华大九天：EDA全流程工具版图持续完善

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [6]. Core Insights - The company is enhancing its EDA (Electronic Design Automation) tool offerings across various domains, including analog, storage, RF, and flat panel display circuit design, providing comprehensive solutions from circuit design to verification [4][5]. - The company aims for domestic substitution in the EDA tool market, with a focus on integrated circuit design and wafer manufacturing, targeting international leading standards for its products [5]. - Revenue projections for the company are set at 1.31 billion, 1.71 billion, and 2.23 billion yuan for the years 2024, 2025, and 2026 respectively, with corresponding net profits of 156 million, 230 million, and 366 million yuan [6][8]. Financial Overview - The company reported a total revenue of 1.01 billion yuan for 2023, with a growth rate of 26.61%. Projections indicate a growth rate of 30.18% for 2024 [8][9]. - The company's net profit for 2023 was 201 million yuan, with an expected decline to 156 million yuan in 2024, followed by a recovery to 230 million yuan in 2025 and 366 million yuan in 2026 [8][9]. - The company's asset-liability ratio stands at 13.6%, indicating a strong financial position [3][9].