高强度研发投入，利润端短期承压。业务板块协同发展，营收快速增长，2023H1公司实现营业收入1.52 亿元，同比增长38.79%。分产品来看，EDA 软件授权业务/半导体器件特性测试系统业务/一站式工程服务解决方案业务分别实现营业收入0.93 亿元/0.47 亿元/0.12 亿元，同比增长27.89%/53.42%/103.39%。Matters:
Recently, the company released its semi-annual report: 2023H1 achieved operating income of 152 million yuan, a year-on-year increase of 38.79%, net profit of 0.1 million yuan, a year-on-year decrease of 96.46%; net profit after deducting non-return net profit of -204 million yuan, a year-on-year decrease of 123.60%. In the 2023Q2 single quarter, the company achieved operating income of 88 million yuan, an increase of 25.62%; net profit of 100 million yuan, a year-on-year decrease of 91.61%; net profit after deducting non-net profit of 03 billion yuan, a year-on-year decrease of 121.29%.
Commentary:
High-intensity R&D investment, short-term pressure on the profit side. The business sector developed collaboratively, and revenue grew rapidly. In 2023H1, the company achieved revenue of 152 million yuan, an increase of 38.79% over the previous year. By product, the EDA software licensing business/semiconductor device characteristic testing system business/one-stop engineering service solution business achieved revenue of 93 million yuan/47 million yuan/112 million yuan, respectively, an increase of 27.89%/53.42%/103.39% over the previous year.
On the profit side, 2023H1 achieved net profit of 101 million yuan, a year-on-year decline of 96.46%. On the cost side, R&D investment reached a new high. 2023H1's sales expense rate/management expense rate/R&D expense ratio was +0.31 pct/-2.23 pct/+10.25 pct, and R&D expenses invested 91 million yuan, an increase of 67.63% over the previous year.
The product layout continues to expand, and the technology is advanced. The company has pioneered technological breakthroughs in the fields of device modeling and circuit simulation, and its products have entered many leading international integrated circuit design and manufacturing enterprises. At present, the company has three types of core technologies: manufacturing EDA technology, design EDA technology, and semiconductor device characteristic testing technology, and more than 30 corresponding product segments. As of 2023H1, the company has 29 invention patents and 78 software copyrights worldwide, and has rich technical reserves.
The industrial layout continues to expand, and the construction of the EDA ecosystem has been fruitful. In terms of industrial layout, in May 2023, the company acquired 100% of the shares of Fuzhou Xinzhilian Technology Co., Ltd., and Xinzhilian's technology and products can expand the company's leading position in chip-level EDA design and verification to board-level and package-level design, not only filling the gaps in board-level and package-level design of the company's products, but also combined with the company's existing advanced design and verification technology to further enhance the market competitiveness of the company's products. In terms of EDA ecosystem construction: In 2022, the company launched the industry's first EDA ecosystem based on the DTCO concept; in March 2023, the company took the lead with key upstream and downstream enterprises, industry-university-research cooperation to build an EDA innovation consortium in the Lingang New Area of Shanghai; since 2023, the company has also reached a cooperative agreement with many upstream and downstream companies in the industrial chain such as Hongzhiwei, Alibaba Cloud, MPI, Rohde and Schwarz to enhance industrial competitiveness.
Investment suggestions: Considering that downstream demand for design EDA and device tester products fell short of expectations and profit forecasts were lowered, we expect 2023-2025 revenue to be 383/551/813 million yuan, corresponding growth rates of 37.4%/44.1%/47.5%, respectively (the original 2023-24 forecast value was 410/575 million yuan); Kimu's net profit was 0.52/0.76/0.95 billion yuan, and the corresponding growth rate was 15.3%/46.4%/25.1%, respectively (original 2023-24 forecast 0.67/93 million yuan). Maintain the “Recommended” rating.
Risk warning: There is uncertainty about demand release; industry competition is intensifying; there is uncertainty about the technology research and development process.
