Oriental Securities: Initiates coverage on Hua Da Jiutian with a "buy" rating, target price of 134.15 yuan.

Oriental Securities research report points out that Huada Jiutian, as a pioneer and leading enterprise in the domestic EDA industry, has significant advantages in terms of technology accumulation, market layout, and development potential. The company has a strong background in technology research and development, with continuous increase in R&D investment and operating income. With the United States demanding three EDA leading companies to cut off supply to China, the localization process of EDA in China is expected to accelerate, and Huada Jiutian, as a leading domestic EDA company, is expected to continue to benefit. Huada Jiutian adheres to independent research and development, as the only domestic enterprise that provides a full-process EDA tool system for analog circuit design in China. Its circuit simulation tool supports advanced manufacturing processes of 4nm, placing it at an international leading level. The bank predicts earnings per share for the company in 2025-2027 to be 0.41, 0.46, and 0.71 yuan. Using the DCF valuation method, the corresponding target price is 134.15 yuan, and it is given a "buy" rating for the first time.