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 ...

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].