工程服务收入逆势增长，境内收入占比进一步提升。分产品收入情况看，EDA 软件授权业务实现收入9305.7 万元，同比27.89%；半导体器件特性测试系统业务实现收入4666.3 万元，同比53.42%；一站式工程服务解决方案业务实现收入1193.52 万元，同比103.39%。分区域收入看，来自境内的收入水平进一步提升，公司来自境内的主营业务收入实现9,241.46 万元，同比增长76.11%，来自境内的收入占主营业务收入的比重达到60.94%。Company Overview
The company released the 2023 semi-annual report. At 2023H1, the company achieved revenue of 152 million yuan, or 38.79% of the same period; realized net profit of 648,800 yuan, or -96.46% of the same period; realized net profit of non-return net profit of -4,046,500 yuan, or -123.6% of the same period.
Annual Report Reviews
Revenue from engineering services bucked the trend, and the share of domestic revenue increased further. Looking at revenue by product, the EDA software licensing business achieved revenue of 93.057 million yuan, or 27.89%; the semiconductor device characteristic testing system business achieved revenue of 466.63 million yuan, or 53.42% of the same period; the one-stop engineering service solution business achieved revenue of 11.9352 million yuan, or 103.39% of the same period. Looking at regional revenue, the level of revenue from within the country has further increased. The company's main business revenue from China reached 92,414,600 yuan, an increase of 76.11% over the previous year, and revenue from within the country accounted for 60.94% of the main business revenue.
Continued high R&D investment supports the development of new products. 2023H1, the company invested 90.83 million yuan in R&D, 67.63% year-on-year, accounting for 59.59% of revenue (10.25pct year-on-year increase), and the product layout continues to improve. In the first half of the year, the company 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 (such as 200V high voltage, 10PA extremely low current, etc.). Furthermore, the company also plans to launch two new products on the market within this year, namely EDA tools for manufacturability design (DFM) and digital simulation EDA tools. In addition, the company is also actively laying out other core technology development and accelerating the development process of various new products, and promoting the construction of various application-driven EDA processes.
The industrial layout continues to expand. In April 2023, the company's two wholly-owned subsidiaries, Shenzhen GeLun Electronics and Beijing GeLun Electronics, were launched. In May 2023, the company successfully acquired 100% of the shares in Fuzhou Xinzhilian Technology. Xinzhilian's existing technology and products can expand the company's leading position in chip-level EDA design and verification to board-level and package-level design, forming a complete full-process solution for chip-level, board-level and package design, which is in line with the company's development strategy.
The “DTCO” ecosystem has been further improved. In 2022, the company launched the industry's first EDA ecosystem based on the DTCO concept, and joined other EDA partners through capital support and strategic cooperation to jointly build an EDA ecosystem based on the DTCO concept. Since 2023, the ecosystem has been gradually improved. In March, the company took the lead with key upstream and downstream enterprises, industry-university-research cooperation to establish an EDA innovation consortium in the Lingang New Area of Shanghai, targeting the needs of the integrated circuit industry in China, especially in the Lingang New Area, and accelerating the implementation of DTCO methodology and ecology. Furthermore, since this year, the company has also reached cooperation agreements with many upstream and downstream companies in the industrial chain, such as Hongzhiwei, Alibaba Cloud, MPI, Rohde and Schwarz, etc., to enhance the competitiveness of the industry.
Investment advice
It is estimated that in 2023-2025, the company's operating income will be 397/555/749 million yuan, respectively, 42.5%/40.0%/34.9%; return net profit will be 0.53/0.74/100 million yuan, respectively, an increase of 18.5%/39.4%/34.4% over the previous year, corresponding to EPS of 0.12/0.17/0.23 yuan. Based on the closing price of 24.72 yuan on September 5, 2023, PE 2023-2025 was 201.7X/144.7X/107.7X, respectively. Maintain the “Increase in holdings - A” rating.
Risk warning
Fab expansion fell short of expectations; new product development and DTCO ecosystem construction fell short of expectations; risk in overseas markets; risk of not being able to find potential acquisitions or strategic investment targets and achieve business collaboration.
