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华大九天(301269):业绩符合预期,布局3DIC、多重曝光等技术
Shenwan Hongyuan Securities· 2025-04-28 13:45
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]