Synopsys Inc.: 2027 Set-up Yet to Emerge

研报英文原文证据摘录

Synopsys Inc.: 2027 Set-up Yet to Emerge

IdeaM

Financials

Other points made on the call

Synopsys gave a solid Q2 print and Q3 guidance, and delivered a better than expected

Design IP (Q2: $454m or 5% beat) whilst core EDA was largely in line. Notable this quarter

was a beat on adjusted EPS at $3.35 vs $3.16 expected.

Rhetoric points to "durable growth". CEO Sassine Ghazi noted the business is at several

"inflection points", with AI-driven demand enabling new monetisation models across IP,

EDA and simulation. Long-term visibility is underpinned by the backlog and management

plans to detail growth drivers at an Investor Day on September 30.

Ansys synergies unchanged. Integration is progressing as planned; Synopsys is

embedding Ansys EDA tools into its direct sales channel while using Ansys' partner

network to reach industrial, automotive and aerospace customers. Around 50% of

committed cost synergies are expected by the end of FY26 (October year-end), with the

first-phase revenue synergies of $400m (semiconductor multiphysics) expected to begin

in FY27.

China – as you were. Q2 sequential growth in China was attributed to the Ansys addition,

but underlying design-start activity remains "challenged" due to cumulative export

restrictions. Management kept its full-year China guidance unchanged, describing its

stance as "pragmatic".

Multiphysics Fusion: The offering integrates Ansys solvers into the EDA design flow,

delivering up to a claimed 3x faster design closure and 2x faster turnaround for complex

analog designs in early trials. As mentioned, a leading HPC provider used the unified

solution to tape out a next-generation AI accelerator in Q2. Management says broad

commercial availability is targeted for 2H26.

Morgan Stanley Research 3