华大九天：营收增速回升，研发持续高投入

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected 10%+ outperformance relative to the benchmark index over the next 6-12 months [2][5] Core Views - The company's revenue growth rebounded in Q3 2024, with a 27.69% YoY increase, following a -6.01% growth in Q2 2024 [2] - R&D investment remains high, with a 40.40% YoY increase in Q3 2024, supporting new product and technology development [2] - Industry collaborations and academic promotions are accelerating, with Renesas Electronics adopting the company's Empyrean Skipper® tool and the launch of EDA textbooks in collaboration with major publishers [2] Financial Performance Summary Revenue and Profit - 2024 Q3 revenue: RMB 300 million, up 27.69% YoY [2] - 2024 Q3 net profit attributable to parent company: RMB 20.67 million, down 76.40% YoY [2] - 2024 Q3 non-GAAP net profit: RMB 17.68 million, up 395.75% YoY [2] - 2024 Q1-Q3 revenue: RMB 744 million, up 16.25% YoY [2] - 2024 Q1-Q3 net profit attributable to parent company: RMB 58.55 million, down 65.84% YoY [2] Forecasts - 2024-2026 revenue forecast: RMB 1.229 billion, RMB 1.575 billion, RMB 1.969 billion [2] - 2024-2026 net profit attributable to parent company forecast: RMB 105 million, RMB 218 million, RMB 327 million [2] Financial Ratios and Metrics - 2024-2026 EPS forecast: RMB 0.19, RMB 0.40, RMB 0.60 [2] - 2024-2026 P/E ratio: 739.4x, 354.8x, 236.7x [1] - 2024-2026 P/B ratio: 16.2x, 15.8x, 15.2x [1] - 2024-2026 ROE: 2%, 4%, 6% [1] Balance Sheet Highlights - 2024E total assets: RMB 5.553 billion [4] - 2024E total liabilities: RMB 770 million [4] - 2024E equity attributable to parent company: RMB 4.783 billion [4] Cash Flow Analysis - 2024E operating cash flow: RMB 139 million [4] - 2024E investing cash flow: -RMB 204 million [4] - 2024E financing cash flow: -RMB 91 million [4] Growth and Profitability Metrics - 2024-2026 revenue growth rate: 21.7%, 28.1%, 25.0% [4] - 2024-2026 net profit growth rate: -47.8%, 108.4%, 49.9% [4] - 2024-2026 gross margin: 94.6%, 94.6%, 94.7% [4] - 2024-2026 net margin: 8.5%, 13.9%, 16.6% [4] Valuation Metrics - Current market price: RMB 142.72 [2] - Market capitalization: RMB 77.48865 billion [2] - Free float market capitalization: RMB 37.43852 billion [2]