分产品看，23H1，EDA 软件授权业务收入9306 万元，同增27.9%；半导体器件特性测试系统业务收入4666 万元，同增53.4%；一站式工程服务解决方案业务收入1194 万元，同增103.4%，上半年半导体特性测试系统及一站式工程服务验收增加。分区域看，公司抓住中国EDA 行业发展的有利契机，不断提高产品竞争力，23H1 来自境内收入9241 万元，同增76.1%，来自境内的收入占主营业务收入比重达60.9%，同比提升5.1pct。我们认为公司积极把握境内市场机遇，未来境内市场或为公司提供重要的增长动力。23H1 Revenue Continues to Grow Rapidly, Maintains “Buy” Rating
The company issued an interim report. 23H1, revenue was 152 million yuan, an increase of 38.8%; net profit of 0.1 million yuan, a decrease of 96.5%; net profit deducted from non-net loss of 104 million yuan (profit of 17 million yuan for the same period last year); excluding the impact of current share payments, net profit of 112 million yuan, net profit of 070 million yuan was deducted from non-net profit of 07 billion yuan. The increase in revenue was mainly due to the company's further improvement in product performance, and sales orders increased year-on-year; the decline in performance was mainly due to changes in product structure affecting total gross margin, equity incentive expenses, and increased R&D investment. The EPS for 23-25 is expected to be 0.12/0.17/0.23 yuan, a comparable company average of 23E PS 33.6x (Wind). Considering that the company has global competitiveness in terms of international customers, 2023E will be given 38.0 xPS, with a target price of 34.91 yuan, “buy”.
Domestic market revenue is increasing, and multiple businesses are promoting development
By product, 23H1, EDA software licensing business revenue was 93.06 million yuan, an increase of 27.9%; semiconductor device characteristic testing system business revenue was 46.66 million yuan, an increase of 53.4%; one-stop engineering service solution business revenue was 11.94 million yuan, an increase of 103.4%. Acceptance of semiconductor characteristic testing systems and one-stop engineering services increased in the first half of the year. Looking at the subregion, the company has seized favorable opportunities in the development of China's EDA industry and continuously improved product competitiveness. 23H1 revenue from domestic revenue was 92.41 million yuan, an increase of 76.1%. Revenue from domestic sources accounted for 60.9% of main business revenue, an increase of 5.1 pct over the previous year. We believe that the company actively seizes opportunities in the domestic market, and that the domestic market may provide the company with an important growth impetus in the future.
R&D investment has increased, and products continue to iterate
23H1 invested 90.8 million yuan in R&D, an increase of 67.6%; R&D investment accounted for 59.6% of revenue, an increase of 10.3 pct. At the end of 23H1, the total number of employees in the company was 413, an increase of 40.5%; the number of R&D people was 268, an increase of 41.8%, accounting for 64.9% of the total number of employees, an increase of 0.01 pct over the previous year. 23H1 released 9813DXC, an advanced low-frequency noise test system with complete functions, which supports high-precision noise testing of various semiconductor device types under various operating conditions. According to the company's interim report, the company plans to launch EDA tools for manufacturability design (DFM) and digital simulation EDA tools this year. We believe that the company maintains a large investment in R&D, continues to iterate products, and may continue to enhance its competitiveness.
The industrial layout continues to expand, and ecological barriers are expected to gradually form
The company continues to expand its industrial layout according to strategic development needs. In April 2023, the company's two wholly-owned subsidiaries will be located in Shenzhen and Beijing respectively, which will help the company make full use of local scientific research advantages, talent advantages, customer resources and government support, and participate deeply in the development layout of the local integrated circuit industry. In May 2023, the company acquired 100% of the shares of Xinzhilian. Its existing technology and products can extend the company's leading position in chip-level EDA design and verification to board-level and package-level design. In March '23, the company joined with key upstream and downstream enterprises, industry-university-research cooperation to establish an EDA innovation consortium in the Lingang New Area of Shanghai to promote the implementation of the DTCO strategy. The company continued to strengthen its industrial layout, and ecological barriers were gradually formed.
Risk warning: R&D results fall short of expectations; market competition intensifies.
