Core Viewpoint - The article discusses the upcoming Intelligent Design Automation Summit 2025 (IDAS 2025), focusing on the rapid restructuring of the global semiconductor industry and the need for diverse supply chains and EDA technology advancements [3][4]. Event Overview - IDAS 2025 will take place on September 15-16, 2025, at the Hangzhou International Expo Center, aiming to gather key players from the semiconductor industry, including leading companies, universities, and research institutions [3][4]. - The summit will feature a main forum, 12 specialized forums, and related enterprise user conferences, expecting over 500 leading semiconductor companies and 2,500 professional attendees [4]. Themes and Topics - The summit will cover a wide range of topics from circuit-level to system-level design, including analog and digital circuit design, chip manufacturing, and packaging [3][4]. - Key discussion areas will include AI for EDA, 3D IC, and various technological roadmaps, with a focus on sharing the latest research findings and analyzing macro trends in the industry [4]. Agenda Highlights - The agenda includes an opening ceremony and main forum on September 15, followed by specialized forums covering topics such as custom design, memory design, and advanced packaging [11][12]. - On September 16, the main forum will address solutions for improving chip lifecycle yield, alongside various specialized discussions on AI technology applications in semiconductors [13][15]. Participation and Registration - Registration for the summit is currently open, with multiple ways to sign up, including through the EDA² official website and the "EDA Square" WeChat account [6][7][9].

Financial Data and Key Metrics Changes - Cadence reported total revenue of $1.275 billion for Q2 2025, representing a 20% year-over-year growth, with non-GAAP EPS increasing by 29% to $1.65 [18][19] - The company raised its 2025 revenue growth outlook to 13% and EPS growth to 16% [6][17] - GAAP operating margin was reported at 19%, while non-GAAP operating margin was 42.8% [19] Business Line Data and Key Metrics Changes - Core EDA revenue grew by 16% year-over-year in Q2, with significant adoption of Cadence Cerebras solutions [12] - The IP business saw over 25% year-over-year growth in Q2, driven by demand in AI and HPC use cases [11] - System design and analysis business delivered 35% year-over-year revenue growth, with strong uptake of 3D IC technology [15] Market Data and Key Metrics Changes - China accounted for 9% of total revenue in Q2, down from 11% in Q1, but strength in other regions offset this decline [36] - The company noted robust design activity and customer demand globally, particularly in AI, HPC, and system design workloads [36][40] Company Strategy and Development Direction - Cadence continues to execute its intelligent system design strategy initiated in 2018, focusing on unified EDA, IP, and system analysis [7] - The company is leveraging its AI-driven product portfolio to capitalize on the AI super cycle, enhancing its competitive position [6][17] - Cadence is committed to compliance and has enhanced its processes in response to evolving trade restrictions [16][17] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the demand for AI technologies and the overall customer environment, indicating a positive outlook for the next few years [30] - The company is focused on innovation and productivity, with expectations for continued growth in the second half of the year [21][40] Other Important Information - Cadence reached a settlement with the US Department of Justice and the Bureau of Industry and Security regarding investigations into transactions with customers in China, totaling approximately $45 million [19][16] - The One Big Beautiful Bill Act is expected to decrease Cadence's US federal tax payments by approximately $140 million for the remainder of fiscal 2025 [20] Q&A Session Summary Question: Impact of physical AI on bookings - Management noted that the optimism surrounding AI is driving increased customer investment in innovation, which is positively impacting bookings [24][25] Question: Increase in growth outlook despite China revenue restrictions - Management confirmed that strong demand across all geographies and a robust backlog contributed to the increased growth outlook, despite a decline in China revenue [34][36] Question: Near and long-term impact of China - Management expressed a cautious but optimistic view on China, indicating that while growth is expected to be slightly up, the rest of the world is performing even better [46][49] Question: Contribution of advanced packaging to revenue - Management highlighted that the industry is moving towards chiplet-based architectures, which is driving demand for Cadence's advanced packaging solutions [52][56] Question: Recurring revenue percentage and customer behavior - Management indicated that the recurring revenue percentage dipped to 78% due to paused revenue in China, but typically expects it to trend towards 80% [103][106] Question: Long-term perspective on IP growth - Management expressed optimism about IP growth, citing increased investment and opportunities from emerging chiplet architectures and advanced node foundries [110][112]

来源： 硅芯科技官微 硅芯科技自研3Sheng Integration Platform，实现三维堆叠芯片的系统级规划、物理实现与分 析、可测性与可靠性设计等，集成"系统-测试-综合-仿真-验证"五引擎合一，具有统一数据底 座，支持三维异构集成系统的敏捷开发与可定制化的协同设计优化，并在多个功能和性能上具有 独创性。 直面需求 3月在HiPi联盟大会，已听到 多位业内顶级设计专家发声Chiplet和3D IC对设计和EDA挑战。 近年来国内设计三维异构集成芯片的困扰似乎集中于设计出的堆叠结构，却在仿真和验证以后 仍然发现诸多问题！于是 "缺乏架构设计，急需设计协同和优化，设计要素全线左移" 已经成 为了业界对三维芯片堆叠设计的共识！ 要做一个设计，初心始于SoC的迭代，如果没有架构设计，严格说是能融合支持IP划分、工艺 选择、版图探索、前仿真、互连检查与优化、基于电源和热的物理实现、跨Die物理签核的多 点协同设计的架构设计和早期分析工具，那这样的设计通常会南辕北辙。 在近期硅芯科技的行业分享讲座上，创始人赵毅博士 基于业界3D IC设计遇到的问题 做了又 一轮的总结。其中提到：顶层架构对于应用场景、有效探索 ...

Financial Data and Key Metrics Changes - Cadence reported a 23% year-over-year revenue growth, achieving total revenue of $1.242 billion for Q1 2025 [6][19] - Non-GAAP EPS increased by 34%, reaching $1.57, while GAAP EPS was $1.00 [6][19] - Non-GAAP operating margin was 42%, with GAAP operating margin at 29.1% [17][19] - Cash balance at the end of the quarter was $2.778 billion, with $2.5 billion in outstanding debt [19] Business Line Data and Key Metrics Changes - The IP business grew by 40% year-over-year, driven by strong market opportunities in AI and chiplet-based architectures [11] - Core EDA revenue increased by 16% year-over-year, with significant demand from AI and HPC customers [12][14] - The system design and analysis business saw over 50% year-over-year revenue growth, benefiting from AI-driven optimization solutions [15] Market Data and Key Metrics Changes - The China business experienced a year-over-year growth acceleration to 13% in Q1, up from 10% in the previous quarter [23] - The company remains prudent in its outlook for China, assuming flat revenue for the year despite positive trends [26][27] Company Strategy and Development Direction - Cadence is focusing on expanding its AI portfolio and enhancing its end-to-end solutions to meet the growing demand in the semiconductor industry [8][16] - The company is actively pursuing partnerships, including a collaboration with NVIDIA to develop AI solutions [8][11] - Cadence is also expanding its design IP portfolio through acquisitions, including the pending acquisition of Arms Artisan Foundation IP business [12][68] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the resilience of the business model, citing strong customer demand and ongoing investments in R&D [7][21] - The company raised its financial outlook for 2025, projecting revenue between $5.15 billion and $5.23 billion [20][21] - Management noted that the macroeconomic environment remains uncertain, but customer behavior has not shifted significantly [7][34] Other Important Information - Cadence was recognized as one of the "100 Best Companies to Work For," ranking 11th [16] - The company repurchased $350 million worth of shares in Q1, reducing the share count [19] Q&A Session Summary Question: Growth in China Business - Management acknowledged the strong performance in China but remains cautious, maintaining a flat revenue assumption for the year [26][27] Question: Tariff Exposure - Management confirmed that software and services are not subject to tariffs, and the diversified supply chain mitigates risks from tariffs on hardware [32][34] Question: Hardware Demand and Capacity - Demand for hardware continues to exceed supply, but the company has a resilient supply chain to manage production [52] Question: Technical Enhancements and Investments - Key areas of focus include AI integration, 3D IC technology, and enhancing hardware capabilities [60][62] Question: IP Acquisition Strategy - Management emphasized the importance of expanding the IP portfolio to meet customer demand and adapt to the evolving foundry landscape [68][112] Question: Data Center Digital Twins - The acquisition of Future Facilities is expected to enhance capabilities in data center design and optimization, presenting significant market opportunities [120][121]

Financial Data and Key Metrics Changes - Cadence reported a 23% year-over-year revenue growth and a 34% increase in non-GAAP EPS for Q1 2025, exceeding guidance on all key financial metrics [6][7] - Total revenue for Q1 was $1.242 billion, with a GAAP operating margin of 29.1% and a non-GAAP operating margin of 41.7% [19] - GAAP EPS was $1.00, while non-GAAP EPS was $1.57 [19] - The cash balance at quarter end was $2.778 billion, with $2.5 billion in outstanding debt [19] Business Line Data and Key Metrics Changes - The IP business grew 40% year-over-year in Q1, benefiting from strong market opportunities in AI and chiplet-based architectures [11] - Core EDA revenue increased by 16% year-over-year, with significant demand from AI, HPC, and hyperscaler customers [12][14] - The system design and analysis business delivered over 50% year-over-year revenue growth in Q1 [16] Market Data and Key Metrics Changes - The China business saw a year-over-year growth acceleration to 13% in Q1, up from 10% in the previous quarter [24] - Despite the growth, management remains prudent, assuming flat revenue for China for the year [27][28] Company Strategy and Development Direction - Cadence is focusing on expanding its differentiated end-to-end portfolio to serve a growing and diversified customer base, particularly in AI-driven solutions [9] - The company is raising its financial outlook for 2025, with projected revenue in the range of $5.15 to $5.23 billion [20] - Cadence is actively pursuing acquisitions to enhance its IP portfolio, including the pending acquisition of Arms Artisan Foundation IP business [12][68] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ongoing customer demand for innovative technologies, particularly in the semiconductor sector driven by AI megatrends [8] - The company noted that customers continue to invest in R&D for next-generation designs, indicating strong design activity [26] - Management highlighted the resilience of its ratable software business model and recurring revenue mix in navigating macroeconomic uncertainties [8][36] Other Important Information - Cadence was recognized by Fortune and Great Place to Work as one of the 100 best companies to work for, ranking number 11 [17] - The company repurchased $350 million worth of shares in Q1, reducing its share count [18] Q&A Session Summary Question: Growth in China Business - Analyst inquired about the potential tailwind for Cadence's China business due to increased domestic chip design programs [24] - Management acknowledged strong design activity in China but maintained a prudent outlook, assuming flat revenue for the year [27][28] Question: Tariff Exposure - Analyst asked about Cadence's exposure to U.S. tariffs and its impact on the business [32] - Management confirmed that software and services are not subject to tariffs and emphasized the diversified supply chain's resilience [34][36] Question: Licensing Model Impact - Analyst questioned how the shift to GPU-based servers impacts Cadence's licensing model [40] - Management explained that they maintain traditional licensing while also offering cloud solutions, indicating a shift in business model [42] Question: Share Gain Opportunities with Intel - Analyst inquired about Cadence's exposure to Intel and potential share gains [46] - Management expressed optimism about improving relationships with Intel and the opportunity for growth in that segment [48] Question: Hardware Deliveries and Tariff Impact - Analyst asked about hardware deliveries and potential tariff impacts on production capacity [51] - Management stated that hardware revenue is limited by production capacity and confirmed no direct impact from tariffs [52] Question: Key Technical Enhancements - Analyst requested insights on important technical enhancements for the year [56] - Management highlighted significant investments in AI, 3D IC, and hardware-software co-optimization as critical focus areas [60][61] Question: IP Acquisition Strategy - Analyst asked about the recent focus on IP acquisitions and the long-term growth outlook for that segment [110] - Management confirmed that customer demand is driving the need to broaden the IP portfolio, with expectations for IP growth to exceed the company's average [116]

多种薄膜新工艺设备实现批量出货，关键材料持续突破。 公司拓展了芯片沟槽填充用Flowable CVD设 备，多台通过客户验证；基于新平台、新反应腔的PECVD Stack（ONO叠层）、ACHM等先进工艺设备 实现了大批量出货，通过客户验证；ALD SiCO、SiN、AlN等工艺设备实现大批量出货。目前公司推出 的PECVD、ALD、SACVD、HDPCVD及Flowable CVD薄膜设备可以支撑全部介质薄膜材料的约100多 种工艺应用。 点击招商研究小程序查看PDF报告原文 拓荆科技发布2024年报，24Q4利润快速释放，在手订单同比高增长。公司多种薄膜新工艺设备实现批 量出货，3D IC领域混合键合设备获得重复订单。 24Q4利润快速释放，在手订单同比高增长。 1）2024全年： 公司收入41亿元，同比+51.7%；归母净利 润6.88亿元，同比+3.86%；扣非净利润3.56亿元，同比+14.1%；截至2024年底，公司在手订单约94亿 元，同比+46.3%； 2）24Q4： 公司收入18.26亿元，同比+82%/环比+81%；毛利率39.3%，同 比-12.8pcts/环比持平，同比承压主要系新品或 ...

Investment Rating - The report maintains an "Accumulate" investment rating for the company [1][3]. Core Insights - The company has experienced significant growth in its order backlog, with a year-on-year increase of 46.3%, amounting to approximately 9.4 billion yuan by the end of 2024 [7]. - The company reported a rapid profit release in Q4 2024, with revenue reaching 1.826 billion yuan, representing an 82% year-on-year increase [7]. - The company has successfully launched multiple new film process equipment, achieving bulk shipments and receiving repeat orders in the 3D IC field [7]. - The projected revenue for the company is expected to grow significantly, with estimates of 5.411 billion yuan in 2025, 6.862 billion yuan in 2026, and 8.513 billion yuan in 2027 [2][7]. Financial Data and Valuation - Total revenue for 2023 is reported at 2.705 billion yuan, with a year-on-year growth of 59% [2][10]. - The net profit attributable to the parent company for 2024 is projected at 688 million yuan, reflecting a 4% increase compared to the previous year [2][10]. - The company's PE ratio is expected to decrease from 67.9 in 2023 to 25.7 by 2027, indicating improving valuation metrics over time [11]. Performance Metrics - The company's gross margin for Q4 2024 was reported at 39.3%, with a year-on-year decrease of 12.8 percentage points [7]. - The return on equity (ROE) for 2023 was 13.0%, with projections indicating an increase to 21.4% by 2027 [3][10]. - The company's total assets are expected to grow from 9.969 billion yuan in 2023 to 23.470 billion yuan by 2027 [9].

人工智能从海量数据中挖掘模式的能力正在从根本上改变芯片的使用方式、设计方式以及封装和制 造方式。 如果您希望可以时常见面，欢迎标星收藏哦~ 来源：内容编译自 semiengineering ，谢谢。 复杂性、不确定性和大量的变动因素将在未来几年对半导体行业构成挑战。 这些转变在大型数据中心内部使用的高性能AI架构中尤为明显，在这些架构中，芯片被部署用于 处理、移动和存储海量数据。但随着用于设计和验证这些多芯片系统的EDA工具和流程的不断发 展，它们也开始影响其他类型的芯片。几十年来，传统的"孤岛"模式提升了半导体设计的效率和可 预测性，如今正在瓦解，促使整个行业开始重新思考设计团队的组织方式、设计团队如何与组织内 外的其他团队互动，以及如何利用AI来改进AI芯片的设计。 新思科技首席产品管理官 Ravi Subramanian 表示："人工智能将重塑 EDA。它将彻底定义计算领 域的可能性，并触及芯片设计、验证和制造的方方面面。过去只涉及电气性能的单一领域，如今则 涵盖热性能、机械应力等等。需要同时分析的领域数量之多，正在推动一种全新的芯片设计方 式。" 其他人也同意这一观点。Cadence验证软件产品管理高 ...