其在万联易达集团的数字化体系加持下，形成集研发、生产、贸易、技术于一体的综合性业务 互联新商业模式。 据了解，万联易达集团基于通用技术系统，为产业链相关方提供人工智能应用、商品交易、整车物流服务、数智金融四大平台的产业互联网运营 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance relative to the benchmark index [6][8]. Core Insights - The company has demonstrated robust revenue growth, with a 14.50% year-on-year increase in 2024, achieving total revenue of 546.87 million yuan. However, net profit declined by 37.68% to 80.27 million yuan [3][6]. - In the first quarter of 2025, the company reported a significant revenue increase of 51.43% year-on-year, amounting to 66.48 million yuan, while the net loss narrowed to 13.71 million yuan [3][6]. - The software business is rapidly growing, particularly in AI-enabled semiconductor design and manufacturing, with notable product launches such as the INF-AI platform and SemiMind model [4][6]. Financial Performance - The company’s revenue projections for 2025-2027 are estimated at 688.69 million yuan, 852.77 million yuan, and 1.045 billion yuan, respectively, with corresponding net profits of 107 million yuan, 140.11 million yuan, and 179.21 million yuan [6][9]. - The earnings per share (EPS) are forecasted to be 0.53 yuan, 0.70 yuan, and 0.89 yuan for the years 2025, 2026, and 2027, respectively, with price-to-earnings (P/E) ratios of 90.22, 68.90, and 53.87 [6][9]. Research and Development - The company has maintained a high level of R&D investment, with R&D expenses reaching 276.56 million yuan, accounting for 50.57% of total revenue, reflecting a 33.49% increase year-on-year [5][6]. - The company has expanded its product offerings to include DFM and DFT EDA software to meet the demands of advanced processes and large-scale chip yield management [5][6].

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance relative to the benchmark index [6][8]. Core Insights - The company has shown robust revenue growth in 2024, achieving an operating income of 546.87 million yuan, a year-on-year increase of 14.50%. However, the net profit attributable to the parent company decreased by 37.68% to 80.27 million yuan [3][6]. - In the first quarter of 2025, the company returned to a rapid growth trajectory with a revenue of 66.48 million yuan, marking a year-on-year increase of 51.43% [3][4]. - The software business is experiencing significant growth, particularly in AI-enabled semiconductor design and manufacturing, with the software development and licensing segment achieving a revenue of 159 million yuan, up 70.33% year-on-year [3][4]. Financial Performance - The company reported a net profit of -13.71 million yuan in Q1 2025, indicating a significant narrowing of losses compared to previous periods [3]. - The company has maintained a high level of R&D investment, with R&D expenses amounting to 276.56 million yuan, representing 50.57% of operating income, a 33.49% increase year-on-year [5]. - Revenue forecasts for 2025-2027 are projected at 688.69 million yuan, 852.77 million yuan, and 1.045 billion yuan respectively, with net profits expected to reach 107 million yuan, 140.11 million yuan, and 179.21 million yuan [6][9]. Product Development - The company has launched several AI-driven platforms and tools, including the INF-AI semiconductor AI application platform and the SemiMind large model platform, which enhance design and manufacturing efficiency [4][5]. - The company is one of the few EDA firms that provide comprehensive yield management services through a combination of software and hardware solutions, addressing the increasing defect rates in semiconductor manufacturing [5]. Market Position - The company is positioned as a leading supplier of EDA software and wafer-level electrical testing equipment, with significant growth potential aligned with the global integrated circuit industry [6]. - The report highlights the company's ability to adapt to evolving semiconductor processes and the introduction of new EDA software to meet advanced manufacturing needs [5].