华大九天（301269）：营收高速增长，EDA产品持续丰富

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].