首先是毛利率与净利率双双下滑，好在降幅不大：一季度毛利率为37.44%，同比下降1.88个百分点；净利率12.56%，同比微降0.22个百分点。 作者：周源/华尔街见闻 兆易创新今年一季度业绩看上去很美，但应收账款和有息负债同比增幅较大，显示未来业绩增长可能承压。但供应链人士告诉华尔街见闻，这种可能性不 大，"兆易创新业务质地不错，就国内来说，属于第一梯队。" 2022-2023年，兆易创新业绩经历两年下滑态势：2022年利润下滑12.16%至20.53亿元，2023年净利润暴跌92.15%至区区1.61亿元。 这种惨相，在2024年得以扭转，并在2025年第一季度，继续了2024年的业绩景气度。但2024年盈利水平仅为2022年的53.72%，好在经营现金流和净现比指 标非常健康。 2024年和2025年一季度，兆易创新经营现金流分别为20.32亿元和3.36亿元（这个指标有点小问题，后文会提），均超同期净利润，净现比（经营现金流/净 利润）分别为1.84和1.43；在兆易创新利润最高的2021年，净现比仅0.97。 财报显示，兆易创新在今年Q1实现营业总收入19.09亿元，同比增长17.32%；归母净利润 ...

证券代码：603986 证券简称：兆易创新 公告编号：2025-021 兆易创新科技集团股份有限公司 关于 2020 年股票期权与限制性股票激励计划 限制性股票第四期解除限售暨上市公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 重要内容提示： 本次股票上市类型为股权激励股份；股票认购方式为网下，上市股数为 728,707股。 3. 2021 年 1 月 14 日，公司第三届董事会第二十一次会议和第三届监事会 第十九次会议审议通过了《关于向激励对象授予股票期权与限制性股票的议案》。 公司独立董事对此发表了独立意见，认为激励对象主体资格确认办法合法有效， 确定的授予日符合相关规定。 4. 2021 年 5 月 25 日，公司第三届董事会第二十五次会议和第三届监事会 第二十三次会议审议通过了《关于调整 2020 年股票期权与限制性股票激励计划 相关事项的议案》，公司独立董事就相关议案发表了独立意见，律师出具法律意 见书。 5. 2021 年 10 月 26 日，公司第三届董事会第三十次会议和第三届监事会第 二十八次会议审议 ...

[Table_Reportdate] 2025年04月30日 公 司 简 评 买入（维持） 报告原因：业绩点评 [证券分析师 Table_Authors] 方霁 S0630523060001 fangji@longone.com.cn 联系人 董经纬 djwei@longone.com.cn | [数据日期 Table_cominfo] | 2025/04/30 | | --- | --- | | 收盘价 | 128.69 | | 总股本(万股) | 66,406 | | 流通A股/B股(万股) | 66,299/0 | | 资产负债率(%) | 12.76% | | 市净率(倍) | 5.03 | | 净资产收益率(加权) | 1.41 | | 12个月内最高/最低价 | 147.56/64.13 | [Table_QuotePic] -38% -18% 2% 22% 42% 62% 82% 101% 24-04 24-07 24-10 25-01 兆易创新 沪深300 [兆易创新（ Table_NewTitle] 603986）:利基型DRAM高速 增长，NorFlash与MCU销量创历史新高 ——公司简 ...

Core Viewpoint - The company reported significant growth in revenue and net profit for 2024, driven by increased demand in various sectors, including consumer electronics, networking, and computing [1][2]. Financial Performance - The company achieved a total revenue of 7.356 billion (YoY +27.69%) and a net profit attributable to shareholders of 1.103 billion (YoY +584.21%) for the year 2024 [1][2]. - In Q1 2025, the company reported revenue of 1.909 billion (YoY +17.32%, QoQ +11.88%) and a net profit of 0.235 billion (YoY +14.57%, QoQ -13.24%) [1][2]. Market Demand and Product Performance - The demand in the downstream market has been recovering, leading to steady performance improvements [2]. - The company achieved a record shipment volume of 4.362 billion units in 2024, with significant growth in NOR Flash products across various sectors [2]. - The company's self-branded DRAM products saw multiple-fold growth in revenue and shipment volume, increasing market share [2]. - MCU products also experienced good growth in revenue and shipment volume, reaching historical highs due to demand from energy and optical modules [2]. Business Development and Future Outlook - The company is enhancing its DRAM product lineup, with plans to introduce LPDDR5 in the second half of 2025 [3]. - In the NOR Flash market, the company ranks second globally and aims to expand its presence in industrial and automotive sectors while exploring overseas markets [3]. - The company has successfully mass-produced over 700 MCU products and plans to invest approximately 1.2 billion in automotive MCU chip development [3]. - The company will focus on integrating its analog product business with Suzhou Saixin to enhance profitability and market coverage [3]. Investment Recommendations - Based on financial data, the company adjusted its profit forecast for 2025-2027, estimating net profits of 1.542 billion, 2.089 billion, and 2.581 billion respectively [4]. - The company is assigned a target price of 150.8 based on a 65x PE ratio for 2025, maintaining a strong buy rating [4].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown strong revenue growth, with a 2024 revenue of 7.36 billion yuan, representing a year-over-year increase of 27.69%. The net profit for the same year reached 1.103 billion yuan, a significant increase of 584.21% year-over-year. In Q1 2025, the company achieved a revenue of 1.909 billion yuan, up 17.32% year-over-year and 11.88% quarter-over-quarter, with a net profit of 235 million yuan, reflecting a year-over-year increase of 14.57% [4][5] - The company is benefiting from the recovery in downstream market demand, with significant growth in revenue and sales across various sectors including consumer electronics, networking, and computing. The company is also poised to benefit from trends in AI and electric vehicle intelligence [4][5] Financial Summary and Valuation Indicators - The company is projected to achieve revenues of 9.478 billion yuan in 2025 and 11.664 billion yuan in 2026, with corresponding net profits of 1.692 billion yuan and 2.155 billion yuan respectively. The projected P/E ratios for 2025 and 2026 are 44 and 35 times respectively [7][9] - The gross margin is expected to improve to 41.2% in 2025 and 41.3% in 2026, while the net profit margin is projected to be 17.9% and 18.5% for the same years [7][9] - The company’s ROE is expected to rise to 9.2% in 2025 and 10.5% in 2026, indicating improved profitability [7][9]

Group 1 - The company Zhaoyi Innovation reached the daily limit increase in stock price, indicating strong market interest and investor confidence [1] - The trading volume exceeded 5.1 billion yuan, reflecting significant liquidity and active trading in the stock [1]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative increase of over 15% compared to the CSI 300 index in the next six months [11]. Core Insights - The company reported a significant increase in revenue and net profit for 2024, with operating income reaching 7.36 billion, up 27.69% year-on-year, and net profit attributable to shareholders at 1.10 billion, up 584.21% year-on-year [2][5]. - The first quarter of 2025 also showed strong performance, with operating income of 1.91 billion, a year-on-year increase of 17.32%, and net profit of 235 million, up 14.57% year-on-year [2]. - The company's diverse product lines, including storage chips, microcontrollers, and sensors, have all shown robust growth, driven by strong demand in consumer electronics and advancements in AI technology [3]. Summary by Sections Financial Performance - In 2024, the company achieved operating income of 7.36 billion and net profit of 1.10 billion, with a remarkable net profit growth rate of 584.21% [2][5]. - For Q1 2025, the company reported operating income of 1.91 billion and net profit of 235 million, reflecting a year-on-year growth of 17.32% and 14.57% respectively [2]. Product Performance - The revenue breakdown for 2024 shows storage chips at 5.19 billion, microcontrollers at 1.71 billion, and sensors at 448 million, with growth rates of 27.39%, 29.56%, and 27.20% respectively [3]. - The company's NOR Flash products have seen significant growth across various sectors, including consumer electronics and automotive, achieving record-high shipment volumes [3]. Future Projections - Revenue projections for 2025 to 2027 are 9.49 billion, 11.54 billion, and 13.72 billion, with expected growth rates of 29.00%, 21.65%, and 18.89% respectively [3][5]. - Net profit forecasts for the same period are 1.53 billion, 2.07 billion, and 2.61 billion, with growth rates of 38.83%, 35.49%, and 26.09% respectively [3][5].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 139.10 RMB [4][7]. Core Insights - The company achieved a revenue of 7.356 billion RMB in 2024, representing a year-over-year increase of 27.7%, and a net profit of 1.103 billion RMB, up 584.2% year-over-year [1][2]. - In Q1 2025, the company reported a revenue of 1.909 billion RMB, a year-over-year increase of 17.3% and a quarter-over-quarter increase of 11.9%, with a net profit of 235 million RMB, up 14.6% year-over-year but down 13.2% quarter-over-quarter [1][2]. - The growth in revenue is attributed to government subsidies boosting demand in mobile phones, home appliances, and wearables, as well as increased storage capacity needs driven by AI PCs and servers [1][2]. Summary by Sections Revenue and Profitability - The company's storage, MCU, and analog products achieved record sales in 2024, with storage revenue reaching 5.194 billion RMB (up 27.4% year-over-year), MCU revenue at 1.706 billion RMB (up 29.6% year-over-year), and sensor revenue at 448 million RMB (up 27.2% year-over-year) [2]. - The overall gross margin for Q1 2025 was 37.44%, showing a quarter-over-quarter improvement of 4.27 percentage points, primarily due to product mix optimization [2]. Business Outlook - For 2025, the company expects continued growth across all business segments, with DRAM prices showing signs of recovery in the second half of the year and custom storage projects advancing in mobile, AI PC, and automotive sectors [3]. - The MCU segment is anticipated to benefit from domestic substitution trends, with market share growth in industrial, white goods, and automotive sectors [3]. Financial Projections - The company forecasts net profits of 1.514 billion RMB, 1.910 billion RMB, and 2.302 billion RMB for 2025, 2026, and 2027 respectively, with a projected revenue growth rate of 28.02% in 2025 [4][6]. - The estimated EPS for 2025 is 2.28 RMB, with a PE ratio of 49.41 [6][4].

Core Viewpoint - The semiconductor design leader, Zhaoyi Innovation, has shown significant recovery in performance due to market demand rebound and increased customer inventory, achieving substantial revenue and profit growth in 2024 and Q1 2025 [2][4][5]. Financial Performance - In 2024, Zhaoyi Innovation reported revenue of 7.36 billion yuan, a year-on-year increase of 27.7%, and a net profit of 1.1 billion yuan, up 584.2% [2][4]. - For Q1 2025, the company achieved revenue of 1.91 billion yuan, a 17.3% increase year-on-year, with a net profit of 235 million yuan, up 14.6% [2][5]. - The total product shipment reached a record high of 4.362 billion units in 2024, representing a year-on-year growth of 39.72% [2][9]. Market Position and Product Development - Zhaoyi Innovation is the world's leading fabless Flash supplier and ranks second globally in Serial NOR Flash market share [7][8]. - The company has a strong presence in the MCU market, being the top 32-bit Arm MCU supplier in China and ranking tenth globally in MCU revenue for the first half of 2024 [8]. - The company has seen significant growth in its product lines, with storage chips, MCUs, and sensor products showing respective production increases of 42.69%, 205.14%, and 54.05% in 2024 [9]. Research and Development - Zhaoyi Innovation has consistently invested in R&D, with expenditures nearing 1 billion yuan annually from 2022 to 2024, and 292 million yuan in Q1 2025, reflecting a 1.68% increase [9][10]. - As of the end of 2024, the company employed 1,481 R&D personnel, accounting for 70.96% of its workforce, and held 1,059 authorized patents [9]. Shareholder Interest - Notably, prominent investor Ge Weidong has been a significant shareholder since 2018, currently holding 18.72 million shares, making him the third-largest shareholder as of Q1 2025 [3][6].

Summary of the Conference Call for Zhaoyi Innovation Company Overview - **Company**: Zhaoyi Innovation - **Industry**: Semiconductor, specifically focusing on Flash memory, DRAM, and MCU products Key Financial Performance - **Q1 2025 Revenue**: Increased by 17.3% year-on-year to 1.909 billion CNY, and up 11.9% quarter-on-quarter - **Net Profit**: Grew by 14.6% year-on-year to 230 million CNY - **Gross Margin**: 37.44%, a slight decrease of 0.7 percentage points due to intensified competition in low-end niche products [2][4] Business Segments Performance Flash Business - **Growth Drivers**: Benefited from national subsidy policies and increased demand for NOR Flash due to AI development - **Market Expansion**: Actively pursuing opportunities in AI glasses and AI PCs, while increasing penetration in the domestic server market and expanding into Europe and Japan [2][5][6] DRAM Business - **Market Conditions**: Intense competition in the niche DRAM market, but signs of marginal improvement since March 2025 as major overseas manufacturers exit the niche market, leading to price increases for some products - **Revenue Growth Expectation**: Anticipated significant growth in niche DRAM revenue, projected at around 40% [2][7][10] MCU Business - **Strong Q1 Performance**: Revenue driven by domestic subsidies and export demand from certain clients - **Strategic Focus**: Emphasizing large customer strategies in photovoltaic, industrial control, and white goods sectors, while leveraging opportunities from AI developments [2][8][9] Market Trends and Strategic Initiatives - **Niche DRAM Market**: Observing a shift as major players move towards advanced products like DDR5, with expectations of price recovery in the niche market due to reduced supply and low inventory levels [11][21] - **MCU and Analog Products**: Plans to enhance product offerings through internal development and acquisitions, focusing on power management and AI MCU applications [10][25] Future Outlook - **2025 Revenue Guidance**: The company expects continued growth across all product lines, driven by market recovery, new product launches, and increased market share [18] - **NOR Flash and AI Integration**: Anticipating robust growth in NOR Flash demand from AI applications, particularly in smart glasses and AI PCs, with a focus on increasing capacity requirements [28][29] Additional Insights - **Supply Chain Resilience**: The company has established dual headquarters and overseas supply chain partnerships to mitigate external risks, particularly in light of ongoing US-China trade tensions [4] - **Automotive Sector**: The company is expanding its automotive MCU product line, aiming for higher value per vehicle and targeting TIER One and OEM customers [15][16] Conclusion Zhaoyi Innovation is positioned to capitalize on growth opportunities in the semiconductor industry, particularly in Flash memory and MCU segments, while navigating competitive challenges in the DRAM market. The company's strategic initiatives and market expansion efforts are expected to drive significant revenue growth in 2025 and beyond.