Investment Rating - The report provides an "In-Line" investment rating for the Chinese industrial sector, indicating a balanced outlook on investment opportunities within the industry [10]. Core Insights - The report emphasizes the importance of investing in emerging industries in China that possess structural competitive advantages, particularly in the context of challenges such as debt, deflation, demographic changes, and global multipolarity [3][8]. - It identifies significant opportunities in advanced supply chains and manufacturing, highlighting the potential for growth in sectors such as machinery, automotive, new energy, semiconductors, aerospace, artificial intelligence, software, pharmaceuticals, humanoid robotics, and eVTOL [4][30]. - The report outlines a framework consisting of six key elements that support industry upgrades, which include R&D investment, talent development, capital influx, government policy support, market demand, and supply chain robustness [31][34]. Summary by Sections Industry Investment Rating - The report rates the Chinese industrial sector as "In-Line," suggesting a cautious but optimistic view on investment prospects [10]. Key Industry Opportunities - The report identifies 28 stocks that are well-positioned to benefit from the ongoing industrial upgrades and emerging trends in China, focusing on companies that are either upstream in the supply chain or are key enablers in sectors like automation and AI [4][42]. Six Key Elements Framework 1. **R&D Investment**: China’s R&D expenditure is primarily concentrated in manufacturing, with a notable increase in investment in technology and emerging industries [15][31]. 2. **Talent Pool**: China produces the largest number of engineering graduates globally, with a focus on strategic emerging fields such as AI and data science [31][32]. 3. **Capital Influx**: Significant capital has flowed into advanced manufacturing sectors, particularly semiconductors and machinery, with a total of approximately RMB 20 trillion from 2021 to 2024 [32][33]. 4. **Government Support**: The Chinese government has implemented various strategic initiatives to support key industries, including AI, semiconductors, and aerospace, enhancing the investment landscape [33][34]. 5. **Market Demand**: The report highlights a positive feedback loop between rising demand and innovation, particularly in consumer electronics, automotive, and electrical machinery [34]. 6. **Supply Chain Development**: The report discusses the importance of moving up the value chain, particularly in sectors with low localization rates and strong downstream demand [34][35]. Emerging Industry Focus - The report underscores the potential of artificial intelligence to drive significant economic value in China, projecting that AI could contribute RMB 11 trillion to the labor value by 2035, representing 5.5% of nominal GDP [37][38]. - It also notes the expected growth in sectors such as autonomous vehicles and industrial AI applications, which are anticipated to enhance productivity and operational efficiency across various industries [39].

Core Viewpoint - Huada Semiconductor is selling its 11.97% stake in Quanxin Zhizao Technology Co., Ltd. for 506.9 million yuan, valuing the company at approximately 4.235 billion yuan [1][4]. Company Overview - Quanxin Zhizao is a rising player in the domestic EDA (Electronic Design Automation) sector, rapidly growing into an industry unicorn due to its unique industrial background and technological strength [4]. - The company was established with investments from global EDA leader Synopsys, well-known domestic investment firm Wuyuefeng Capital, and other notable entities, creating a unique advantage of "industry + capital + research" [4]. - The founder and CEO, Ni Jie, has extensive experience in the integrated circuit manufacturing EDA field, previously serving as the Deputy General Manager of Synopsys China [4]. Financial Performance - For the fiscal year 2024, Quanxin Zhizao is projected to generate revenue of 515 million yuan, but it is still operating at a loss with a total profit of -456 million yuan and a net profit of -347 million yuan [5]. - As of December 31, 2024, the company's total assets are approximately 2.224 billion yuan, with total liabilities around 2.086 billion yuan [5]. Shareholding Structure - The largest shareholder of Quanxin Zhizao is Beijing Wuyuefeng Yihe High-tech Industry Investment Partnership, holding 13.5% of the shares, followed by Huada Semiconductor with 11.97% and the National Integrated Circuit Industry Investment Fund Phase II with 11.11% [6]. - Other significant shareholders include Jiaxing Yixin Enterprise Management (7.41%), Changzhou Wuyuefeng Hengxin (7.20%), and Shanghai Jimai Jia (6.91%), with 23 other shareholders collectively holding 26.72% [6].

Investment Rating - The investment rating for the company is "Recommended" [1] Core Views - The company reported strong profit performance in Q1 2025, with a revenue of 234 million yuan, representing a year-on-year growth of 9.77%, and a net profit of 10 million yuan, up 26.72% year-on-year [4][7] - The company maintains its leading position in the domestic EDA market, with a market share that remains the highest among local EDA firms [7][8] - The company has a robust R&D investment strategy, with R&D expenses amounting to 868 million yuan in 2024, accounting for 71.02% of its revenue [7][8] - The company has established strong relationships with nearly 700 domestic and international clients, enhancing its market expansion and brand recognition [8] Financial Performance Summary - In 2024, the company achieved a revenue of 1.222 billion yuan, a year-on-year increase of 20.98%, while the net profit was 109 million yuan, a decrease of 45.46% [4][7] - For Q1 2025, the company reported a significant increase in operating cash flow, reaching 240 million yuan, a year-on-year growth of 281.38% [7] - The company’s gross margin is projected to remain stable at 93.3% from 2024 to 2027, while the net profit margin is expected to improve from 9.0% in 2024 to 15.5% in 2027 [10] Earnings Forecast - The earnings per share (EPS) for 2025 is estimated at 0.41 yuan, with projections of 0.57 yuan for 2026 and 0.81 yuan for 2027 [8][10] - The company is expected to see a significant recovery in net profit, with forecasts of 222 million yuan in 2025, 309 million yuan in 2026, and 439 million yuan in 2027, reflecting growth rates of 103.1% and 39.2% respectively [10] Market Position and Strategy - The company has been recognized as a national-level "Little Giant" enterprise, indicating its strong capabilities in the EDA industry [8] - The company is focusing on enhancing its technological capabilities in key areas such as storage and automotive electronic design tools, which are approaching international advanced levels [8]

Core Insights - The company faced profit pressure in 2024 due to significant stock-based compensation expenses, leading to a 45.46% year-on-year decline in net profit, despite a revenue increase of 20.98% [1] - In Q1 2025, the company reported a revenue of 234 million, a year-on-year increase of 9.77%, and a net profit of 10 million, reflecting a 26.72% increase [2] - The EDA market is projected to grow at a CAGR of 36% from 2024 to 2027, with the company's actual controller change expected to enhance its position and capabilities [2] Financial Performance - For the full year 2024, the company achieved a revenue of 1.222 billion, with a gross margin of 93.31% [1] - The projected revenues for 2025, 2026, and 2027 are 1.756 billion, 2.505 billion, and 3.510 billion respectively, with a CAGR of 41.4% [4] - The expected net profits for the same period are 225 million, 349 million, and 474 million, with a CAGR of 45.0% [4] Product Development and Market Position - The company is advancing its product lines significantly, including the launch of AI-enhanced design tools and platforms for various EDA applications [3] - Accelerated mergers and acquisitions are aimed at strengthening key capabilities and achieving over 90% coverage in digital circuit design by 2026 [3] - The company is enhancing its full-process coverage across various product categories, positioning itself for increased market share [3]

Core Viewpoint - The company reported its 2024 annual results and Q1 2025 results, showing a significant increase in revenue but a decline in net profit due to increased R&D expenses and a shift to a loss in non-recurring profit [1][2]. Financial Performance - In 2024, the company achieved total revenue of 1.222 billion, a year-on-year increase of 20.98% - The net profit attributable to shareholders was 109 million, a year-on-year decrease of 45.46% - The non-recurring net profit was -57 million, compared to 64 million in the same period last year, indicating a shift from profit to loss - In Q1 2025, total revenue was 234 million, a year-on-year increase of 9.77% - The net profit attributable to shareholders was 10 million, a year-on-year increase of 26.72% [1]. R&D Investment - The company increased its R&D investment in 2024, with R&D expenses reaching 868 million, a year-on-year increase of 26.77% - The R&D expense ratio was 71.02%, up by 3.25 percentage points, marking a historical high - The number of R&D personnel reached 914, an increase of 18.1% year-on-year, reflecting the talent-intensive nature of the EDA industry [1][2]. Product Development - The company upgraded its traditional product lines, launching several new tools: - The Andes design automation platform, including Andes Analog for analog circuits and Andes Power for power transistors - The AetherLE layout editing tool with a new coloring function for different mask layers - The ALPS RF circuit simulation tool, reducing simulation time from 1-2 weeks to under 8 hours - The Optimus tool for optical proximity effect optimization in flat panel displays [2]. Strategic Initiatives - The company is accelerating its layout in wafer manufacturing and advanced packaging: - Development of the Layout Decomposer for high-performance mask layout splitting - Introduction of the Vision platform for process diagnostics to improve yield - New tools for 3DIC, including Aether 3DIC and Argus 3DStack - The acquisition of Chip and Semiconductor on March 17, 2025, aims to enhance the company's capabilities in 3DIC Chiplet and RF circuit EDA products, positioning it as a global EDA leader [3]. Future Outlook - The company maintains an "overweight" rating and has added profit forecasts for 2027 - The semiconductor industry's domestic production is seen as an inevitable trend, with the company expected to grow through both organic growth and acquisitions - Projected revenues for 2025, 2026, and 2027 are 1.62 billion, 2.06 billion, and 2.65 billion respectively, with net profits of 250 million, 410 million, and 600 million respectively [4].

Investment Rating - The report maintains an "Outperform" rating for the company [1][8][19] Core Insights - The company's performance met expectations, with a total revenue of 1.22 billion yuan for 2024, reflecting a year-on-year growth of 20.98%. The net profit attributable to the parent company was 109 million yuan, down 45.46% year-on-year [8] - The company has increased its R&D investment significantly, with R&D expenses reaching 868 million yuan in 2024, a 26.77% increase year-on-year, resulting in a record high R&D expense ratio of 71.02% [8] - The company is upgrading its traditional product lines and expanding into advanced packaging and wafer manufacturing technologies, including the launch of new tools for 3DIC and multi-exposure technology [8] - The acquisition of Chip and Semiconductor enhances the company's capabilities in EDA (Electronic Design Automation) and positions it to become a global leader in the EDA sector [8] - The company is projected to achieve total revenues of 1.62 billion yuan, 2.06 billion yuan, and 2.65 billion yuan for 2025, 2026, and 2027 respectively, with net profits of 245 million yuan, 411 million yuan, and 604 million yuan for the same years [8] Financial Data and Profit Forecast - Total revenue for 2025 is estimated at 1.62 billion yuan, with a year-on-year growth rate of 32.6% [7] - The net profit for 2025 is projected to be 245 million yuan, representing a significant increase of 123.7% year-on-year [7] - The company’s gross margin is expected to remain high, with projections of 93.3% for 2025 and increasing slightly in subsequent years [7]

21世纪经济报道记者杨坪 深圳报道 直至2024年9月，"并购六条"出台，明确"支持运作规范的上市公司围绕产业转型升级、寻求第二增长曲 线等需求开展符合商业逻辑的跨行业并购，加快向新质生产力转型步伐"，A股市场"跨界并购"案例逐 渐增多。 据21世纪经济报道记者不完全统计，截至目前，已有超过30家上市公司首度披露了跨界并购的计划。其 中，百傲化学7亿元现金收购芯慧联55%股权、格力地产资产置换转型免税业务等均已完成，松发股 份、罗博特科是"并购六条"后跨界并购中为数不多进入审核流程的项目。 综合来看，两个案例均为"蛇吞象"交易，涉及跨界，且是同一实际控制人下的并购重组。 松发股份主营业务为日用陶瓷制品的研发、生产和销售，2021年归母净利润由盈转亏，并连亏三年， 2021年至2023年归母净利润依次为-3.09亿元、-1.71亿元、-1.17亿元。标的公司恒力重工是一家船舶制 造及高端装备制造企业，2024年净利润为3.01亿元，其股东方承诺未来3年扣非归母净利润累计不低于 48亿元，恒力重工的资产评估价为80.06亿元。 继深圳、上海、南京等地后，近日，广州也发布了《广州市支持上市公司并购重组实现高质量发展 ...

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 ...

近期，随着年报的持续披露，叠加市场的震荡调整，被券商分析师调整评级的股票数量出现一个小高峰。 4月以来，十余只个股评级获券商上调，覆盖消费、计算机、自主可控等多个领域。与此同时，包括贵州茅 台、中国中免等多只龙头股遭券商下调评级。 从周末各券商推出的最新策略观点来看，经历近期市场调整后，多数券商对于A股后市保持乐观，认为A股短 期有望走出独立行情。 本月以来12股评级获券商上调 东方财富Choice数据显示，4月以来，券商上调了12只股票的评级，包括福斯特、华海诚科、华大九天、一致 魔芋、航天电器、柳工、鸿远电子、华电国际、金盘科技、云南白药、益生股份、民士达等。 在消费领域，中国银河证券近日上调云南白药评级。云南白药2024年净利47.49亿元，同比增长16%。中国银 河证券认为，该公司是国内中药龙头企业，短中长期布局清晰，战略定力强，近年来维持高分红比例，上调 为"推荐"评级。 江海证券近期上调北交所股票一致魔芋的评级至"增持"。江海证券称，公司魔芋粉、魔芋食品和魔芋美妆三大 业务板块均实现两位数以上的增长，其中受益于下游魔芋休闲食品的放量，公司魔芋食品去年增长63.22%。 考虑到下游魔芋食品高增长有望 ...

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 ...