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. ...

9月17日，广立微涨5.55%，截至发稿，报82.50元/股，成交5.22亿元，换手率3.73%，总市值165.23亿 元。 资料显示，杭州广立微电子股份有限公司位于浙江省杭州市余杭区五常街道联创街188号A1号楼，成立 日期2003年8月12日，上市日期2022年8月5日，公司主营业务涉及集成电路EDA软件和晶圆级电性测试 设备的设计、开发、服务。主营业务收入构成为：测试设备及配件62.40%，软件开发及授权37.00%， 测试服务及其他0.60%。 从基金十大重仓股角度 数据显示，海富通基金旗下1只基金重仓广立微。海富通优势驱动混合A（018800）一季度持有股数300 股，与上期相比持股数量不变，占基金净值比例为3.5%，位居第七大重仓股。根据测算，今日浮盈赚 取约1302元。 海富通优势驱动混合A（018800）成立日期2024年2月29日，最新规模63.79万。今年以来收益15.34%， 同类排名1360/8225；近一年收益42.46%，同类排名589/7921；成立以来收益38.41%。 海富通优势驱动混合A（018800）基金经理为。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布 ...

诺安优化配置混合A（006025）基金经理为刘慧影。 截至发稿，刘慧影累计任职时间3年47天，现任基金资产总规模236.74亿元，任职期间最佳基金回报 47.51%， 任职期间最差基金回报1.38%。 从基金十大重仓股角度 9月17日，广立微涨5.55%，截至发稿，报82.50元/股，成交5.22亿元，换手率3.73%，总市值165.23亿 元。 资料显示，杭州广立微电子股份有限公司位于浙江省杭州市余杭区五常街道联创街188号A1号楼，成立 日期2003年8月12日，上市日期2022年8月5日，公司主营业务涉及集成电路EDA软件和晶圆级电性测试 设备的设计、开发、服务。主营业务收入构成为：测试设备及配件62.40%，软件开发及授权37.00%， 测试服务及其他0.60%。 从广立微十大流通股东角度 数据显示，诺安基金旗下1只基金位居广立微十大流通股东。诺安优化配置混合A（006025）二季度增 持39.88万股，持有股数288.18万股，占流通股的比例为2.68%。根据测算，今日浮盈赚取约1250.7万 元。 诺安优化配置混合A（006025）成立日期2018年9月20日，最新规模10.57亿。今年以来收益2 ...

Core Viewpoint - Guangli Microelectronics has shown significant growth in revenue and net profit, indicating strong operational performance and investor interest in the company [2][3]. Group 1: Financial Performance - As of June 30, 2025, Guangli Microelectronics achieved a revenue of 246 million yuan, representing a year-on-year growth of 43.17% [2]. - The net profit attributable to shareholders for the same period was 15.68 million yuan, reflecting a substantial increase of 518.42% year-on-year [2]. - Since its A-share listing, the company has distributed a total of 217 million yuan in dividends [3]. Group 2: Shareholder and Market Activity - As of June 30, 2025, the number of shareholders for Guangli Microelectronics reached 29,300, an increase of 18.89% compared to the previous period [2]. - The average number of circulating shares per shareholder decreased by 15.89% to 3,667 shares [2]. - The company’s financing balance as of August 28 was 618 million yuan, accounting for 3.34% of its market capitalization, indicating a high level of financing activity [1]. Group 3: Institutional Holdings - Among the top ten circulating shareholders, the Noan Optimized Allocation Mixed A fund increased its holdings by 39,880 shares to 2.88 million shares [3]. - The Guolian An Zhongzheng All-Index Semiconductor Products and Equipment ETF also increased its holdings by 9,520 shares to 1.06 million shares [3]. Group 4: Business Overview - Guangli Microelectronics, established on August 12, 2003, specializes in the design, development, and service of integrated circuit EDA software and wafer-level electrical testing equipment [1]. - The company's revenue composition includes 62.40% from testing equipment and accessories, 37.00% from software development and licensing, and 0.60% from testing services and others [1].

Group 1 - The latest stock price of Guangliwei is 89.55 yuan, which represents an increase of 0.60% compared to the previous trading day [1] - During the trading session, there was a rapid rebound, with a price of 86.77 yuan at 13:30, showing a rise of over 2% within 5 minutes and a transaction volume of 8.31 billion yuan [1] - Guangliwei operates in the semiconductor industry, focusing on the research and sales of integrated circuit EDA software and wafer-level electrical testing equipment [1] Group 2 - On August 20, the net outflow of main funds was 113 million yuan, with a cumulative net outflow of 192 million yuan over the past five days [1]

Core Insights - Guangli Micro achieved a revenue of 246 million yuan in the first half of 2025, representing a year-on-year growth of 43.17%, with net profit increasing by 518.42% to 15.68 million yuan [1] - The company is positioned to benefit from the domestic demand for integrated circuit products amid the trend of localization and self-sufficiency in the semiconductor industry [1][5] - Guangli Micro has developed a comprehensive product matrix that includes EDA tools, testing equipment, and data analysis systems, enhancing chip yield rates and reducing production costs [1][3] Financial Performance - In H1 2025, Guangli Micro's software development and licensing business generated 91.05 million yuan, while testing equipment and accessories contributed 153 million yuan, with respective growth rates of 50.24% and 38.13% [1] - The gross profit margins for software development and testing equipment were 74.09% and 49.40%, respectively [1] - R&D expenses reached 144 million yuan, accounting for 58.57% of total revenue, reflecting a 9.10% increase year-on-year [5][6] Market Trends - The global digitalization wave is driving explosive growth in sectors such as 5G, AI, IoT, and electric vehicles, leading to a significant demand for integrated circuits [2] - The Chinese integrated circuit market is projected to reach 1.28 trillion yuan in 2024 and approximately 1.35 trillion yuan in 2025 [2] - The integrated circuit industry is experiencing a "volume and price rise" trend, driven by the dual forces of digital economy penetration and emerging industry demand [5] Product Development - Guangli Micro has established a "three-horse carriage" model focusing on EDA software, semiconductor big data analysis, and wafer-level electrical testing equipment, which work synergistically to drive sustainable growth [3] - The company has launched various EDA products and testing equipment, including the fourth generation of wafer-level testing machines, enhancing its competitive edge in the market [4][6] - The semiconductor data analysis system has been upgraded to cover the entire lifecycle of integrated circuits, expanding the customer base and market space [4] Strategic Initiatives - Guangli Micro's acquisition of LUCEDA NV aims to enhance its capabilities in silicon photonics and expand its offerings from traditional EDA to photonic design automation [10] - The company is focused on deepening its global market presence, particularly in regions like South Korea, Singapore, and Taiwan, to enhance customer collaboration [11][12] - Continuous innovation and a strong emphasis on R&D are central to Guangli Micro's strategy to create value for clients and solidify its position as a leading EDA and testing equipment supplier [11][12]

Core Viewpoint - Guangli Micro reported a slight decline in stock price on August 15, closing at 83.33 yuan, with a trading volume of 1.144 billion yuan and a price fluctuation of 6.45% [1] Company Overview - The company specializes in the research and development of electronic design automation software and wafer-level electrical testing equipment, primarily serving the integrated circuit manufacturing and design sectors [1] Recent Developments - On August 12, the company announced the completion of a full acquisition of Belgian silicon photonics design automation firm LUCEDA through its Singapore subsidiary, with a transaction value of approximately 340 million yuan. This acquisition is expected to enable the company to enter the silicon photonics chip design automation market [1] Financial Performance - On August 15, the main capital outflow was 13.119 million yuan, while the cumulative net inflow over the past five trading days reached 399 million yuan [1]

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].