24Q1 毛利率同环比显著增长，主要系设计类EDA 业务占比大幅提升。24Q1毛利率为94.28%，同比+4.05pcts/环比+11.19pcts，同环比均增长主要来自于EDA 占比提升至85.38%（2023 全年为61.57%），其中设计类EDA 占比55.77%（相比2023 全年提升24.73pcts），制造类EDA 占比29.61%，这两项业务的毛利率均为100%。半导体器件特性测试系统和技术开发解决方案营收占比分别为9.57%和5.05%。Gailun Electronics is a world-renowned EDA company, mainly engaged in manufacturing and design EDA, semiconductor device characteristic testing instruments, and semiconductor engineering services. Related products have been widely used by leading foundries and memory manufacturers around the world. Guilun Electronics released its 2024 quarterly report. Combined with the announcement information, the comments are as follows:
The company's 24Q1 revenue growth rate was in line with expectations, mainly due to the increase in new orders from domestic customers in the Q1 EDA business.
The company's 24Q1 revenue was 81.81 million yuan, +27.97% /month-on-month. The year-on-year increase in revenue was mainly due to EDA software licensing business revenue of +61.43% YoY to 69.64 million yuan, with orders from emerging strategic customers. Among them, design EDA revenue was 45.49 million yuan, +120.58% YoY, and manufacturing EDA revenue was 24.15 million yuan, +7.25% YoY. Due to factors such as delays in delivery and acceptance cycles, semiconductor device characteristic testing systems business revenue was 7.81 million yuan, and technology development solutions revenue was 4.12 million yuan. Net profit loss due to mother was 36.47 million yuan, of which share payment expenses affected about 7.55 million yuan.
24Q1 gross margin increased significantly over the same period, mainly due to a sharp increase in the share of design EDA business. The gross margin for 24Q1 was 94.28%, +4.05pcs/month-on-month +11.19pcts. The year-on-month increase was mainly due to the increase in EDA share to 85.38% (61.57% for the full year of 2023), of which design EDA accounted for 55.77% (up 24.73 pcts compared to the full year of 2023), and manufacturing EDA accounted for 29.61%. The gross margin of both businesses was 100%. Semiconductor device characteristic testing systems and technology development solutions accounted for 9.57% and 5.05% of revenue, respectively.
NanoDesigner collaborates with new test equipment software and hardware to comprehensively acquire and strengthen upstream and downstream cooperation with the industrial chain. The company's full-process design platform NanoDesigner has passed multiple rounds of certification from leading customers and obtained large-scale revenue. 24M3 released new semiconductor parameter testing and fully automated solutions, including the sensor microstructural parameter tester FS-MEMS and automatic measurement solution ATS, and the company's electrical characteristics testing system collaborated with EDA product software and hardware. The company completed the acquisition of Fuzhou Xinzhilian and Belgian EDA company Magwel in 2023, and reached cooperative agreements with many upstream and downstream companies in the industrial chain such as Hongzhiwei, Alibaba Cloud, MPI, Rohde and Schwarz to enhance the competitiveness of the industry.
Investment advice. Gailun Electronics is a leading domestic EDA manufacturer with deep accumulation in the fields of device modeling and circuit simulation verification. We expect the company's revenue to be 4.12/5.07/612 million yuan in 24-26 years. Considering the continuing impact of share payment fees in 24-26 years, the corresponding apparent net profit to mother is 0.03/0.25/0.56 billion yuan, corresponding EPS is 0.01/0.06/0.13 yuan, maintaining a “gain” rating.
Risk warning: risk of technology iteration, risk of R&D failure, risk of increased market competition, risk of reduced product competitiveness, macro-environmental risk, risk of intellectual property infringement.
