继新思科技、西门子EDA等国际巨头接连出手并购之后，国内EDA（电子设计自动化）产业的并购步 伐明显提速。 4月11日晚间，国内EDA领先厂商概伦电子披露，公司拟通过发行股份及支付现金的方式取得锐成芯微 100%股权及纳能微45.64%股权，本次交易完成后，锐成芯微与纳能微均将成为上市公司的全资子公 司。 3月31日，行业龙头华大九天亦公布了收购芯和半导体100%股权预案；前者在3月下旬还通过九天盛世 EDA基金在亚科鸿禹B轮融资中战略领投…… 对于近阶段EDA频繁涌现的并购案，芯谋研究企业部总监王笑龙近日向证券时报记者分析："并购整合 是EDA产业发展的重要手段。全球EDA规模约150亿美元，容纳不下太多企业，长期以来国际三巨头也 是通过多年发展以及不断并购，各自构建了完整的产业生态链，形成非常高的壁垒。近几年国内EDA 企业纷纷冒出，但以开发单点工具居多，在此背景下，行业龙头可以通过并购整合补齐多款关键核心工 具，这不仅可以构建更完整的生态系统，还有助于实现全流程EDA平台企业这一目标，提升面对国际 巨头的竞争力。" 他还指出，在国际贸易摩擦不断升级背景下，国内EDA企业不可避免受到一定影响，这更需要企业 ...

Core Viewpoint - The advanced packaging sector in China's semiconductor industry is experiencing significant growth driven by technological advancements and increasing application demands, particularly in 2.5D/3D packaging, Chiplet technology, and System-in-Package (SiP) innovations [1] Financial Performance of Advanced Packaging Companies - Changdian Technology reported a revenue of RMB 35.96 billion for 2024, a year-on-year increase of 21.24%, with a net profit of RMB 1.61 billion, up 9.52% [2] - Tongfu Microelectronics achieved a revenue of RMB 23.88 billion, a 7.24% increase, and a net profit of RMB 678 million, soaring 299.90% [4] - Huatian Technology's revenue reached RMB 14.46 billion, marking a 28% growth, with a net profit of RMB 616 million, a significant increase of 172.29% [3] - Yongxi Electronics reported a revenue of RMB 3.61 billion, a 50.76% increase, and turned a profit with a net profit of RMB 67.1 million [5] - Guizhong Technology's revenue was RMB 1.96 billion, up 20.26%, but net profit decreased by 15.71% to RMB 313 million [5] - Jingfang Technology expects a net profit between RMB 240 million and RMB 264 million, reflecting a growth of 59.90% to 75.89% [6] Market Trends and Drivers - The advanced packaging market is recovering, with most companies reporting revenue growth between 20% and 50%, except for Guizhong Technology, which saw a decline in net profit [7] - The growth in revenue is attributed to increased demand in sectors such as data centers and automotive electronics, alongside the recovery of the semiconductor market [10] - Changdian Technology focuses on advanced technologies and key application markets, optimizing product structure and enhancing capacity utilization [7] - Tongfu Microelectronics has seen significant growth in automotive products, leveraging its technology advantages in industrial control and automotive applications [7] - Huatian Technology's revenue growth is supported by government subsidies, which contributed significantly to its profits [9] Capacity Expansion and Technological Advancements - Changdian Technology's advanced packaging capacity is fully utilized, prompting expansion efforts to meet customer demand [11] - Tongfu Microelectronics is implementing a multi-point layout strategy, enhancing its production capabilities across various locations [11] - Huatian Technology is progressing with new production bases and significant investment projects aimed at expanding its advanced packaging capacity [11] - Emerging advanced packaging projects are also making strides, with new facilities being established to enhance production capabilities [12] - Domestic advanced packaging companies are continuously iterating their technologies, with notable advancements in high-density packaging and chip integration [13]

Group 1 - Investment Rating: Strongly Recommended for China Merchants Bank (600036.SH) [2][7][11] - Core Viewpoint: The company's revenue and asset quality are significantly affected by macroeconomic conditions, but its long-term competitive advantage remains solid, with absolute revenue capability still leading the industry [2][11] - Financial Performance: In 2024, the company achieved operating revenue of 337.5 billion yuan, a year-on-year decrease of 0.48%, and a net profit attributable to shareholders of 148.4 billion yuan, a year-on-year increase of 1.22% [7][11] Group 2 - Investment Rating: Recommended for Xiaomi Group-W (1810.HK) [3][12] - Core Viewpoint: The addition of Xiaomi's automotive business creates a "people-car-home" ecosystem, with significant demand for its vehicles, which are currently in short supply [3][13] - Financial Projections: Expected net profits for Xiaomi from 2025 to 2027 are projected to be 35.4 billion, 49.6 billion, and 62.6 billion yuan respectively, indicating strong growth potential [3][14] Group 3 - Investment Rating: Recommended for Chipone Technology (688521.SH) [4][19] - Core Viewpoint: The company is a leading domestic semiconductor IP provider, with a focus on customized chip solutions and semiconductor IP licensing [4][19] - Financial Projections: Revenue forecasts for 2024 to 2026 are adjusted to 2.323 billion, 2.980 billion, and 3.668 billion yuan respectively, reflecting a downward revision from previous estimates [4][19] Group 4 - Investment Rating: Recommended for Jin Hong Gas (688106.SH) [21][24] - Core Viewpoint: The company reported a revenue of 2.525 billion yuan in 2024, with a year-on-year increase of 4.03%, despite a significant drop in net profit [21][24] - Business Growth: The on-site gas production project has become a new growth driver, with a revenue of 278 million yuan in 2024, a year-on-year increase of 39.06% [21][22] Group 5 - Investment Rating: Recommended for Ningde Times (300750.SZ) [30][33] - Core Viewpoint: The company achieved a revenue of 362.01 billion yuan in 2024, with a year-on-year decrease of 9.70%, but net profit increased by 15.0% [30][33] - Market Position: As a leading global lithium battery company, Ningde Times is well-positioned to benefit from the growing demand for power and energy storage batteries [30][33]

Core Insights - The article discusses the increasing demand for smaller chips due to the need for more transistors and higher processing power, particularly in the context of large-scale language models [1][2] - It highlights the challenges in semiconductor manufacturing, particularly the limitations in increasing transistor density and the difficulties in wiring connections between transistors [4][6] - The article compares different chip architectures, specifically the WSE-3 and Nvidia H100, emphasizing the trade-offs in performance, memory capacity, and cost-effectiveness [9][10] Group 1: Chip Architecture and Performance - The trend towards using smaller chips is driven by the desire to increase the number of transistors within a limited area, with current limits around 800 square millimeters for manufacturing [2][3] - The WSE-3 chip, while having a larger size and more on-chip memory, faces challenges in storing all necessary weights for large language models, leading to a complex external memory configuration [10][8] - The performance comparison shows that WSE-3 has a memory capacity 880 times greater than H100, but only achieves 20 times the performance, indicating a complex balance between cost and value [10][8] Group 2: Cost and Value Considerations - The article discusses the cost implications of using chiplets versus monolithic designs, noting that chiplets can potentially reduce manufacturing costs while allowing for greater flexibility in product design [15][16] - It emphasizes the importance of evaluating the value derived from using chiplets, as the benefits must outweigh the additional costs associated with their implementation [24][26] - The article also mentions that the value of chiplets can vary significantly between companies, depending on their specific manufacturing processes and technologies [26]