证券研究报告 相关研究 [Table_OtherReport] 25Q3 点评：扩张致成本前置，业绩承 压 25H1 点评：业绩靓丽，盈利能力提升 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127号金隅大厦B 座 邮编：100031 [Table_Title] 投资 EDA 公司，有望享受国产替代红利及产业协同 [Table_ReportDate] 2026 年 01 月 27 日 公司研究 [Table_ReportType] 公司点评报告 [Table_StockAndRank] 学大教育(000526) [Table_Author] 范欣悦 商社行业首席分析师 执业编号：S1500521080001 邮 箱：fanxinyue@cindasc.com [Table_S 事件：公司拟通过全资子公司学大信息 ummary] 以新设合伙企业的方式增资江阴启芯 领航，预计新设合伙企业认缴出资额不超过 3610 万元，向启芯领航增资金 额不超过 3500 万元，投资完成后预计持有江阴启芯领航 6.48%的股权。 点评： 请阅读最后一页免责声明及信息披露 ht ...

证券研究报告 公司研究 [Table_ReportType] 公司点评报告 [Table_StockAndRank] 学大教育(000526) [Table_Author] 范欣悦 商社行业首席分析师 执业编号：S1500521080001 邮 箱：fanxinyue@cindasc.com 相关研究 [Table_OtherReport] 25Q3 点评：扩张致成本前置，业绩承 压 25H1 点评：业绩靓丽，盈利能力提升 [Table_ReportDate] 2026 年 01 月 27 日 [Table_S 事件：公司拟通过全资子公司学大信息 ummary] 以新设合伙企业的方式增资江阴启芯 领航，预计新设合伙企业认缴出资额不超过 3610 万元，向启芯领航增资金 额不超过 3500 万元，投资完成后预计持有江阴启芯领航 6.48%的股权。 点评： 请阅读最后一页免责声明及信息披露 http://www.cindasc.com 1 投资评级 买入 上次评级 增持 ➢ 江阴启芯领航处于培育、发展阶段。新设合伙企业为共青城学成启航创 业投资合伙企业（有限合伙），GP 为银润资本，出资比例为 0.028%； 学 ...

Group 1 - The core point of the article is that Gaon Electronics has received a strategic investment from Shanghai Kechuang Group, acquiring 5% of the company's shares for 6.92 billion yuan, which is a significant step in strengthening its collaboration with state-owned enterprises in Shanghai [2][3][4] - The share transfer involves 21.7589 million shares from eight shareholders, with a lock-up period of 18 months, and after the transaction, the total shares held by the transferring parties will decrease to 32.9% of the total share capital [3][4] - Gaon Electronics is currently advancing a merger and acquisition plan to acquire 100% of Ruicheng Chip Micro and 45.64% of Nanneng Micro for a total consideration of 2.174 billion yuan, aiming to transform into a one-stop chip design solution platform [2][6][7] Group 2 - The EDA industry is a strategic foundation for the integrated circuit industry, and Gaon Electronics, as the first EDA listed company in China, is focusing on providing comprehensive EDA solutions [6][7] - In the first three quarters of 2025, Gaon Electronics reported a revenue of 315 million yuan, a year-on-year increase of 12.71%, and a net profit attributable to shareholders of 41.99 million yuan, up 173.46% [6][8] - The company has invested a total of 841 million yuan in R&D expenses over the past four years, indicating a strong commitment to innovation and development in the EDA sector [7]

Core Viewpoint - The EDA industry is an essential part of the semiconductor supply chain, characterized by high barriers to entry and a robust business model, driven by continuous technological advancements and increasing complexity in chip design [1] Industry Overview - The global EDA market has grown from less than $10 billion in 2018 to over $15 billion currently, while the domestic market in China has increased from approximately 5 billion yuan in 2016 to nearly 20 billion yuan by 2025, significantly outpacing global growth [1] - The three main drivers of industry growth are the increasing complexity of chips, advancements in process technology, and the expansion of the custom ASIC market [1] Business Model and Dynamics - The EDA business model primarily relies on licensing, resulting in strong customer loyalty and high switching costs, which contribute to stable profitability and resilience against economic cycles [1] - Domestic EDA companies are focusing on point tool breakthroughs and are accelerating their evolution towards platform integration through mergers and acquisitions, indicating a potential reshaping of the industry landscape [1] Investment Vehicle - The Chip ETF (512760) tracks the China Semiconductor Index (990001), which focuses on the semiconductor industry within the A-share market, covering all segments from materials and equipment design to manufacturing, packaging, and testing [1]

Investment Rating - The report rates the EDA industry as "Overweight," indicating that the industry is expected to outperform the overall market [2][19]. Core Insights - The domestic EDA industry is experiencing heightened activity, entering an accelerated development phase, with significant IPO movements and mergers [3][11]. - The long-term outlook suggests that the EDA industry will consolidate into 2-3 leading firms through mergers and acquisitions, with a focus on domestic alternatives [3][10]. Summary by Sections 1. Key Events of the Month - **Horizon Industrial Software Initiates IPO Counseling**: Horizon Industrial Software submitted its IPO counseling to the Shanghai Securities Regulatory Commission on December 26, 2025, focusing on digital IC verification and IP [4]. - **Xinheng Semiconductor Completes IPO Counseling**: On December 20, 2025, Xinheng Semiconductor completed its IPO counseling, offering multi-physical field simulation capabilities [5]. - **Huada Jiutian Invests in Sierxin**: On December 16, 2025, Huada Jiutian announced a 1 billion investment in Sierxin, acquiring a 90.9% stake, enhancing its digital IC design capabilities [6][7]. - **Quanxin Intelligent Manufacturing Starts IPO Counseling**: On December 11, 2025, Quanxin Intelligent Manufacturing initiated its IPO counseling, focusing on OPC and other manufacturing tools [8]. 2. Industry Perspectives - **Opportunities from Domestic Process Divergence**: The EDA industry is closely tied to the semiconductor ecosystem, with domestic wafer fabs developing new technology paths that create independent market space for local EDA firms [9]. - **Active IPO and M&A Movements**: The report highlights three new IPO processes in the EDA sector, indicating a shift towards a concentration of leading players and an active M&A environment [11]. - **Importance of Industry Chain Collaboration and Support**: The report emphasizes the need for EDA firms to have platform capabilities to enhance competitiveness, supported by local government initiatives and national funds [12]. 3. Valuation of Key Companies - **Huada Jiutian**: Projected revenue of 12 billion in 2024, increasing to 25 billion by 2027, with a market cap of 580 billion [14]. - **Gailun Electronics**: Expected revenue growth from 4 billion in 2024 to 8 billion in 2027, with a market cap of 152 billion [14]. - **Other Companies**: Additional companies are also highlighted with their respective revenue projections and market caps, indicating a positive growth trajectory in the EDA sector [14].

Investment Rating - The report rates the EDA industry as "Overweight," indicating a positive outlook for the sector compared to the overall market performance [2][24]. Core Insights - The domestic EDA industry is experiencing heightened activity with multiple IPOs and investments, signaling an accelerated development phase [4]. - The long-term trend suggests the emergence of 2-3 leading EDA firms through mergers and acquisitions, with a focus on domestic alternatives [4][12]. - The report emphasizes the importance of domestic process divergence, IPO and acquisition activity, and the need for industry chain collaboration and support from policies and capital [12][15][16]. Summary by Sections Key Industry Events - In December 2025, four significant events occurred in the domestic EDA industry, including three IPO-related activities and one equity investment [4]. - Notable events include: - Hejian Industrial Software Group initiated IPO counseling on December 26, 2025, focusing on digital IC verification and IP [5]. - Xinheng Semiconductor completed its IPO counseling on December 20, 2025, specializing in multi-physical field simulation [6]. - Huada Jiutian invested 100 million yuan in Sierxin, acquiring a 90.9% stake in the company on December 16, 2025 [8]. - Quanxin Zhizao started IPO counseling on December 11, 2025, focusing on manufacturing tools [11]. Industry Perspectives - The report highlights opportunities arising from the divergence of domestic processes, as domestic wafer fabs develop new technology paths that are unsupported by overseas EDA vendors [12]. - The active IPO and acquisition landscape indicates a shift towards a concentrated market with fewer leading players, aligning with the overall development trend of the EDA industry [15]. - Emphasis is placed on the necessity for EDA firms to possess platform capabilities to enhance competitiveness and the role of local EDA companies as integration platforms [16]. Key Company Valuations - The report provides valuations for key companies in the EDA sector as of December 31, 2025: - Huada Jiutian: Market cap of 58 billion yuan, projected revenues of 12 billion yuan in 2024, increasing to 25 billion yuan by 2027 [18]. - Gai Lun Electronics: Market cap of 15.2 billion yuan, projected revenues of 4 billion yuan in 2024, increasing to 8 billion yuan by 2027 [18]. - Guangliwei: Market cap of 14.4 billion yuan, projected revenues of 5 billion yuan in 2024, increasing to 12 billion yuan by 2027 [18].

Core Viewpoint - The domestic EDA industry is currently experiencing a "policy-driven + technological breakthrough + high demand" triple resonance period, suggesting significant investment opportunities in core industry chain targets for the long term [1] Industry Positioning - EDA is a core technology for electronic system design automation, positioned at the upstream of the integrated circuit industry chain, influencing chip design efficiency, production costs, and performance, thereby impacting the global digital economy worth trillions of dollars [2] Market Dynamics - The global EDA market is highly concentrated, with three major players (Synopsys, Cadence, Siemens EDA) holding 74% market share. The global EDA market is projected to reach $18.3 billion by 2026 and exceed $30 billion by 2034. In China, the market size is expected to reach 22.2 billion yuan by 2026, with a growth rate of 20%, significantly higher than overseas [3] Growth Drivers - Three key factors are driving industry growth: 1. Domestic substitution is becoming essential due to U.S. export controls on EDA software, particularly for advanced process tools below 7nm, pushing domestic EDA companies to accelerate localization [4] 2. Technological and demand upgrades are emerging as design costs for advanced processes from 7nm to 3nm increase exponentially, with new demands arising from post-Moore era designs like Chiplet, 3D IC, and heterogeneous integration [4] 3. Industry consolidation is accelerating as the current Chinese EDA market is fragmented, with leading domestic EDA firms enhancing their product lines and overall strength through mergers and acquisitions [4]

Summary of Key Points from the Conference Call on Gaon Electronics Company Overview - Gaon Electronics focuses on EDA (Electronic Design Automation) software, particularly in the storage chip design sector, with deep collaborations with companies like Samsung. The company aims to become the first listed company in China to achieve deep synergy between EDA and IP (Intellectual Property) [2][3][13]. Financial Performance - The primary revenue source for Gaon Electronics comes from software licensing, accounting for 70%-80% of total revenue, with a gross margin maintained at around 90% [4][6]. - Despite fluctuations in profits due to increased R&D investments and stock incentives in 2023 and 2024, the company is expected to maintain a long-term stable growth trajectory [2][6]. - Revenue is projected to increase by 70%-80% following the successful acquisition of Ruicheng Chip Micro and Naneng Micro, with expected revenues of 7.3 billion yuan post-acquisition [15]. Industry Dynamics - The EDA industry is experiencing stable growth, with a projected compound annual growth rate (CAGR) of 9.21% from 2025 to 2034. The primary markets are the United States and the Asia-Pacific region [2][7]. - The industry faces challenges such as increasing technological complexity, high R&D costs, and international competition, particularly from the U.S. restrictions on China's semiconductor industry [8][10]. Competitive Landscape - Gaon Electronics holds a significant position in the global EDA market, competing with major players like Synopsys, Cadence, and Siemens, which dominate over 80% of the market share [3][10]. - The company has a leading edge in certain niche tools, especially in storage chip design, and has received certifications for its NanoSpace products from Samsung for 3nm and 4nm processes [3][11]. Acquisitions and Growth Strategy - The ongoing acquisitions of Ruicheng Chip Micro and Naneng Micro are expected to enhance Gaon Electronics' competitive edge and expand its market share internationally [13][15]. - The company has completed multiple acquisitions since 2012, with the latest ones aimed at strengthening its capabilities in physical IP and wired interface technologies [5][13]. Valuation and Risks - Gaon Electronics has a price-to-sales (PS) valuation of approximately 15-20 times, which is comparable to its U.S. counterparts, while its competitors like Huada Jiutian have higher valuations [4][16]. - Key risks include the need for continuous technological innovation and the substantial capital required for R&D, which has led to profit fluctuations in recent years [17]. Future Outlook - The overall outlook for Gaon Electronics is optimistic, with a strong growth potential and a reasonable valuation in the global EDA software market. The company is well-positioned to leverage its acquisitions and maintain its technological leadership [18].

Core Viewpoint - The article discusses the recent investment by Huada Jiutian Technology Co., Ltd. in the EDA (Electronic Design Automation) sector through the establishment of a partnership called Tianjin Zhongwan Xincheng Management Consulting Partnership, which aims to enhance its strategic positioning in the industry [1][4]. Group 1: Investment Details - Huada Jiutian announced a total subscription amount of 110.01 million yuan for the partnership, with the company contributing 100 million yuan, resulting in a 90.9008% partnership share [4]. - The partnership has acquired approximately 7.78% of Sierxin's shares, completing the investment transaction [4][5]. Group 2: Strategic Importance - This investment aligns with Huada Jiutian's strategic development needs, aiming to deepen its investment in the EDA field while effectively controlling investment risks [4]. - The collaboration with Sierxin is expected to complement Huada Jiutian's existing strengths in analog/mixed-signal EDA and wafer manufacturing EDA tools, filling gaps in the digital EDA domain [5]. Group 3: Market and Technological Synergy - Sierxin's customer resources in consumer electronics and automotive electronics will support Huada Jiutian in expanding its market coverage for digital EDA tools [5]. - The partnership is anticipated to accelerate technological iterations through joint research and development, contributing to the construction of a domestic EDA ecosystem [5].

Core Viewpoint - The article highlights the emergence of EDA (Electronic Design Automation) companies in China, focusing on the innovative capabilities and technological advancements of ChipXingji Technology Co., Ltd. (芯行纪) since its establishment in 2020, positioning it as a key player in the EDA industry [2][12]. Group 1: Company Overview - ChipXingji specializes in digital implementation EDA research and development, offering a range of innovative tools to support digital chip design [2][5]. - The company has developed several products, including the first fully self-developed digital layout and routing tool, AmazeSys, and various machine learning optimization tools [5][8]. Group 2: Product Features - AmazeSys provides a comprehensive solution for digital chip physical design, supporting large-scale designs and optimizing performance, power, and area (PPA) [8]. - AmazeFP, an intelligent layout planning tool, addresses challenges in backend design by offering congestion awareness and efficient data flow analysis, significantly reducing design iteration times and costs [8][9]. - The machine learning optimization tool, AmazeME-FP, enhances design efficiency by exploring vast solution spaces without manual parameter tuning, improving PPA outcomes [9][10]. Group 3: AI Integration - AI technology plays a crucial role in enhancing design efficiency and quality in digital implementation EDA, with applications in layout, timing optimization, and design rule checks (DRC) [12][13]. - The integration of AI in EDA is evolving, with methods such as reinforcement learning for automatic optimization and the use of large language models to streamline design processes [15][17]. - The company emphasizes the need for collaboration within the EDA industry to leverage AI for more intelligent and customized design optimizations [17].