华大九天(301269)：产品线持续拓宽 EDA份额提升可期

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]