Market Overview - The main board saw significant gains with notable stocks such as Hubei Broadcasting (+10.04%), Tongding Internet (+10.02%), and Shanghai Film (+10.01%) leading the charge [1] - The ChiNext board also performed well, highlighted by Everbright Tongchuang (+20.01%) and Creative Information (+19.93%) [1] - The Sci-Tech Innovation board was led by Dekeli (+15.41%) and Lingzhi Software (+14.46%) [1] - Active sub-industries included SW Communication Application Value-Added Services (+3.09%) and SW Horizontal General Software (+3.01%) [1] Domestic News - Tianyue Advanced is expanding its production capacity for silicon carbide single crystal with a project to produce 500 tons annually, aiming for equipment installation by May 2025 and trial production by June [1] - Saizhuo Electronics has officially launched a vehicle-grade semiconductor packaging project with a total investment of 500 million, enhancing its strategic positioning in the vehicle-grade integrated circuit sector [1] - TSMC has commenced construction of its third semiconductor factory in Phoenix, Arizona, with completion expected between 2028 and 2030, utilizing advanced 2nm and 1.6nm process technologies [1] - Jinghe Integrated reported an increase in revenue from 55nm products, driven by higher shipments of DDIC/CIS products, with automotive chip development progressing smoothly [1] Company Announcements - Shen Si Electronics announced receipt of government subsidies amounting to 1.821 million yuan, representing 11.17% of its latest audited net profit attributable to shareholders [3] - Jiangbolong disclosed a plan for a major shareholder to reduce holdings by up to 4.16 million shares, accounting for 1.00% of total share capital, between May and August 2025 [3] - Tongguan Copper Foil reported a share buyback of 3,800 shares, representing 0.00046% of total share capital, with a total transaction amount of 37,976 yuan [3] - Huada Jiutian is progressing with a major asset restructuring, with ongoing audits and due diligence [3] Overseas News - Current global tariff rates, if unchanged, are expected to increase Apple's costs by $900 million for the quarter ending June [4] - Samsung Electronics is in discussions with Nvidia, Broadcom, and Google to develop custom 6th generation high bandwidth memory (HBM4), with deliveries anticipated as early as next year [4] - Samsung has confirmed plans to introduce vertical channel transistor (VCT) technology after the 7th generation 10nm DRAM process, with products expected in 2 to 3 years [4] - In Q1 2025, the global AMOLED smartphone panel market in South Korea accounted for 49.2%, while domestic manufacturers held a 50.8% share, showing resilience despite a year-on-year decline [4]

Core Insights - The company faced profit pressure in 2024 due to significant stock-based compensation expenses, leading to a 45.46% year-on-year decline in net profit, despite a revenue increase of 20.98% [1] - In Q1 2025, the company reported a revenue of 234 million, a year-on-year increase of 9.77%, and a net profit of 10 million, reflecting a 26.72% increase [2] - The EDA market is projected to grow at a CAGR of 36% from 2024 to 2027, with the company's actual controller change expected to enhance its position and capabilities [2] Financial Performance - For the full year 2024, the company achieved a revenue of 1.222 billion, with a gross margin of 93.31% [1] - The projected revenues for 2025, 2026, and 2027 are 1.756 billion, 2.505 billion, and 3.510 billion respectively, with a CAGR of 41.4% [4] - The expected net profits for the same period are 225 million, 349 million, and 474 million, with a CAGR of 45.0% [4] Product Development and Market Position - The company is advancing its product lines significantly, including the launch of AI-enhanced design tools and platforms for various EDA applications [3] - Accelerated mergers and acquisitions are aimed at strengthening key capabilities and achieving over 90% coverage in digital circuit design by 2026 [3] - The company is enhancing its full-process coverage across various product categories, positioning itself for increased market share [3]

主要财务指标 毛利率和净利率 近期华大九天（301269）发布2025年一季报，证券之星财报模型分析如下： 营收与利润 华大九天在2025年一季度实现了营业总收入2.34亿元，较去年同期的2.13亿元同比增长9.77%。归母净 利润达到971.39万元，同比增长26.72%。扣非净利润为-38.78万元，虽然仍为负值，但相比去年同期 的-1650.18万元，同比上升了97.65%。 销售费用、管理费用、财务费用总计7160.79万元，占营收比例为30.56%，同比增加了26.18%。这显示 出公司在费用控制方面面临一定压力。 现金流和资产状况 每股经营性现金流为0.44元，同比大幅增长281.38%，显示出公司经营活动产生的现金流量显著改善。 然而，货币资金从29.8亿元减少至8.66亿元，降幅达70.95%，需关注其流动性风险。 应收账款 公司的毛利率为91.42%，同比下降5.35%；净利率为4.15%，同比增加15.44%。这表明公司在保持较高 毛利的同时，盈利能力有所提升。 费用控制 截至本报告期末，公司应收账款为3.55亿元，同比增幅达59.58%，应收账款与利润的比例高达 324.51%，建议密切 ...

北京华大九天科技股份有限公司 关于重大资产重组的进展公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 一、本次交易概述 北京华大九天科技股份有限公司（以下简称"公司"）拟以发行股份及支付 现金的方式收购芯和半导体科技（上海）股份有限公司 100%股份并募集配套资 金（以下简称"本次交易"）。本次交易预计构成重大资产重组但不构成重组上 市。 二、本次交易的进展情况 经向深圳证券交易所申请，公司股票（证券简称：华大九天，证券代码：301269） 自 2025 年 3 月 17 日（星期一）开市起开始停牌，具体内容详见公司于 2025 年 3 月 17 日披露的《关于筹划发行股份及支付现金等方式购买资产事项的停牌公 告》（公告编号：2025-004）。 证券代码：301269 证券简称：华大九天 公告编号：2025-023 自预案披露以来，公司正在组织相关方积极推进本次交易的相关工作。截至 本公告披露日，本次交易所涉及的审计、评估及尽职调查等工作尚未完成。在审 计、评估及尽职调查等工作完成后，公司将再次召开董事会审议本次交易相关的 议案，并按照相关法律法规的规定 ...

2025年4月29日，华大九天(301269.SZ)发布2025年一季报。 公司营业总收入为2.34亿元，在已披露的同业公司中排名第53，较去年同报告期营业总收入增加2086.29 万元，实现4年连续上涨，同比较去年同期上涨9.77%。归母净利润为971.39万元，在已披露的同业公司 中排名第30，较去年同报告期归母净利润增加204.85万元，同比较去年同期上涨26.72%。经营活动现金 净流入为2.40亿元，在已披露的同业公司中排名第5，较去年同报告期经营活动现金净流入增加1.77亿 元，同比较去年同期上涨281.38%。 公司最新毛利率为91.42%，在已披露的同业公司中排名第8。最新ROE为0.19%，在已披露的同业公司 中排名第45，较去年同期ROE增加0.03个百分点。 公司摊薄每股收益为0.02元，在已披露的同业公司中排名第34，较去年同报告期摊薄每股收益增加0.01 元，同比较去年同期上涨100.00%。 公司最新总资产周转率为0.04次，较去年同期总资产周转率持平，实现2年连续上涨，同比较去年同期 上涨8.23%。最新存货周转率为0.36次，较去年同期存货周转率增加0.21次，同比较去年同期上 ...

Group 1 - The company, Beijing Huada Jiutian Technology Co., Ltd., is primarily engaged in the development, sales, and related services of EDA tools for integrated circuit design, manufacturing, and packaging [5][6] - The company has introduced several new EDA tools during the reporting period, including the PyAether ecosystem, ADA for parasitic parameter analysis, and Optimus for optical proximity correction [6] - The company has a profit distribution plan approved by the board, proposing a cash dividend of 1.50 yuan per 10 shares, based on a total of 542,941,768 shares [4] Group 2 - The company has not changed its accounting firm during the reporting period, maintaining its relationship with Daixin Accounting Firm [3] - The company reported no need for retrospective adjustments or restatements of previous financial data [6] - The company has disclosed its major accounting data and financial indicators for the past three years, confirming no significant discrepancies with previously disclosed quarterly or semi-annual reports [6] Group 3 - The company has approved a proposal for expected daily related transactions for 2025, which includes purchasing goods and services from related parties [67] - The company has engaged in related transactions with Nanjing Integrated Circuit Design Service Industry Innovation Center, totaling 194.69 million yuan, which was not initially anticipated [8][9] - The company has established relationships with several related parties, including China Electronics Corporation, which is its actual controller [10][11]

北京华大九天科技股份有限公司 | | □特定对象调研 □分析师会议 | | --- | --- | | 投资者关系活动 | □媒体采访 □业绩说明会 | | 类别 | □新闻发布会 □路演活动 | | | □现场参观 | | | ☑其他 电话会议 | | 参与单位名称 | 中信证券、国泰海通、浙商证券、中金公司、东方证券、申万 宏源、西部证券、国金证券、招商证券、光大证券、中泰证券、 江证券、诺安基金、富国基金、中邮基金、鹏扬基金、朱雀基 金、长信基金、金鹰基金、太平基金、中航基金、泉果基金、 | | | 华福证券、UBS、高盛、摩根士丹利、中天证券、国海证券、长 | | | 光大保德信基金、兴业资管、中再资管、中银国际资管、景林 | | | 资产、润晖投资、中域资产、睿郡资产、浩瑜恒投资、国任财 | | | 险、鸿运私募、慧利资产、泾谷私募、亘泰投资、明湖投资、 金塔投资、正鑫私募、东方富海、杭贵投资、复华投信、丞毅 | | | 投资、路博迈基金、摩旗投资、凯思博投资、兴亿投资、瑞华 | | | 投资、真行资本、美浓资产、勤益科技投资、源峰私募、鸿盛 | | | 资产、世诚投资、美阳投资、明曜投资、信石投资 ...

对于下游用户而言，相比组合使用多家EDA 厂商的点工具，采用同平台的全流程产品能够实现更好的 数据兼容性、精度一致性，并且能够显著降低使用成本、提升使用效率。我们认为，公司目前拥有全球 客户近700 家，随着EDA 产品线持续拓宽，全流程优势有望带动公司客群持续拓展。 华大九天发布年报，2024 年实现营收12.22 亿元（yoy+20.98%），归母净利1.09 亿元（yoy-45.46%）， 扣非净利-0.57 亿元（2023 年为0.64 亿元）。 其中Q4 实现营收4.79 亿元（yoy+29.13%），归母净利5093.34 万元（yoy+73.71%）。2024 年公司归母 净利高于我们预期（1.01 亿元），我们判断主因长期股权投资产生的投资收益增长（yoy+44.1%）。我 们认为，公司EDA 产品线持续拓宽，市场份额提升可期。维持"增持"评级。 产品线持续拓宽，有望驱动25 年营收增长 2024 年公司EDA 软件销售业务收入10.92 亿元，同比+20.71%；技术开发服务收入1.15 亿元，同比 +40.01%。2024 年公司EDA 产品线继续拓宽： 数字电路设计方面，新推出基于GPU ...

Core Viewpoint - The company reported its 2024 annual results and Q1 2025 results, showing a significant increase in revenue but a decline in net profit due to increased R&D expenses and a shift to a loss in non-recurring profit [1][2]. Financial Performance - In 2024, the company achieved total revenue of 1.222 billion, a year-on-year increase of 20.98% - The net profit attributable to shareholders was 109 million, a year-on-year decrease of 45.46% - The non-recurring net profit was -57 million, compared to 64 million in the same period last year, indicating a shift from profit to loss - In Q1 2025, total revenue was 234 million, a year-on-year increase of 9.77% - The net profit attributable to shareholders was 10 million, a year-on-year increase of 26.72% [1]. R&D Investment - The company increased its R&D investment in 2024, with R&D expenses reaching 868 million, a year-on-year increase of 26.77% - The R&D expense ratio was 71.02%, up by 3.25 percentage points, marking a historical high - The number of R&D personnel reached 914, an increase of 18.1% year-on-year, reflecting the talent-intensive nature of the EDA industry [1][2]. Product Development - The company upgraded its traditional product lines, launching several new tools: - The Andes design automation platform, including Andes Analog for analog circuits and Andes Power for power transistors - The AetherLE layout editing tool with a new coloring function for different mask layers - The ALPS RF circuit simulation tool, reducing simulation time from 1-2 weeks to under 8 hours - The Optimus tool for optical proximity effect optimization in flat panel displays [2]. Strategic Initiatives - The company is accelerating its layout in wafer manufacturing and advanced packaging: - Development of the Layout Decomposer for high-performance mask layout splitting - Introduction of the Vision platform for process diagnostics to improve yield - New tools for 3DIC, including Aether 3DIC and Argus 3DStack - The acquisition of Chip and Semiconductor on March 17, 2025, aims to enhance the company's capabilities in 3DIC Chiplet and RF circuit EDA products, positioning it as a global EDA leader [3]. Future Outlook - The company maintains an "overweight" rating and has added profit forecasts for 2027 - The semiconductor industry's domestic production is seen as an inevitable trend, with the company expected to grow through both organic growth and acquisitions - Projected revenues for 2025, 2026, and 2027 are 1.62 billion, 2.06 billion, and 2.65 billion respectively, with net profits of 250 million, 410 million, and 600 million respectively [4].

登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：301269 证券简称：华大九天 公告编号：2025-022 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导性陈述或重大遗 漏。 重要内容提示： 1.董事会、监事会及董事、监事、高级管理人员保证季度报告的真实、准确、完整，不存在虚假记载、 误导性陈述或重大遗漏，并承担个别和连带的法律责任。 2.公司负责人、主管会计工作负责人及会计机构负责人(会计主管人员)声明：保证季度报告中财务信息 的真实、准确、完整。 3.第一季度报告是否经过审计 □是 R否 一、主要财务数据 （一） 主要会计数据和财务指标 公司是否需追溯调整或重述以前年度会计数据 □是 R否 （二） 非经常性损益项目和金额 R适用 □不适用 将《公开发行证券的公司信息披露解释性公告第1号——非经常性损益》中列举的非经常性损益项目界 定为经常性损益项目的情况说明 R适用 □不适用 （三） 主要会计数据和财务指标发生变动的情况及原因 R适用 □不适用 1、资产负债表项目重大变动情况及原因 单位：元 2、利润表项目重大变动情况及原因 单位：元 其他符合非经常性损益定义的 ...