Investment Rating - The report assigns a "Buy" rating for the company, indicating an expected relative increase in stock price of over 20% compared to the benchmark index within six months [5][15]. Core Insights - The company has demonstrated rapid revenue growth, achieving 428 million yuan in revenue for the first three quarters of 2025, a year-on-year increase of 48.86%. The net profit attributable to shareholders reached 37.01 million yuan, up 380.14% year-on-year [3]. - The company is a leading supplier of EDA software and wafer-level electrical testing equipment, focusing on improving chip yield and rapid monitoring technology. It has established itself as a key partner for major integrated circuit manufacturing and design firms [3][12]. - The introduction of the WLBI B5260M aging test system addresses the reliability testing challenges posed by third-generation semiconductor materials, enhancing the overall yield and reliability of devices [4]. Financial Performance - The company is projected to achieve revenues of 720 million yuan, 940 million yuan, and 1.23 billion yuan for the years 2025, 2026, and 2027, respectively. The net profit attributable to shareholders is expected to be 124.25 million yuan, 190.41 million yuan, and 294.98 million yuan for the same years [5][9]. - The EBITDA is forecasted to grow significantly, reaching 353.77 million yuan by 2027, reflecting a strong growth trajectory [9][14]. Market Position and Strategy - The company has developed a comprehensive solution that combines EDA design software, WAT testing equipment, and semiconductor data analysis tools, enhancing chip performance and yield throughout the product lifecycle [3][12]. - Strategic acquisitions, such as LUCEDA, are aimed at expanding the company's capabilities in the silicon photonics sector, positioning it to address critical yield bottlenecks in the semiconductor industry [12].

Core Insights - Hangzhou Guangli Microelectronics Co., Ltd. recently conducted an investor relations event, attracting significant attention from over 70 institutions, including major funds like Bosera Fund and Fuguo Fund [1] - The company reported a substantial increase in revenue and net profit for the first half of 2025, with total revenue reaching 245.94 million yuan, a year-on-year growth of 43.17%, and net profit attributable to shareholders soaring by 518.42% to 15.68 million yuan [2] - The acquisition of LUCEDA NV is a strategic move to enhance the company's position in the silicon photonics chip industry, aiming to integrate technologies and improve yield rates across the entire process from design to mass production [3] Group 1 - The investor relations activity was conducted online from July 19 to October 14, 2025, with participation from various institutions [1] - Guangli Micro is a leading supplier of EDA software and wafer-level electrical testing equipment, focusing on improving chip yield and rapid monitoring technology [1] - The company has established partnerships with several large domestic and international integrated circuit manufacturers, providing a comprehensive solution for yield enhancement [1] Group 2 - For the first half of 2025, the software development and licensing revenue was 91.01 million yuan, up 50.24%, while testing equipment and components revenue was 153.46 million yuan, up 38.13% [2] - The company plans to continue deepening its R&D investment and strategic layout to meet future expectations [2] - The DFT product development saw a comprehensive upgrade in tool architecture, enabling real-time correlation and analysis of manufacturing and testing data [2] Group 3 - LUCEDA NV is recognized as a global leader in silicon photonics chip design automation software, which will be central to Guangli Micro's strategy in this sector [3] - Future collaboration will focus on enhancing the silicon design automation toolchain and improving manufacturing yield solutions [3] - The company aims to become a globally influential platform-type EDA enterprise through this strategic integration [3]

Group 1: Company Overview - Guangli Micro is a leading supplier of integrated circuit EDA software and wafer-level electrical testing equipment, focusing on improving chip yield and rapid monitoring technology [2] - The company has formed a comprehensive solution for yield enhancement, integrating design software, WAT testing equipment, and semiconductor data analysis tools [2] Group 2: Financial Performance - In the first half of 2025, the company achieved revenue of CNY 245.94 million, a year-on-year increase of 43.17% [2] - Software development and licensing revenue reached CNY 91.01 million, up 50.24% year-on-year; testing equipment and accessories revenue was CNY 15.35 million, increasing by 38.13% [2] - The net profit attributable to shareholders was CNY 15.68 million, a significant increase of 518.42% year-on-year [2] Group 3: Product Development - The company is upgrading its DFT product architecture and has developed a self-researched yield perception diagnostic analysis platform, YAD, which utilizes DFT diagnostic technology and AI for real-time data analysis [3] - Following the acquisition of LUCEDA NV, Guangli Micro aims to integrate both companies' technological advantages in the silicon photonics field, focusing on a comprehensive solution covering design, manufacturing, testing, and yield enhancement [3] Group 4: Future Strategy - The company plans to enhance its silicon photonics design automation toolchain and develop a collaborative design platform for optoelectronic devices [3] - It aims to improve yield enhancement solutions for silicon photonics manufacturing, leveraging its expertise in semiconductor manufacturing tools [3] - Guangli Micro will also expand its market presence in Europe and the United States while promoting product integration with domestic leading manufacturers [4]

Group 1: Company Overview - Hangzhou Guangli Microelectronics Co., Ltd. is a leading supplier of integrated circuit software and wafer-level electrical testing equipment, focusing on improving chip yield and rapid monitoring technology [1] - The company provides a comprehensive solution for yield enhancement throughout the entire product cycle of integrated circuits, from design to mass production [1] Group 2: Industry Opportunities - The company recognizes the importance and urgency of domestic EDA software development due to changes in the international trade environment, adopting a dual approach of "independent research and development + incubation and acquisition" to accelerate product layout [2] - The strategy includes expanding manufacturing EDA while rapidly advancing key design EDA development, with a focus on DFM, DFT, and simulation products [2] Group 3: Product Applications - The company's products are applicable in various chip product scenarios, including automotive electronics, supporting functional safety testing and data analysis for automotive chips [3] - Hardware products like WAT testing machines and reliability testing machines cater to the testing needs of automotive chips [3] Group 4: DFM Product Development - DFM (Design for Manufacturability) serves as a bridge between R&D and production, effectively shortening development time, reducing manufacturing costs, and enhancing product reliability [4] - The company has developed a range of DFM tools, including CMPEXP, Virtual Yield, LayoutInsight, and others, which can be seamlessly integrated to create complex solutions [5] - Core DFM tools are currently being trialed by several leading enterprises, with CMPEXP already securing business orders [5]