点击招商研究小程序查看PDF报告原文 投资建议： 华大九天是国内EDA龙头企业，有望受益于EDA国产替代趋势，已实现7大领域4个全 流程布局，公司拟收购芯和半导体进一步完善向系统级EDA产品布局。最新预计公司2025-2027 年营收为 亿元，考虑到股票激励在2025-2027年需持续摊销费用，对于表观利润水平持续有影 响，对应归母净利润为 亿元，对应EPS为 元，对应PE为 倍， " "投资评级。 风险提示： 技术创新、产品升级的风险；市场竞争风险；股票减持对股价冲击的风险；税收优惠及 政府补助政策风险；国际局势风险。 华大九天25Q1营收2.34亿元，同比+9.8%/环比-51.1%，归母净利润971万元。结合公司2024年 报和2025年一季报信息，点评如下： 2024年扣除股份支付费用后归母净利润同比仍实现高速增长。 1）2024：营收12.22亿元，同比 +20.98%，其中预计数字电路设计和晶圆制造相关EDA增速明显高于公司及行业平均增速，毛利率 93.31%，同比-0.47pct，净利率8.96%，同比-10.91pcts，归母净利润1.09亿元，同 比-45.46%，预计全年股份支付费用约1. ...

Core Viewpoint - The article discusses the evolution of semiconductor manufacturing processes, highlighting the transition from traditional linear workflows to more integrated approaches like Design and Technology Co-Optimization (DTCO) and Holistic Process Optimization (HPO) [1][3][6]. Group 1: Evolution of Semiconductor Manufacturing - In the early stages of semiconductor manufacturing, the process followed a simple linear flow with limited information exchange between steps [1]. - Since around 2000, as technology nodes have shrunk and lithography techniques advanced, the complexity of chip manufacturing has increased, leading to a greater coupling between design and manufacturing processes [1]. - DTCO has emerged as a core technology in chip manufacturing, widely adopted by leading manufacturers like TSMC and Samsung to enhance process upgrades and improve product yield [1]. Group 2: HPO Concept and Implementation - The founding team of the company began collaborating with top global chip manufacturers during the early development of DFM and DTCO concepts, leading to the establishment of the HPO concept in 2014 [3]. - HPO focuses on integrating design-related information into the manufacturing process, particularly in measurement and testing, to optimize manufacturability and yield [3]. - The HPO framework aims to create a closed-loop system for data integration, enhancing the collaboration between design and manufacturing [3][4]. Group 3: HPO Product Matrix and Market Practice - The company has developed a series of HPO strategic products, including DMC, PHD, ODAS, PME, and YieldBook, to enhance manufacturability checks and yield optimization [4][5]. - These products have been successfully applied in various domestic chip manufacturers, contributing to advanced chip technology and process development [5]. Group 4: HPO 2.0 Strategic Planning - The company is initiating HPO 2.0, which aims to integrate AI capabilities into existing products and develop new applications to enhance the semiconductor design and manufacturing process [6][9]. - AI will be utilized to improve optical proximity correction models, enhance yield equipment functionalities, and create a comprehensive data platform for yield analysis [8][9]. - The transition to HPO 2.0 signifies a strategic upgrade from point tool providers to platform solution providers, aiming to overcome yield bottlenecks in advanced processes [9].

业内人士分析称，华大九天的产品和芯和半导体的产品具有较强的互补性，整合后可以构建一系列从芯 片到系统级的解决方案，包括构建完整的射频EDA解决方案、完整的存储EDA解决方案、完整的电源 EDA解决方案和完整的先进封装EDA解决方案等。通过整合芯和半导体的产品和业务，可以大幅拓展 华大九天可触及的市场规模，迅速扩大客户群体，实现公司业务的可持续性增长。 据悉，若本次并购整合成功，双方将通过资源深度融合、技术优势互补，可快速打通全流程工具系统， 为培育新质生产力注入强劲动能。也是践行国家战略、落实国家"并购六条"战略的具体举措。 国芯网[原:中国半导体论坛] 振兴国产半导体产业！ 不拘中国、 放眼世界 ！ 关注 世界半导体论坛 ↓ ↓ ↓ 3月18日消息，华大九天公告正在筹划以发行股份及支付现金等方式购买芯和半导体科技（上海）股份 有限公司（简称芯和半导体）控股权的事项。 华大九天是国内规模最大、产品线最完整、综合技术实力最强的EDA龙头企业之一，致力于成为全流 程、全领域、全球领先的EDA提供商。芯和半导体是国内领先的工业仿真软件供应商，在电磁场仿 真、场路协同仿真、电热应力等多物理场仿真、信号完整性、电源完整 ...