行业研究公司研究宏观策略财报招股书会议纪要 Token 低空经济十五五 AIGC 大模型

Zhao Tianqing,a professor of Tianqing China,a leader of EDA for the global three would

2025-04-03 未知机构木子学长v3.5

核心观点

公司定位与行业前景：华大九天作为国产EDA龙头企业，2022年国内市场份额达7%。预计2024-2027年国内EDA市场规模将增长至354亿元，CAGR为36%，主要得益于半导体市场增速及EDA正版化趋势（占比提升至1.3%）。
增长动能：
- 品类扩张与并购：通过自研及并购（如芯和半导体）快速补齐工艺覆盖度，数字电路覆盖度有望在2026年前超90%，其他品类基本实现全流程覆盖。
- AI驱动与全流程优势：AI技术助力缩小与三巨头的差距，全流程能力进一步扩大领先优势，市场份额加速提升。
全球市值对标：全球EDA龙头（铿腾电子、新思科技、西门子EDA模拟）合计市场份额76%，市值约12433亿元。预计华大九天远期全球份额约22%，对应市值（当前605亿元）具备较大成长空间。

盈利预测与研究结论

盈利预测：2024-2026年营收复合增速43%，归母净利润分别为1.29、2.30、3.92亿元，3年CAGR为74%。
估值与评级：PS倍数低于国内可比公司，评级“买入”。

Zhao Tianqing,a professor of Tianqing China,a leader of EDA for the global three would

点击免费查看完整报告

你可能感兴趣

Wang Jiangjiang,a professor of the Internet Statistics at China

未知机构2025-04-17

DW electric relations three graduate electrical sub,said the controlled leader is need to have a equipment

未知机构2025-04-09

KEETA Xiaochuang,the United States Center of the Commercial Affairs,a former propaganda of the United States Times,a professor of the East Korea

未知机构2025-04-09

China Oil & Gas：Downstream to shine; reinstating coverage of the three majors

德意志银行2016-05-20

Hu Xinkai,a leader and charge electric,a spokesman of the Daily Technology Development,X influential business officials

未知机构2025-04-13

China Credit Watch: Three Discoveries of the K-shaped Economy

信息技术杰富瑞2026-06-13

A Comparison of Three Methods for Computing Scale Score Conditional Standard Errors of Measurement

文化传媒ACT Research2013-10-31

The transformation of a CNS leader; initiating with Buy

德意志银行2016-06-20

Evetol Electric Longlong,a Chinese city's first three home,a local space customers,a company of the United States of English

未知机构2025-04-08

Global Forum on Transparency and Exchange of Information for Tax Purposes Peer Reviews: Macao, China 2013

综合经济合作与发展组织2013-11-22