法巴BNP Paribas：Cadence Design（CDNS.US）& 新思科技（SNPS.US）-美股公司研究：EDA-软件领域的英伟达-251002（英文版）.pdf

1、 EQUITIES SOFTWARE CADENCE DESIGN SYSTEMS OUTPERFORM PRICE*USD352.0 TARGET PRICE USD400(UPSIDE 14%)SYNOPSYS,INC.UNDERPERFORM PRICE*USD488.8 TARGET PRICE USD425(DOWNSIDE 13%)EDA is the NVDA of software 2 OCTOBER 2025 Securities Research Report Production time:11:07*(London time)Research Analysts&Publ

2、ishing EntitiesResearch Analysts&Publishing Entities There are AI stocks and then there are AI enablers.Electronic Design Automation(EDA)are end-to-end software platforms that are critical for integrated circuit design and are benefiting from unprecedented investments by the leading hyperscalers.We

3、initiate coverage on the two largest players in this market:Cadence Design Systems CDNS(+)and Synopsys SNPS(-).AI a tailwind in a market dominated by 3 players We believe EDA stocks benefit directly by investments in AI by cloud providers,broad electrification/autonomy trends by the leading system c

4、ompanies and tech upgrades in the leading automotive/aerospace companies.We believe these investments are accelerating market growth rates low-double digit range for at least the next 3-years(vs.mid-high single digits historically).Importantly,this market enjoys high barriers to entry and 3 players

5、make up 90%market share.Offensive AI stocks We believe these stocks offer the closest opportunity to own the equivalent of an Nvidia in software.We have previously ranked our coverage based on how defensive these names are relative to the disruption offered by third-party LLMs like OpenAI.Both of th

6、ese stocks are in fact direct beneficiaries of the significant investments made by the leading hyperscalers in AI.Our model ranks them in the top 2 positions of our coverage given:1)They are largely viewed as critical;2)Data leakage could prove incredibly damaging;3)They have a high degree of propri