华大九天（301269）：回款力度加大，受益于半导体国产化大趋势

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected price increase of over 15% in the next 6-12 months [4][12]. Core Insights - The company reported a revenue of 500 million RMB in the first half of 2025, representing a year-on-year growth of 13% [2]. - The net profit attributable to the parent company, excluding non-recurring gains and losses, was -19 million RMB, showing a reduced loss compared to the same period last year [2]. - The adjusted net profit, excluding share-based payment impacts, was 85 million RMB, marking a significant year-on-year increase of 73% [2]. - The second quarter revenue reached 270 million RMB, with a year-on-year growth of 16% [2]. - The company has improved its cash collection efforts, with cash received from sales and services increasing by 73% year-on-year [3]. - The domestic EDA industry is maturing, and the company is expected to benefit from the trend of semiconductor localization [3]. Summary by Sections Performance Review - In the first half of 2025, the company achieved a revenue of 500 million RMB, a 13% increase year-on-year, while the net profit attributable to the parent company was -19 million RMB, indicating a narrowing loss [2]. - The adjusted net profit, excluding share-based payment impacts, was 85 million RMB, reflecting a 73% increase compared to the previous year [2]. Operational Analysis - The company's gross profit increased by 10.2%, outpacing the combined growth of sales, management, and R&D expenses at 9.3% [3]. - The company has intensified its cash collection efforts, leading to a 73% year-on-year increase in cash received from sales and services [3]. - The reduction in credit impairment losses by 19 million RMB compared to the previous year was noted, although other income decreased by 46 million RMB due to reduced EDA project subsidies [3]. Profit Forecast, Valuation, and Rating - Revenue projections for 2025-2027 are estimated at 1.39 billion RMB, 1.62 billion RMB, and 1.88 billion RMB, with year-on-year growth rates of 13.8%, 16.2%, and 16.4% respectively [4]. - The net profit attributable to the parent company is forecasted to be 60 million RMB, 190 million RMB, and 330 million RMB for the same period, with significant growth expected in subsequent years [4].