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]

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Core Viewpoint - 华大九天 reported a revenue of 1.222 billion yuan for 2024, representing a year-on-year increase of 20.98%, while the net profit attributable to shareholders was 109 million yuan, down 45.46% year-on-year [1] Group 1: Financial Performance - In Q4 2024, the company achieved a revenue of 479 million yuan, up 29.13% year-on-year, with a net profit attributable to shareholders of 50.93 million yuan, an increase of 73.71% year-on-year [1] - The company's net profit exceeded expectations due to a 44.1% year-on-year increase in investment income from long-term equity investments [1] Group 2: Product Line Expansion - The EDA software sales revenue for 2024 was 1.092 billion yuan, a year-on-year increase of 20.71%, while technical development service revenue was 115 million yuan, up 40.01% year-on-year [2] - New products launched include a GPU-based unit library characterization extraction tool, Liberal-GT, and a parasitic parameter analysis tool, ADA, which are expected to drive revenue growth in 2025 [2] Group 3: Competitive Advantage and Customer Base - The company has nearly 700 global customers, and the full-process product offering is expected to enhance data compatibility, precision consistency, and reduce costs, thereby expanding the customer base [3] Group 4: M&A Activity - The company plans to acquire 100% of Chip and Semiconductor, which specializes in system-level design simulation and supports advanced packaging [4] - The projected revenue and net profit for Chip and Semiconductor in 2024 are 265 million yuan and 48 million yuan, respectively [4] Group 5: Profit Forecast and Valuation - Revenue projections for 2025-2027 are 1.881 billion yuan, 2.469 billion yuan, and 3.142 billion yuan, with net profit estimates of 245 million yuan, 318 million yuan, and 396 million yuan for the same period [5] - The target price has been raised to 129.85 yuan, reflecting an increase in the expected price-to-sales ratio due to enhanced product capabilities and market share growth [5]

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 ...

Group 1: Poly Developments - Poly Developments reported a net profit of 5 billion yuan for 2024, a decrease of 58.6% year-on-year [1] - The company achieved total revenue of 311.67 billion yuan in 2024, down 10% from the previous year [2] - The gross profit margin for settlements was 14%, a decline of 2 percentage points compared to the same period last year [1][2] - The company signed a total area of 17.9661 million square meters, a decrease of 24.7% year-on-year, while sales contracts amounted to 323.029 billion yuan, down 23.5% [2] - The company maintained a cash balance of 134.2 billion yuan at the end of the year, with a net cash flow from operating activities of 6.257 billion yuan [3] Group 2: Mindray Medical - Mindray Medical reported a revenue of 36.726 billion yuan for 2024, an increase of 5.14% year-on-year [5][6] - The net profit attributable to shareholders was 11.668 billion yuan, a slight increase of 0.74% compared to the previous year [5][6] - The company's cash flow from operating activities was not disclosed in the provided data [6] Group 3: Unisplendour - Unisplendour announced plans to issue H-shares and apply for listing on the Hong Kong Stock Exchange [9] - The company achieved a revenue of 79.024 billion yuan in 2024, a growth of 2.22% year-on-year [10] - The net profit attributable to shareholders was 1.572 billion yuan, a decrease of 25.23% compared to the previous year [10] Group 4: SF Holding - SF Holding reported a revenue of 69.849 billion yuan for the first quarter, an increase of 6.9% year-on-year [17][18] - The net profit attributable to shareholders was 2.234 billion yuan, reflecting a growth of 16.9% compared to the same period last year [17][18] - The company plans to repurchase shares worth between 500 million and 1 billion yuan [17] Group 5: Qingdao Beer - Qingdao Beer reported a revenue of 10.445 billion yuan for the first quarter, a growth of 2.91% year-on-year [20][21] - The net profit attributable to shareholders was 1.710 billion yuan, an increase of 7.08% compared to the previous year [20][21] Group 6: China State Construction - China State Construction reported a revenue of 555.3 billion yuan for the first quarter, a growth of 1.1% year-on-year [23] - The net profit attributable to shareholders was 15.01 billion yuan, reflecting a growth of 0.6% compared to the same period last year [23] Group 7: WuXi AppTec - WuXi AppTec reported a revenue of 9.655 billion yuan for the first quarter, a growth of 20.96% year-on-year [24] - The net profit attributable to shareholders was 3.672 billion yuan, a significant increase of 89.06% compared to the previous year [24] Group 8: China Nuclear Power - China Nuclear Power reported a revenue of 20.273 billion yuan for the first quarter, a growth of 12.7% year-on-year [25] - The net profit attributable to shareholders was 3.137 billion yuan, reflecting a growth of 2.55% compared to the same period last year [25] Group 9: Haitian Flavoring - Haitian Flavoring reported a revenue of 8.315 billion yuan for the first quarter, a growth of 8.08% year-on-year [26] - The net profit attributable to shareholders was 2.202 billion yuan, an increase of 14.77% compared to the previous year [26] Group 10: Yunnan Baiyao - Yunnan Baiyao reported a revenue of 10.841 billion yuan for the first quarter, a growth of 0.62% year-on-year [27] - The net profit attributable to shareholders was 1.935 billion yuan, reflecting a growth of 13.67% compared to the same period last year [27]

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]

Core Insights - Goldman Sachs recently engaged with Chinese software supply chain companies to discuss customer software budgets, advancements in generative AI, and growth and profitability prospects for the second half of 2025. It is anticipated that the average revenue growth for Chinese software companies covered by Goldman Sachs will be 26% year-on-year in 2025, with sequential revenue growth expected across all four quarters [1]. Group 1: Generative AI Impact - The emergence of enhanced local foundational models, such as deep search models, has shifted customer software budgets from functional tools to generative AI software, leading to increased average revenue per user and attracting new paying customers [1]. - As demand rises and profitable business models for enterprise (B-end) and consumer (C-end) users become clearer, more software companies are investing in the development of application software based on foundational models [1]. - Generative AI is enabling enterprises to reduce operational costs, such as recruitment tools, with revenue from generative AI for covered Chinese software companies expected to rise from 0%-10% in 2025 to 10%-50% by 2028 [1]. Group 2: Revenue Contributions and Projections - The contribution of generative AI revenue to various companies is projected to increase significantly by 2028, with specific companies like Kingsoft Office and iFlytek expected to see substantial growth in their generative AI revenue contributions [2]. - The revenue growth for different segments, including electronic design automation, marketing, CAD/BIM, and automotive software, is expected to be robust in 2025, with generative AI applications playing a key role [10][29]. Group 3: Software Company Strategies - Companies are shifting their business models to subscription-based services, which provide predictable revenue streams and better operational leverage, particularly in the context of generative AI applications [7]. - Software companies are focusing on providing customized solutions for large clients while also developing standardized solutions for small and medium enterprises [24][25]. - The monetization of generative AI is occurring in both B-end and C-end markets, with existing clients paying more for upgraded versions with AI features and new clients converting from free to paid status more rapidly [26]. Group 4: Growth and Profitability Outlook - Companies like Kingsoft Office and Yonyou are expected to achieve steady revenue growth, with Kingsoft focusing on expanding its AI user base and Yonyou optimizing its product mix to improve gross margins [31]. - The automotive software sector is witnessing increased demand due to the push for intelligent vehicle strategies, benefiting the entire automotive technology supply chain [29]. - Cybersecurity companies are adapting to market demands by integrating multiple point solutions into platform offerings, driven by the increasing need for security solutions in the context of generative AI [30].