图/采访现场 数字经济观察：能否简单介绍一下巨霖科技？ 巨霖科技董事长兼总经理孙家鑫：巨霖科技于成立于2019年，是一家专注于解决行业内痛点问题,提供从芯片、封装到系统的信号完整性和电源 完整性一站式解决方案的供应商。在发展战略上，巨霖科技始终坚守本心，不盲目跟风国产替代策略。因为在当下行业生态中，国产替代在某 种层面存在一定伪命题特性。此行业呈现出极为特殊的"蓝海独盛、红海难觅"格局，优质企业凭借领先优势能获得爆发式增长，资源与市场份 额不断向头部聚集，而缺乏竞争力的企业则在激烈的市场竞争中举步维艰，甚至濒临绝境。过往大量实践清晰表明，若产品无法在行业中脱颖 而出、稳居头部阵营，客户是不会认可的，这已在与众多客户长期深入合作的过程中得到反复印证。 巨霖科技秉持着独特且坚定的产品理念，将产品视为支撑公司发展的核心脊梁与价值信念，始终笃定"为客户创造价值，是公司存续的唯一要 义"。这种理念深深融入到公司运营的每一个环节，从产品研发、生产到售后，都紧紧围绕客户需求与价值创造展开。巨霖科技的核心产品—— 信号完整性仿真平台SIDesigner于2024年在华为实现规模化商用，不仅完美解决了传统的高精度SI瞬态仿真问 ...

Core Viewpoint - The article discusses the recent adjustments in stock ratings by brokerage analysts, highlighting a mix of upgrades and downgrades across various sectors, with an overall optimistic outlook for the A-share market in the near term [1][2][7]. Summary by Sections Stock Ratings Upgrades - In April, 12 stocks received rating upgrades from brokerages, covering sectors such as consumer goods, computing, and self-controllable technologies [3]. - Notable upgrades include Yunnan Baiyao, which was raised to "recommended" by China Galaxy Securities, projecting a net profit of 4.749 billion yuan for 2024, a 16% year-on-year increase [3]. - Consensus Magic, a stock on the Beijing Stock Exchange, was upgraded to "overweight" by Jianghai Securities, citing a 63.22% growth in its food segment due to increased demand for konjac snacks [3]. - Zhongyuan Securities upgraded Huada Jiutian to "buy," emphasizing its leading position in the EDA field and the strategic importance of its recent acquisition [4]. - Hongyuan Electronics received a "buy" rating from Guoyuan Securities, benefiting from the recovery in high-reliability orders for multi-layer ceramic capacitors [4]. - Honeycomb Materials was also upgraded to "buy," with expectations of growth in aerospace and data center sectors [4]. Stock Ratings Downgrades - Conversely, over ten stocks faced downgrades, including Guizhou Moutai and China Duty Free Group [5]. - China Duty Free Group was downgraded by Nomura and Pacific Securities due to a projected decline in revenue and net profit for 2024, with a significant 27.13% drop in Hainan region revenue [5]. - Guizhou Moutai was downgraded to "cautious recommendation" by China Galaxy Securities, citing slowing growth and high valuation concerns [5]. - New Ming Casting was also downgraded to "cautious recommendation" due to a significant 87.6% drop in net profit, although it remains a leader in the ductile iron industry [6]. Market Outlook - Brokerages maintain an optimistic view on the A-share market, expecting it to exhibit independent performance in the short term [7]. - With upcoming economic data releases and policy meetings, there is a renewed expectation for growth-supporting policies [7]. - The current market environment is characterized by a low valuation position, which may mitigate the impact of potential profit shocks [8]. - Analysts suggest focusing on value-oriented investments and sectors benefiting from domestic demand and policy changes [8].

华大九天 20250410 • 华大九天作为国产 EDA 龙头，受益于中美贸易摩擦和自主可控政策，有望 加速实现设计和制造全流程工具覆盖，并逐步对标海外巨头，实控人变更 为中国电子，提供资金和产业支持。 • 华大九天计划在 2025 年实现数字全流程工具覆盖，2030 年实现设计和 制造各领域全流程覆盖，通过收并购驱动成长，并积极打造 IP 业务，预计 将成为新的增长极。 • 全球 EDA 市场规模庞大，中国市场占比约 10%，新思科技、Cadence、 西门子 EDA 长期垄断市场。中国政府推动关键技术领域国产化，为华大九 天等国内企业带来发展机遇。 • 华大九天通过收购阿卡斯和星河半导体等公司，不断提升自身竞争力，扩 展技术能力，巩固市场地位，加速追赶海外龙头。 • 预计华大九天 2024-2026 年收入分别为 12.55 亿元、16.07 亿元和 20.38 亿元，对应归母净利润分别为 1.4 亿元、2.38 亿元和 3.56 亿元， 维持买入评级。 Q&A 中美关税升级背景下，EDA 行业的国产替代前景如何？ 在中美关税升级的大背景下，自主可控成为一条重要且鲜明的主线，尤其在知 识密集型产业中的 E ...

Investment Rating - The investment rating for the company has been upgraded to "Buy" [9][36]. Core Views - The company is planning to acquire 100% equity of Chip and Semiconductor, which will enhance its capabilities in the EDA (Electronic Design Automation) sector [6][7]. - The acquisition is expected to solidify the company's position as a leader in the domestic EDA market, especially in the context of increasing demand for domestic software and hardware alternatives [7]. - The EDA industry is experiencing high growth, with the global EDA market projected to reach $3.227 billion in Q3 2024, reflecting an 8.0% year-on-year growth [7]. - The company aims to cover the entire EDA process and field to meet the needs of domestic substitution, leveraging the acquisition to fill product gaps and enhance efficiency [7]. - The financial performance of the company is expected to improve significantly post-acquisition, with projected revenues of 1.224 billion yuan in 2024 and 1.791 billion yuan in 2025, representing growth rates of 21.19% and 46.24% respectively [8]. Summary by Sections Market Data - The closing price of the company is 116.30 yuan, with a market capitalization of 30.508 billion yuan [2]. - The company has a price-to-book ratio of 12.87 and a net asset return rate of 1.19% [2]. Financial Projections - Revenue is projected to grow from 1.010 billion yuan in 2023 to 1.791 billion yuan in 2025, with a net profit forecasted to increase from 201 million yuan to 284 million yuan in the same period [8]. - The earnings per share (EPS) are expected to rise from 0.37 yuan in 2023 to 0.52 yuan in 2025 [8]. Industry Context - The EDA industry is witnessing consolidation, with major players like the company and others actively pursuing acquisitions to enhance their market positions [9]. - The acquisition of Chip and Semiconductor is seen as a strategic move to accelerate growth and improve product offerings in a competitive landscape [7][9].

将投中网设为"星标⭐"，第一时间收获最新推送 同时， 一家中国EDA巨头也在升起。 作者丨 陶辉东 来源丨 投中网 在大家期待A股IPO再次加速之际，并购热也仍在持续发力。近日，又一家IPO辅导中的公司，选择放弃独立IPO转向并购。 3月30日晚，华大九天披露了交易预案，拟通过发行股份及支付现金的方式收购芯和半导体100%的股份。 这起并购交易的双方都来头不小。华大九天是大名鼎鼎的"国产EDA一哥"，目前在创业板上市值达600亿元。芯和半导体也是一家国内的EDA明星公 司，创立以来已融资7轮。如果交易成功，这将是国内EDA行业有史以来最大的一笔并购交易。 今年2月份，芯和半导体刚刚在上海证监局完成了IPO辅导备案登记，仅仅一个月后就转而走上了"并购"这条快车道。 在半导体业界，这起并购也备受关注。众所周知，EDA被称为"芯片之母"，与光刻机一样，都是半导体产业链中技术壁垒最高、被海外巨头垄断最为严 重的环节。目前，新思科技（Synopsys）、楷登电子（Cadence）和西门子三大巨头全流程、大比例地垄断全球EDA市场，地位难以撼动。虽然近年 来中国涌现出了百余家EDA企业，国产替代取得了一定进展，但绝大部分 ...

Summary of Huada Jiutian Conference Call Company and Industry Overview - **Company**: Huada Jiutian - **Industry**: Electronic Design Automation (EDA) Key Points and Arguments - **Acquisition of Newhe Semiconductor**: Huada Jiutian acquired 100% of Newhe Semiconductor through a combination of cash and stock issuance, which is expected to enhance its competitive edge in the EDA market, particularly in system-level simulation for chips [3][4] - **Market Positioning**: The acquisition marks the beginning of a large-scale merger and acquisition cycle for Huada Jiutian, aimed at addressing its development gaps as the only EDA platform in China [3][4] - **Technological Trends**: The integrated circuit design is entering a post-Moore's Law era, where advanced packaging is crucial for increasing chip integration. Multi-physical field simulation technology is becoming essential in EDA tools to address challenges posed by chip integration [5][6] - **Challenges in SOC Design**: Huada Jiutian faces significant challenges in SOC design and chip manufacturing, including complex function decomposition, inter-chip connectivity, and advanced packaging issues [9] - **Market Growth Potential**: The domestic EDA market is projected to reach 16 billion RMB by 2030, with Huada Jiutian's localization rate expected to increase to 50%-70%, indicating a potential market capitalization of over 100 billion RMB [3][15] - **IP Business Development**: Huada Jiutian has the potential to develop its IP business, especially after establishing a leading position in the digital EDA market, which could become a new growth driver [3][16] - **Valuation Logic**: The high valuation of Huada Jiutian is supported by its strong market position and growth potential, with a projected PS ratio of 15-20 times based on future market conditions [11][14] - **Future M&A Plans**: The acquisition of Newhe Semiconductor signals the start of a broader M&A strategy, aimed at enhancing key capabilities and achieving a market valuation of 100 billion RMB [17] Additional Important Insights - **Collaboration with International Giants**: Huada Jiutian has partnered with international companies like Xindasi to launch a comprehensive 3D advanced packaging design analysis EDA platform, reinforcing its industry leadership [7][8] - **Technological Achievements**: The company has received national awards for its technological advancements, further solidifying its position in the domestic EDA industry [8] - **Impact of US-China Relations**: The current geopolitical climate is influencing market liquidity and sentiment, which in turn affects Huada Jiutian's revenue growth [12] This summary encapsulates the critical insights from the conference call, highlighting Huada Jiutian's strategic moves, market positioning, and future growth potential within the EDA industry.

Summary of the Conference Call on Huada Jiutian Industry Overview - The company is a leading player in the domestic EDA (Electronic Design Automation) market, with a market share of 7% in 2022, maintaining its position as the top local provider [1] - The domestic semiconductor market is expected to grow at a rate of 20% over the next three years, with the EDA market projected to expand from 14 billion to 35.4 billion from 2024 to 2027, resulting in a CAGR of 36% [1][2] Key Points 1. **Market Growth and Projections** - The EDA market is anticipated to grow significantly due to the increase in the semiconductor market and the rise of EDA software usage from 1% to 1.3% of the semiconductor market [1] - The expected CAGR for the EDA industry from 2024 to 2027 is 36% [1] 2. **Company Growth Drivers** - The company is leveraging both self-research and acquisitions to enhance its process coverage, aiming for a comprehensive suite of EDA tools [1] - The digital circuit coverage is expected to exceed 90% by 2026, with other categories achieving full process coverage [2] - AI-driven advancements are helping the company close the gap with global leaders, while also expanding its market share [2] 3. **Global Market Context** - The leading global EDA companies include Cadence Design Systems (valued at approximately 500 billion), Synopsys (around 480 billion), and Siemens EDA (about 250 billion), collectively holding a 76% market share and a total market capitalization of 1.2433 trillion [2] - Huada Jiutian is projected to capture about 22% of the global market share in the long term, indicating significant growth potential from its current market capitalization of 60.5 billion [2] Financial Forecast - Revenue is expected to grow at a compound annual growth rate (CAGR) of 43% from 2024 to 2026 [2] - The projected net profit for the parent company is forecasted to be 129 million, 230 million, and 392 million for the years 2024, 2025, and 2026, respectively, with year-on-year changes of -35.64%, +77.68%, and +70.83%, leading to a 3-year CAGR of 74% [2] - The price-to-sales (PS) ratio is lower than comparable domestic companies, leading to a "buy" rating for the stock [2]

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。 EDA 行业已有大约 50 年的历史，我看到第一代 EDA 行业的负责人几乎每天都将他们的 LinkedIn 就业状态设置为"退休，在家"。我们看到许多连续创业者随着时间的推移创建了几家成功的公司， 他们为行业做出了宝贵的贡献。不幸的是，他们的时代已经结束。 很久以前，风险投资家们就意识到，与其他软件或互联网公司相比，EDA 公司无法产生巨大的收 益。除了那些由有业绩记录的人支持的公司外，资金几乎枯竭。这降低了风险，因此不需要同样的 回报水平。但这也大大减少了有机会创办一家初创企业的人的数量。即便如此，他们也常常不得不 多次转型才能获得关注。 在最近的一次圆桌会议上，有人指责我（指代本文作者Brian Bailey）停留在上个世纪，当时我提 出，AI agents将受益于 EDA 工具产生的数据相关的更好的接口和标准。人们认为这只是一个小小 的不便，更重要的是，它带来了连续的思维。这可能是真的，但我提出这个建议的动机是，如果人 工智能被迫处理可能包含不必要解释的不可靠数据，那么任何解决方案从一开始就会受到阻碍。数 ...

Core Viewpoint - The company, Shanghai Gai Lun Electronics Co., Ltd., is planning to acquire a controlling stake in Chengdu Ruicheng Chip Micro Technology Co., Ltd. through a combination of share issuance and cash payment, while also raising supporting funds for this transaction [1]. Group 1: Transaction Details - The transaction is expected to constitute a major asset restructuring as defined by the "Measures for the Administration of Major Asset Restructuring of Listed Companies" and is anticipated to involve related party transactions [1]. - The company’s stock will be suspended from trading starting March 28, 2025, for a period not exceeding five trading days to ensure fair information disclosure and protect investor interests [1]. Group 2: Company Background - Founded in 2010, the company has evolved its guiding principles from "Yield-Driven Design" (DFY) to "Design-Technology Co-Optimization" (DTCO) over the years, focusing on enhancing the competitiveness of integrated circuit design and manufacturing [3][4]. - As the first EDA listed company in China, the company emphasizes EDA software licensing as a primary business direction, leveraging international leading technologies and continuous external cooperation to drive application-oriented EDA solutions [4]. Group 3: Strategic Development - The company’s overall strategy involves optimizing technology and product layouts around process and design collaboration, targeting advanced process nodes in the integrated circuit industry [4][5]. - The company aims to establish comprehensive EDA solutions for manufacturing processes and enhance its offerings in analog circuit design, digital circuit design, and data-driven EDA solutions [5]. Group 4: Acquisition Target Overview - Chengdu Ruicheng Chip Micro Technology Co., Ltd., established in 2011, specializes in integrated circuit IP product design and customization services, holding over 150 domestic and international patents [5]. - The target company has established partnerships with over 30 global wafer foundries and has promoted more than 1,000 IPs, serving hundreds of integrated circuit design companies across various applications including automotive electronics and artificial intelligence [5].

Core Viewpoint - The article discusses the strategic acquisition of Chip and Semiconductor Technology (Shanghai) Co., Ltd. by Huada Jiutian, a leading EDA company in China, aiming to enhance its product offerings and market reach in the semiconductor industry [2][3]. Group 1: Acquisition Details - Huada Jiutian is planning to acquire a controlling stake in Chip and Semiconductor through a combination of share issuance and cash payment [2]. - The acquisition is expected to complement Huada Jiutian's existing product line and strengthen its position as a comprehensive EDA provider [2][3]. - The integration of both companies' products will allow for the development of complete EDA solutions across various domains, including RF, storage, power, and advanced packaging [3]. Group 2: Market Context - The semiconductor industry is shifting towards design and manufacturing co-optimization (DTCO) and system and manufacturing co-optimization (STCO) [2]. - Major international EDA companies are accelerating their transition to system-level optimization through strategic acquisitions, reshaping the EDA industry landscape [2]. - The acquisition aligns with national strategies and the implementation of the "six acquisition strategies" to foster new productive forces [3]. Group 3: Future Prospects - If the acquisition is successful, it will enable rapid integration of resources and technology, facilitating the establishment of a complete tool system from chip to system level [3]. - The deal is expected to significantly expand Huada Jiutian's market size and customer base, promoting sustainable business growth [3]. - A preliminary agreement has been signed, and a detailed transaction plan is expected to be disclosed within ten trading days during the suspension period [3].