作为国产EDA龙头华大九天，可谓全村的希望。这起并购究竟能给公司带来什么？ 本次交易前，上市公司主要产品包括全定制设计平台 EDA 工具系统、数字电路设计 EDA 工具、晶圆 制造 EDA 工具和先进封装设计 EDA 工具等软件及相关技术服务。其中，全定制设计平台 EDA 工具系 统包括模拟电路设计流程 EDA 工具系统、存储电路设计流程 EDA 工具系统、射频电路设计流程 EDA 工具系统和平板显示电路设计流程 EDA 工具系统；技术服务主要包括基础 IP、晶圆制造工程服务及其 他相关服务。公司产品和服务主要应用于集成电路设计、制造及封装领域。 近日，华大九天一则并购公告引发市场关注。 公告显示，华大九天披露筹划发行股份及支付现金购买芯和半导体科技（上海）股份有限公司（以下简 称"芯和半导体"）100%股份的交易预案。 根据交易预案，华大九天拟以102.86元/股的价格向公司实控人中国电子信息产业集团有限公司（以下 简称"中国电子集团"）、中电金投控股有限公司（以下简称"中电金投"）发行股份募集配套资金。此次 募集配套资金总额不超过发行股份购买资产交易价格的100%，且发行股份数量不超过本次发行股份购 买资 ...

Investment Rating - The investment rating for the company has been upgraded to "Buy" [9][36]. Core Views - The company is planning to acquire 100% equity of Chip and Semiconductor, which will enhance its capabilities in the EDA (Electronic Design Automation) sector [6][7]. - The acquisition is expected to solidify the company's position as a leader in the domestic EDA market, especially in the context of increasing demand for domestic software and hardware alternatives [7]. - The EDA industry is experiencing high growth, with the global EDA market projected to reach $3.227 billion in Q3 2024, reflecting an 8.0% year-on-year growth [7]. - The company aims to cover the entire EDA process and field to meet the needs of domestic substitution, leveraging the acquisition to fill product gaps and enhance efficiency [7]. - The financial performance of the company is expected to improve significantly post-acquisition, with projected revenues of 1.224 billion yuan in 2024 and 1.791 billion yuan in 2025, representing growth rates of 21.19% and 46.24% respectively [8]. Summary by Sections Market Data - The closing price of the company is 116.30 yuan, with a market capitalization of 30.508 billion yuan [2]. - The company has a price-to-book ratio of 12.87 and a net asset return rate of 1.19% [2]. Financial Projections - Revenue is projected to grow from 1.010 billion yuan in 2023 to 1.791 billion yuan in 2025, with a net profit forecasted to increase from 201 million yuan to 284 million yuan in the same period [8]. - The earnings per share (EPS) are expected to rise from 0.37 yuan in 2023 to 0.52 yuan in 2025 [8]. Industry Context - The EDA industry is witnessing consolidation, with major players like the company and others actively pursuing acquisitions to enhance their market positions [9]. - The acquisition of Chip and Semiconductor is seen as a strategic move to accelerate growth and improve product offerings in a competitive landscape [7][9].

计算机软件 分析师：唐月 登记编码：S0730512030001 tangyue@ccnew.com 021-50586737 并购优质 EDA 标的，加速打造全流程能 力 ——华大九天(301269)公司点评报告 证券研究报告-公司点评报告 买入(上调) 市场数据(2025-04-08) | 收盘价(元) | 116.30 | | --- | --- | | 一年内最高/最低(元) | 149.54/70.06 | | 沪深 300 指数 | 3,650.76 | | 市净率(倍) | 12.87 | | 流通市值(亿元) | 305.08 | | 基础数据(2024-09-30) | | | 每股净资产(元) | 9.03 | | 每股经营现金流(元) | -0.08 | | --- | --- | | 毛利率(%) | 91.86 | | 净资产收益率_摊薄(%) | 1.19 | | 资产负债率(%) | 7.17 | | 总股本/流通股(万股) | 54,294.18/26,232.14 | | B 股/H 股(万股) | 0.00/0.00 | 个股相对沪深 300 指数表现 -13% 1% 16 ...

华大九天 20250408 摘要 Q&A 华大九天在 EDA 行业中的地位如何？其未来的发展前景怎样？ 华大九天是中国 EDA 行业的龙头企业，其核心团队自 90 年代起便参与了我国首 款自主 EDA 工具的研发，技术积淀深厚。近年来，随着美国对半导体政策不断 加码，国内头部半导体公司受到美国 EDA 工具禁令的影响，使得国产 EDA 行业 迎来了前所未有的发展机遇。华大九天在 2022 年的国内市场占有率已达到 7%， 并且通过与华为等头部公司合作，快速缩小了与海外软件的差距。目前其工艺 覆盖度已接近全流程覆盖，在数字电路方面预计 2029 年实现 90%以上的覆盖。 未来华大九天有望进一步提升市场份额，甚至进入全球前三名。 • 华大九天受益于美国 EDA 禁令，国产替代加速，2022 年国内市场占有率达 7%，通过与华为等合作，快速缩小与海外差距，预计 2029 年数字电路覆盖 率超 90%，有望提升市场份额至全球前三。 • EDA 行业客户粘性高，巨头通过并购补全工具链，形成垄断。全球市场由 新思科技、铿腾电子和西门子 EDA 主导，市占率达 76%，国内约为 75%。 • 中美贸易摩擦促使国产 EDA ...

Investment Rating - The report maintains an "Outperform" rating for the industry [2]. Core Insights - The AI chip and CPU sectors are moving towards self-sufficiency, with significant growth potential in domestic chip production as companies like Alibaba, Tencent, and Huawei increase their investments in chip development [3][10]. - The domestic software industry is expected to accelerate, with the foundational software market projected to grow from approximately 153.8 billion RMB in 2023 to 432.76 billion RMB by 2025, reflecting a compound annual growth rate (CAGR) of about 48% [48]. - The autonomous driving chip market is also seeing a shift towards domestic production, with a notable increase in the output of domestic chips as the new energy vehicle industry expands [3][10]. Summary by Sections 01: AI Hardware: AI Chips + CPUs - The U.S. has added several Chinese AI companies to its entity list, increasing the difficulty of importing related components, which emphasizes the need for self-sufficiency in the AI industry [5]. - In 2024, China's AI chip shipments are estimated at 2.7 million units, with domestic brands accounting for only 30% of the market, indicating a significant reliance on imports [15]. - The market for AI chips in China is projected to grow rapidly, with a CAGR of 66.4% from 2020 to 2024, reaching a market size of approximately 1.412 trillion RMB in 2024 [15]. 02: Accelerated Development of the Trustworthy Computing Industry - The trustworthy computing industry is expected to grow significantly, with a market size projected to reach 3.38 trillion RMB by 2025, driven by increased domestic demand and government support [48]. - The foundational software market is anticipated to see rapid growth, with key segments such as operating systems and databases showing substantial potential for domestic replacement [48][51]. 03: Domestic Autonomous Driving Chips - In 2024, the output of domestic autonomous driving chips is expected to increase, with domestic manufacturers gradually catching up in terms of technology and production capacity [3][10]. - The market for intelligent cockpit chips is also expanding, with domestic chips currently accounting for only 10% of the market, indicating significant room for growth [3][10]. 04: Investment Recommendations - The report suggests actively monitoring the trustworthy computing industry chain due to the ongoing U.S. trade policies and technology restrictions, which are likely to drive domestic production and innovation [3].

Summary of Huada Jiutian Conference Call Company and Industry Overview - **Company**: Huada Jiutian - **Industry**: Electronic Design Automation (EDA) Key Points and Arguments - **Acquisition of Newhe Semiconductor**: Huada Jiutian acquired 100% of Newhe Semiconductor through a combination of cash and stock issuance, which is expected to enhance its competitive edge in the EDA market, particularly in system-level simulation for chips [3][4] - **Market Positioning**: The acquisition marks the beginning of a large-scale merger and acquisition cycle for Huada Jiutian, aimed at addressing its development gaps as the only EDA platform in China [3][4] - **Technological Trends**: The integrated circuit design is entering a post-Moore's Law era, where advanced packaging is crucial for increasing chip integration. Multi-physical field simulation technology is becoming essential in EDA tools to address challenges posed by chip integration [5][6] - **Challenges in SOC Design**: Huada Jiutian faces significant challenges in SOC design and chip manufacturing, including complex function decomposition, inter-chip connectivity, and advanced packaging issues [9] - **Market Growth Potential**: The domestic EDA market is projected to reach 16 billion RMB by 2030, with Huada Jiutian's localization rate expected to increase to 50%-70%, indicating a potential market capitalization of over 100 billion RMB [3][15] - **IP Business Development**: Huada Jiutian has the potential to develop its IP business, especially after establishing a leading position in the digital EDA market, which could become a new growth driver [3][16] - **Valuation Logic**: The high valuation of Huada Jiutian is supported by its strong market position and growth potential, with a projected PS ratio of 15-20 times based on future market conditions [11][14] - **Future M&A Plans**: The acquisition of Newhe Semiconductor signals the start of a broader M&A strategy, aimed at enhancing key capabilities and achieving a market valuation of 100 billion RMB [17] Additional Important Insights - **Collaboration with International Giants**: Huada Jiutian has partnered with international companies like Xindasi to launch a comprehensive 3D advanced packaging design analysis EDA platform, reinforcing its industry leadership [7][8] - **Technological Achievements**: The company has received national awards for its technological advancements, further solidifying its position in the domestic EDA industry [8] - **Impact of US-China Relations**: The current geopolitical climate is influencing market liquidity and sentiment, which in turn affects Huada Jiutian's revenue growth [12] This summary encapsulates the critical insights from the conference call, highlighting Huada Jiutian's strategic moves, market positioning, and future growth potential within the EDA industry.

Summary of the Conference Call on Huada Jiutian Industry Overview - The company is a leading player in the domestic EDA (Electronic Design Automation) market, with a market share of 7% in 2022, maintaining its position as the top local provider [1] - The domestic semiconductor market is expected to grow at a rate of 20% over the next three years, with the EDA market projected to expand from 14 billion to 35.4 billion from 2024 to 2027, resulting in a CAGR of 36% [1][2] Key Points 1. **Market Growth and Projections** - The EDA market is anticipated to grow significantly due to the increase in the semiconductor market and the rise of EDA software usage from 1% to 1.3% of the semiconductor market [1] - The expected CAGR for the EDA industry from 2024 to 2027 is 36% [1] 2. **Company Growth Drivers** - The company is leveraging both self-research and acquisitions to enhance its process coverage, aiming for a comprehensive suite of EDA tools [1] - The digital circuit coverage is expected to exceed 90% by 2026, with other categories achieving full process coverage [2] - AI-driven advancements are helping the company close the gap with global leaders, while also expanding its market share [2] 3. **Global Market Context** - The leading global EDA companies include Cadence Design Systems (valued at approximately 500 billion), Synopsys (around 480 billion), and Siemens EDA (about 250 billion), collectively holding a 76% market share and a total market capitalization of 1.2433 trillion [2] - Huada Jiutian is projected to capture about 22% of the global market share in the long term, indicating significant growth potential from its current market capitalization of 60.5 billion [2] Financial Forecast - Revenue is expected to grow at a compound annual growth rate (CAGR) of 43% from 2024 to 2026 [2] - The projected net profit for the parent company is forecasted to be 129 million, 230 million, and 392 million for the years 2024, 2025, and 2026, respectively, with year-on-year changes of -35.64%, +77.68%, and +70.83%, leading to a 3-year CAGR of 74% [2] - The price-to-sales (PS) ratio is lower than comparable domestic companies, leading to a "buy" rating for the stock [2]

Investment Rating - The report assigns a "Buy" rating for the company, Huada Jiutian (301269.SZ) [6] Core Insights - Huada Jiutian is positioned as a leader in the domestic EDA (Electronic Design Automation) market, aiming to accelerate its growth and market share to compete with global giants like Synopsys, Cadence, and Siemens EDA [2][4] - The company is expected to achieve a compound annual growth rate (CAGR) of over 40% in revenue over the next three years, driven by product expansion, market share growth, and advancements in AI technology [3][4] - The company is projected to become the first domestic EDA company to achieve full-process coverage in EDA tools, transitioning from import substitution to global supply [4][11] Summary by Sections Investment Highlights - The company currently holds a 7% market share in the Chinese EDA market, which is dominated by three major players with a combined market share of 75% [2] - Huada Jiutian's revenue is expected to grow from 1.29 billion yuan in 2024 to 3.92 billion yuan in 2026, with a CAGR of 74% for net profit during the same period [4][11] Financial Forecasts - Revenue projections for 2024-2026 are 1.288 billion yuan, 1.808 billion yuan, and 2.617 billion yuan, respectively, with year-on-year growth rates of 27.51%, 40.31%, and 44.75% [4][11] - The company maintains a high gross margin, with a consistent rate above 90% over the past five years, while R&D expenses have been increasing significantly [40][38] Market Context - The EDA industry is expected to grow significantly, with the Chinese EDA market projected to expand from 14 billion yuan in 2024 to 35.4 billion yuan by 2027, reflecting a CAGR of 36.1% [43][47] - The report highlights the importance of EDA tools as a strategic foundation for the integrated circuit industry, emphasizing their role in enhancing design efficiency and driving technological advancements [41][42] Competitive Positioning - Huada Jiutian is recognized for its strong R&D capabilities, with over 300 authorized patents and a commitment to innovation, supported by significant investment from state-owned enterprises [32][35] - The company is well-positioned to leverage national policies that support the semiconductor industry, creating a favorable environment for growth and development [51]

投资要点 国产EDA 龙头，20-23 年营收CAGR 34.6%、归母净利润CAGR 24.7%公司成立于2009 年，核心团队20 世纪90 年代起参与中国首款自主EDA 工具"熊猫ICCAD 系统"的研发。公司在国内头部客户的支持下， 快速迭代，迅速缩小与全球行业龙头公司的差距，国内市场份额快速提升，2022 年已达7%。 2020 至2023 年，公司营收CAGR 高达34.6%、归母净利润CAGR 达24.7%。 半导体市场高增，叠加正版化趋势，预计24-27 年国内EDA 行业增速约36%。 预计2024-2027 年我国半导体市场规模增速约20%。EDA 国产化叠加正版化趋势明显，预计未来三年 EDA 占半导体比重上升至1.1%、1.2%、1.3%。我们预计，24-27 年我国EDA 市场从140 亿增至354 亿 元，CAGR36%。 进口替代到供应全球，公司市场份额有望快速提升。 目前全球及中国市场主要由Synopsys、Cadence 和Siemens EDA 三巨头主导。 2022 年中国EDA 市场 CR3 达75%，公司作为EDA 国产化破局者，2022 年占7%市场份额，位列中国公 ...

由于目前该交易仍处于预案环节，交易细节及落地存在不确定性，我们先不将目标标的收购后并表的影 响计入盈利预测。维持2024 年盈利预测不变。 华大九天公告《发行股份及支付现金购买资产并募集配套资金暨关联交易预案》，公司拟以发行股份及 支付现金的方式购买交易对方持有的标的资产芯和半导体100%股份，购买交易对方为上海卓和信息等 35 名交易对方，募集配套资金认购方为中国电子信息产业集团有限公司、中电金投控股有限公司，发 行股票价格为102.86 元/股，公司股票将于3 月31 日复牌。 评论 定增购买资产预案出炉，具体交易细节仍待确定。在此次交易预案中，公司计划以102.86 元/股的价格 向上海卓和信息等35 名交易对方（芯和半导体原股东）发行股份，并结合支付现金的方式（通过向实 控人中国电子、中国金控发行股份募资，发行价同上），购买芯和半导体100%的股份。其中目前标的 资产的最终交易对价尚未确认，同时发行股票及支付现金的比例也尚未确认，在相关审计、评估工作完 成后，上市公司将与交易对方签署发行股份及支付现金购买资产协议，对最终交易价格和交易方案进行 确认，并在重组报告书中予以披露。 芯和半导体深耕Chipl ...