公司在晶圆级电性测试设备领域已具备深厚积累，其测试设备在精密定位、数据采集与分析等方面与硅 光测试需求高度契合。通过将电性测试领域的硬件设计与系统集成能力，与浙江大学在光电子器件方面 的科研优势相结合，公司有望开发出面向下一代硅光芯片的专用测试与良率管理解决方案。 广立微能够投入资源进行前瞻性的战略研发，离不开其稳健的业绩表现和强大的研发实力作为支撑。根 据公司2025年半年度报告，其上半年经营业绩呈现快速增长态势。公司实现营业收入2.46亿元，同比增 长43.17%；实现归属于上市公司股东的净利润1568.42万元，同比大幅增长518.42%。分业务来看，软件 开发及授权业务与测试设备及配件业务两大核心板块收入均保持超过38%的强劲增长。 公司始终坚持技术创新驱动发展，2025年上半年研发投入金额高达1.44亿元，占营业收入的比例达到 58.57%。截至报告期末，公司拥有众多研发人员与数百项知识产权，持续的高强度研发投入为公司在 高端技术领域的竞争和拓展构筑了坚实壁垒。 在全球半导体产业竞争加剧和供应链自主可控需求日益迫切的大背景下，广立微凭借其在EDA软件、 测试设备和数据分析领域的全流程解决方案，已成为 ...

证券研究报告 | 公司动态点评 2025 年 09 月 17 日 广立微（301095.SZ） 25H1 营收实现同比高增，收购 LUCEDA 深化硅光芯片布局 | 财务指标 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入（百万元） | 478 | 547 | 745 | 970 | 1,236 | | 增长率 yoy（%） | 34.3 | 14.5 | 36.3 | 30.2 | 27.4 | | 归母净利润（百万元） | 129 | 80 | 137 | 184 | 265 | | 增长率 yoy（%） | 5.3 | -37.7 | 70.2 | 34.5 | 43.9 | | ROE（%） | 4.0 | 2.7 | 4.3 | 5.6 | 7.6 | | EPS 最新摊薄（元） | 0.64 | 0.40 | 0.68 | 0.92 | 1.32 | | P/E（倍） | 121.5 | 195.0 | 114.6 | 85.2 | 59.2 | | P/B（倍） | 4. ...

Core Viewpoint - Hangzhou Guoli Microelectronics Co., Ltd. reported a significant increase in revenue and net profit for the first half of 2025, indicating strong growth in the semiconductor industry driven by advancements in AI and domestic demand for integrated circuits [5][6]. Company Overview and Financial Indicators - The company is a leading supplier of EDA software and wafer-level electrical testing equipment, focusing on improving chip yield and rapid monitoring technology [6][13]. - The stock code is 301095, and it is listed on the Shenzhen Stock Exchange [6]. - The total revenue for the reporting period was approximately 245.94 million yuan, a 43.17% increase compared to the previous year [6]. - The net profit attributable to shareholders was approximately -1.07 million yuan, showing a 69.77% improvement from the previous year [6]. - The basic earnings per share increased by 526.77% to 0.0796 yuan [6]. Industry Development - The semiconductor industry is experiencing a surge in demand due to the rapid development of generative AI and the increasing need for high-performance semiconductor products [7][8]. - China's integrated circuit production reached 239.5 billion units in the first half of 2025, reflecting a year-on-year growth of 15.6% [6][8]. - The domestic market share for mature process capacity is expected to grow from 29% in 2023 to 33% by 2027, driven by local procurement strategies [8][9]. Technological Advancements - AI technology is enhancing chip design and manufacturing processes, improving efficiency and product quality [8][11]. - Advanced packaging technologies, such as 2.5D/3D, are being developed to optimize chip performance and reduce manufacturing costs [9][10]. - The integration of AI and machine learning into EDA tools is expected to improve design productivity and chip quality [11][12]. Market Trends - The EDA industry in China is projected to grow significantly, with a market size nearing 12 billion yuan in 2023 and a compound annual growth rate of approximately 20% over the past five years [10][11]. - The global semiconductor manufacturing equipment market is expected to reach $117.14 billion in 2024, marking a 10% increase from 2023 [12][13]. - The domestic semiconductor equipment localization rate is anticipated to rise from 23% in 2023 to over 35% by 2025, driven by increased investment in local production [12][13].

Core Viewpoint - Guangli Micro achieved a revenue of 547 million yuan in 2024, representing a year-on-year growth of 14.50%, driven by its diverse product matrix and strong R&D investment [1][2][4]. Group 1: Financial Performance - The company reported a revenue of 547 million yuan in 2024, with a 14.50% increase compared to the previous year [1][2]. - The revenue from software development and licensing grew by 70.33%, while testing services and other businesses saw a remarkable increase of 360.63% [2]. - The overall gross margin reached 61.90%, with software development and licensing achieving a gross margin of 85.96% [2][3]. Group 2: R&D and Innovation - Guangli Micro invested 277 million yuan in R&D in 2024, accounting for 50.57% of its revenue, marking a 33.49% increase year-on-year [1][5]. - The company holds 179 authorized patents, including 105 invention patents, and has a strong R&D team with 82.20% of its employees engaged in research [5][6]. - The company is focused on developing EDA tools such as DFT and DFM, enhancing its competitive edge in the integrated circuit industry [5][8]. Group 3: Product Development and Market Position - Guangli Micro has established a comprehensive product matrix that includes EDA software, semiconductor data analysis systems, and wafer-level electrical testing equipment [3][8]. - The company has successfully transitioned its testing machines from R&D to mass production, achieving a production of over 100 units for the first time in 2024 [3]. - The company aims to enhance its global competitiveness by expanding its overseas market presence, particularly in regions like South Korea and Singapore [4]. Group 4: Shareholder Returns and Social Responsibility - The company plans to distribute a cash dividend of 2.50 yuan per 10 shares, totaling approximately 49.27 million yuan for 2024 [1][7]. - Since its listing in August 2022, Guangli Micro has completed cash dividends totaling nearly 168 million yuan [7]. - The company is committed to social responsibility, supporting rural education initiatives and providing employee welfare programs [7].

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].