Kimi K3采用开源工具绕过传统EDA软件 西门子EDA软件聚焦分析

Siemens (SIEGn.DE) 17thJuly)thattheKimi K3Almodeldesigneda semiconductorchipusingopen-sourcetools,bypassingtraditionalEDAsoftware.Thebreakthroughappearstobeonmaturechiptechnology,ratherthancurrentdesigns,suggestingno immediatedisruption.Nonetheless,we'd saythatEDAsoftwarehasbeenseenattheleastdisruptableendofthesoftwarescale,givenhowembedded itisincustomerprocesses,withintricateprocessdesignkitsfordesign,verification,andsimulation;weexpectthisprocesstobecomeevermoreembeddedincustomerworkflowsaschipcomplexityincreases,withAlagentsultimatelylikelytouseEDAtoolsratherthan displace.With Siemens valuation relative to peers havingrecentlywidened,wecontinuetoseeaSoTPdiscountthatarguablymeans thefull EDA valuation is not reflected in the Siemens share price inany case.We remain Buyers. Targetprice335.00Expectedsharepricereturn25.9%Expected dividend yield2.0%Expectedtotalreturn28.0%MarketCap208,012MUS$237.893M +44-207-986-4077martin.wilkie@citi.com AvinashMundhra+44-20-7986-6230avinash.mundhra@citi.com Siemenshasabout15%marketshareinEDA,behindSynopsysandCadence.Siemens's~2.1bnEDArevenueisequivalentto~11%ofDIdivisionalsales,or4%ofgroup sales ex-Healthineers. Vivek Midha,CFA+44-20-7500-0732vivek.midha@citi.com Klas Bergelind+44-20-7986-4018klas.bergelind@citi.com Siron Ngsiron.ng@citi.com Siemens Weset ourtarget priceat EUR335using SOTPusingcurrentmarketvaluesforstakes in subsidiarycompanies,applyingpeer of Siemens'acquisitions looktohavebeen value creating,itis too earlyto judge others.Returns from futuredeals arehard topredictand so estimating returns fromcash deployment through futureM&A is a challenge. Cyclicalandmacro:Siemens'endmarkets arelargelycyclical.Siemens'portfolio is very broad,and in generala slowing orbelow-trendglobalGDPenvironmentisnegativefororganicgrowth. of the graphics in this document, please call USA 1-888-500-5008 (TTY: 711), from outside theUS+1-210-677-3788 Appendix A-1 Theresearchanalystsprimarilyresponsibleforthepreparationandcontentofthisresearchreportareeither(i)designated by“Ac"intheauthorblockor(i)listed inbold alongsidecontentwhich isattributabletothatanalyst.IfmultipleAcanalystsaredesignatedintheauthorblock,eachanalystiscertifyingwithrespecttotheentireresearchreportotherthan(a)contentattributabletoanotherACcertifyinganalystlistedinboldalongsidethecontentand (b)viewsexpressedsolelywithrespecttoaspecificissuerwhichareattributabletoanotherACcertifyinganalystidentifiedinthepricechartsorratinghistorytablesforthatissuershownbelow.Eachoftheseanalystscertify,withrespecttothesectionsofthereportforwhichtheyareresponsible:(1)thattheviewsexpressedthereinaccuratelyreflecttheirpersonalviewsabouteachissuerandsecurityreferencedandwereprepared inanindependentmanner,includingwithrespecttoCitigroupGlobalMarketsInc.anditsaffiliates;and (2)nopartoftheresearchanalyst'scompensationwas,is,orwillbe,directlyorindirectly,relatedtothespecificrecommendationsorviewsexpressedbythatresearchanalystinthisreport.IMPORTANTDISCLOSURES Siemens(SIEGn.DE)Ratings and Target Price History Siemens(SIEGn.DE) CitigroupGlobal MarketsInc.oritsaffiliateshasreceivedcompensationforinvestmentbanking servicesprovidedwithinthepast12monthsfromSiemens. servicesfromSiemensinthepast12months.CitigroupGlobal MarketsInc.or its affiliates currentlyhas,or had withinthepast12months,thefollowingas investment banking client(s):Siemens.CitigroupGlobal MarketsInc.orits affiliates currentlyhas,or hadwithinthepast12months,thefollowingas clients,andthe servicesprovidedwerenon-investment-banking,securities-related:Siemens.CitigroupGlobal MarketsInc.orits affiliates currentlyhas,orhadwithinthepast12months,thefollowingas clients,andtheservicesprovidedwerenon-investment-banking.non-securities-related:Siemens. ofthedeterminationofsignificantfinancial interest,pleaserefertothepolicyformanagingconflictsofinterestwhichcanbefoundatwww.citiVelocity.com.)Analysts'compensationisdeterminedbyCiti ResearchmanagementandCitigroup'sseniormanagementandisbasedupon activitiesandservicesintendedtobenefittheinvestorclientsofCitigroupGlobal MarketsInc.anditsaffiliates(the“Firm").Compensationisnotlinkedtospecifictransactionsorrecommendations.Likeall Firmemployees,analystsreceivecompensationthatisimpactedbyoverallFirmprofitabilitywhich includesinvestmentbanking,salesandtrading,andprincipaltradingrevenues.Onefactorinequityresearchanalystcompensationisarrangingcorporateaccesseventsbetweeninstitutionalclientsandthemanagementteamsofcoveredcompanies.Typically,companymanagementismore likelytoparticipatewhen theanalyst has apositiveviewofthe companyForfinancial instruments recommended in the Product in which the Firm is not a market maker,the Firm is a liquidity provider insuchfinancial instruments(andanyunderlyinginstruments)and mayactasprincipalinconnection withtransactions inrecommended in the Product.TheFirm regularly trades in the securities ofthe issuer(s)discussed in the Product.The Firm mayengageinsecuritiestransactionsinamannerinconsistentwiththeProduct