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 ...

Investment Rating - The report maintains an "Outperform" rating for the company [1][8][19] Core Insights - The company's performance met expectations, with a total revenue of 1.22 billion yuan for 2024, reflecting a year-on-year growth of 20.98%. The net profit attributable to the parent company was 109 million yuan, down 45.46% year-on-year [8] - The company has increased its R&D investment significantly, with R&D expenses reaching 868 million yuan in 2024, a 26.77% increase year-on-year, resulting in a record high R&D expense ratio of 71.02% [8] - The company is upgrading its traditional product lines and expanding into advanced packaging and wafer manufacturing technologies, including the launch of new tools for 3DIC and multi-exposure technology [8] - The acquisition of Chip and Semiconductor enhances the company's capabilities in EDA (Electronic Design Automation) and positions it to become a global leader in the EDA sector [8] - The company is projected to achieve total revenues of 1.62 billion yuan, 2.06 billion yuan, and 2.65 billion yuan for 2025, 2026, and 2027 respectively, with net profits of 245 million yuan, 411 million yuan, and 604 million yuan for the same years [8] Financial Data and Profit Forecast - Total revenue for 2025 is estimated at 1.62 billion yuan, with a year-on-year growth rate of 32.6% [7] - The net profit for 2025 is projected to be 245 million yuan, representing a significant increase of 123.7% year-on-year [7] - The company’s gross margin is expected to remain high, with projections of 93.3% for 2025 and increasing slightly in subsequent years [7]

Financial Performance - The company's revenue for Q1 2025 was CNY 234,322,703.68, representing a 9.77% increase compared to CNY 213,459,772.37 in the same period last year[5] - Net profit attributable to shareholders was CNY 9,713,941.82, a 26.72% increase from CNY 7,665,401.36 year-on-year[5] - The company reported a basic earnings per share of CNY 0.02, doubling from CNY 0.01 in the same quarter last year[5] - Total operating revenue for the current period reached ¥234,322,703.68, an increase of 9.3% compared to ¥213,459,772.37 in the previous period[22] - Net profit for the current period was ¥9,713,941.82, representing a 26.6% increase from ¥7,665,401.36 in the previous period[23] - Earnings per share (basic and diluted) improved to ¥0.02, compared to ¥0.01 in the previous period[24] Cash Flow - The net cash flow from operating activities surged by 281.38% to CNY 240,261,680.32, up from CNY 62,998,454.64 in the previous year[5] - Cash flow from operating activities generated a net amount of ¥240,261,680.32, significantly higher than ¥62,998,454.64 in the previous period[25] - The net cash flow from investing activities was -426,007,335.12, indicating a decrease compared to the previous period's -176,713,978.63[27] - The net cash flow from financing activities was -15,366,955.53, compared to -8,640,996.61 in the previous period, reflecting increased cash outflows[27] - The company reported a cash decrease of -201,482,204.51 during the period, compared to a decrease of -123,212,107.37 in the previous period[27] Assets and Liabilities - Total assets decreased by 2.45% to CNY 5,491,019,895.12 from CNY 5,628,841,870.04 at the end of the previous year[5] - Current assets decreased from CNY 3,457,019,807.72 to CNY 3,317,689,826.68, representing a decrease of about 4.05%[18] - Cash and cash equivalents decreased from CNY 1,067,005,517.09 to CNY 865,523,312.58, a reduction of approximately 18.93%[18] - Total current liabilities decreased from CNY 446,227,417.63 to CNY 241,970,151.94, a decrease of approximately 45.73%[19] - Total liabilities decreased to ¥423,731,085.44 from ¥624,615,755.86, reflecting a reduction of approximately 32.2%[20] - Total equity attributable to shareholders increased to ¥5,067,288,809.68, up from ¥5,004,226,114.18, marking a growth of 1.3%[20] Accounts Receivable and Impairment - The company recorded a significant reduction in accounts receivable, down 48.10% to CNY 355,265,016.59 from CNY 684,542,348.46[9] - Accounts receivable decreased from CNY 684,542,348.46 to CNY 355,265,016.59, a decline of about 48.24%[18] - The company experienced a 409.35% increase in credit impairment losses, amounting to CNY 18,406,072.12, attributed to the recovery of accounts receivable[11] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 41,081[13] - The largest shareholder, China Electronics Corporation, holds a 21.22% stake in the company, with 115,200,804 shares[13] Employee Compensation and Expenses - The company reported a significant reduction in employee compensation liabilities from CNY 200,909,620.02 to CNY 66,335,051.78, a decrease of about 66.96%[19] - Operating costs increased by 175.77% to CNY 20,113,274.33, primarily due to the growth in technical service revenue[11] - Research and development expenses were ¥175,405,228.49, a decrease of 5.3% from ¥186,393,044.63 in the previous period[22] Other Financial Information - The company has a total of 280,620,322 restricted shares, which are set to be released on July 28, 2025[16] - The company has not reported any new product developments or market expansion strategies in the current financial report[17] - Deferred income increased to ¥115,015,736.05 from ¥112,445,617.64, indicating a growth of 2.3%[20] - Other income decreased to ¥32,362,646.50 from ¥48,301,151.46, a decline of 33.1%[23] - The cash and cash equivalents at the end of the period were 865,523,312.58, down from 2,979,783,733.39 at the beginning of the period[27] - The cash inflow from financing activities was not specified, indicating potential changes in capital structure[27] - The company did not undergo an audit for the first quarter report, which may affect the reliability of the financial data presented[28] - The company plans to implement new accounting standards starting in 2025, which may impact future financial reporting[29]

Investment Rating - The report maintains a "Buy" rating for the company, expecting a significant price increase over the next 6-12 months [5]. Core Insights - In 2024, the company achieved a revenue of 1.222 billion RMB, representing a year-on-year growth of 20.98%, while maintaining the leading market share among domestic EDA companies. However, the net profit attributable to the parent company decreased by 45.46% to 109 million RMB [2]. - The company continues to expand its product matrix through self-research and mergers and acquisitions, launching new EDA tools that enhance simulation efficiency significantly [4]. - The company’s revenue projections for 2025 to 2027 are 1.661 billion RMB, 2.138 billion RMB, and 2.708 billion RMB, with expected growth rates of 35.91%, 28.68%, and 26.66% respectively [5]. Summary by Sections Performance Review - In Q4 2024, the company reported a revenue of 479 million RMB, a year-on-year increase of 29.13%, and a net profit of 51 million RMB, up 73.71% [2]. - The EDA software sales revenue for 2024 was 1.092 billion RMB, growing by 20.71%, while the technical services revenue reached 115 million RMB, increasing by 40.01% [3]. Business Analysis - The company’s gross margin for 2024 was 93.31%, a slight decrease of 0.48 percentage points from the previous year. The sales, management, and R&D expense ratios were 16.31%, 12.05%, and 60.79%, respectively, showing a decline compared to the previous year [3]. - The company’s overseas revenue accounted for 4.72% of total revenue, with a year-on-year decline of 13.32% [3]. Future Outlook - The company is expected to enhance its market share through strategic acquisitions, including the planned purchase of a semiconductor control company, which will provide comprehensive EDA solutions [4]. - The projected net profits for 2025, 2026, and 2027 are 158 million RMB, 218 million RMB, and 285 million RMB, respectively, with corresponding price-to-sales ratios of 39.67, 30.83, and 24.34 [5].

Investment Rating - The report maintains a "Buy" rating for the company, expecting a price increase of over 15% in the next 6-12 months [5][13]. Core Insights - In 2024, the company achieved a revenue of 1.222 billion RMB, representing a year-on-year growth of 20.98%, while maintaining the leading market share among domestic EDA companies. However, the net profit attributable to the parent company decreased by 45.46% to 109 million RMB, with a non-recurring net profit loss of 57 million RMB [2]. - The company continues to expand its product matrix through self-research and mergers and acquisitions, launching new EDA tools that enhance simulation efficiency significantly. The acquisition of a semiconductor control company is expected to improve the company's market coverage and share [4]. Summary by Sections Performance Review - In Q4 2024, the company reported a revenue of 479 million RMB, a year-on-year increase of 29.13%, and a net profit of 51 million RMB, up 73.71% year-on-year [2]. Operational Analysis - The EDA software sales revenue for 2024 was 1.092 billion RMB, growing by 20.71%, while the technical services revenue reached 115 million RMB, up 40.01%. However, hardware and other income fell by 35.71% to 15 million RMB. The overseas revenue accounted for 4.72% of total revenue, declining by 13.32% [3]. - The gross profit margin for 2024 was 93.31%, a slight decrease of 0.48 percentage points from the previous year. The sales, management, and R&D expense ratios were 16.31%, 12.05%, and 60.79%, respectively, showing a year-on-year decline [3]. Profit Forecast and Valuation - Revenue projections for 2025 to 2027 are 1.661 billion RMB, 2.138 billion RMB, and 2.708 billion RMB, with growth rates of 35.91%, 28.68%, and 26.66%, respectively. The net profit forecasts for the same period are 158 million RMB, 218 million RMB, and 285 million RMB, corresponding to price-to-sales ratios of 39.67, 30.83, and 24.34 [5][10].

一、主要会计数据和财务指标 | 报告期指标 | 2024年年报 | 2023年年报 | 本年比上年增减(%) | 2022年年报 | | --- | --- | --- | --- | --- | | 基本每股收益（元） | 0.2000 | 0.3700 | -45.95 | 0.3900 | | 每股净资产（元） | 9.22 | 8.81 | 4.65 | 8.57 | | 每股公积金(元) | 7.34 | 7.01 | 4.71 | 6.99 | | 每股未分配利润(元) | 0.64 | 0.62 | 3.23 | 0.43 | | 每股经营现金流(元) | - | - | - | - | | 营业收入(亿元) | 12.22 | 10.1 | 20.99 | 7.98 | | 净利润(亿元) | 1.09 | 2.01 | -45.77 | 1.86 | | 净资产收益率(%) | 2.24 | 4.26 | -47.42 | 7.33 | 数据四舍五入，查看更多财务数据>> 二、前10名无限售条件股东持股情况 前十大流通股东累计持有： 16725.92万股，累计占流通股比： 63.77%，较上 ...

一、募集资金基本情况 关于北京华大九天科技股份有限公司 2024年度募集资金存放与实际使用情况的核查意见 中信证券股份有限公司 中信证券股份有限公司（以下简称"中信证券"、"保荐人"）作为北京华 大九天科技股份有限公司（以下简称"华大九天"或"公司"）首次公开发行股 票并在创业板上市的保荐人，根据《证券发行上市保荐业务管理办法》《深圳证 券交易所上市公司自律监管指引第 2 号——创业板上市公司规范运作》《深圳证 券交易所创业板股票上市规则》《上市公司监管指引第 2 号——上市公司募集资 金管理和使用的监管要求》等有关法律法规和规范性文件及募集资金使用的有关 规定，对华大九天 2024 年度募集资金存放及使用情况进行了核查，并出具核查 意见如下： 购买银行结构性存款及定期存款、单位大额存单共计1,170,000,000.00元。明细 如下表： （一）扣除发行费用后的实际募集资金金额、资金到账时间 根据中国证券监督管理委员会《关于同意北京华大九天科技股份有限公司首 次公开发行股票注册的批复》（证监许可[2022]851 号）核准，北京华大九天科 技股份有限公司（以下简称"公司"）采用向社会公开发行的方式发行人民币 ...