在良率提升领域已形成产品闭环，布局软硬件构筑协同优势。良率提升领域各环节紧密联系，公司产品布局在良率提升领域已形成有效闭环。丰富完整的产品和服务有助于扩大潜客范围，同时，产品间能够互相引流，当单一产品成功进入客户供应体系后，公司其他产品的认证难度相应降低，各项业务间可以相互促进，实现协同增长。Core views:
Guang Liwei is a leader in the integrated circuit yield improvement segment. Established in 2003, Guangliwei has always developed products within its field of competence, focusing on improving the yield of integrated circuits and electrical testing. At present, the company has formed three product matrices: integrated circuit EDA tool software, wafer-level electrical testing equipment, and semiconductor big data analysis and management systems. At the same time, the company uses these software and hardware tools to provide software technology development services in the field of improving yield.
Fab production expansion+process upgrades drive yield and market growth. Yield is important to both chip designers and manufacturers. As fab production capacity continues to expand, demand for yield improvement services will usher in a new round of growth. Meanwhile, under the trend of process upgrading, yield has become a key factor affecting product quality and cost control, and demand for yield improvement will show a simultaneous growth trend.
In the field of yield improvement, a closed loop of products has been formed, and software and hardware are arranged to build collaborative advantages. All links in the field of yield improvement are closely linked, and the company's product layout has formed an effective closed loop in the field of yield improvement. Rich and complete products and services help expand the range of potential customers. At the same time, products can be mutually drained. When a single product successfully enters the customer supply system, the difficulty of certifying the company's other products is reduced accordingly, and various businesses can promote each other to achieve collaborative growth.
The product matrix continues to be enriched with yield improvement as the main axis, and growth can be expected. The company continues to increase investment in R&D, with yield improvement as the main axis, to promote the iterative upgrading of the three major product categories and the expansion of the product matrix. Test equipment benefits from the expansion of production in fabs and domestic replacement, and demand is growing rapidly, and it is expected that new EDA software products such as DFT and DFM developed or incubated will further open up market space; in the future, along with independent production of components related to testing machines and the development and sale of software tools, the company's profitability is expected to gradually increase.
Profit forecasting and investment advice. Guangliwei's 24-26 revenue is expected to be 0.632/0.941/1.22 billion yuan. As a relatively scarce domestic WAT testing machine supplier, the company's share continues to increase, and software products continue to expand and break through. Referring to the valuation level of comparable domestic companies, a 24-year 22x PS valuation is given, corresponding to a reasonable value of 69.57 yuan/share, giving it a “buy” rating.
Risk warning. Technology development and product upgrades fall short of expectations; market competition risks; downstream prosperity falls short of expectations.
