证券研究报告 | 公司动态点评 2024 年 10 月 27 日 | --- | --- | --- | --- | --- | --- | --- | --- | |----------------------|--------------------|-----------|-------|-------|----------|-------------------------------------------|-----------| | | | | | | | | | | 兆易创新（ 24Q3 | 扣非归母净利润环比 | 603986.SH | +5% | ） | ，利基型 | DRAM 业务加速成长 | | | 财务指标 | 2022A | 2023A | 2024E | 2025E | 2026E | 增持（维持评级） | | | 营业收入（百万元） | 8,130 | 5,761 | 7,435 | 9,333 | 11,062 | | | | 增长率 yoy （ % ） | -4.5 | -29.1 | 29.1 | 25.5 | 18.5 | 股票信息 | | | 归母净利润（百万元） | ...

证券代码：603986 证券简称：兆易创新 兆易创新科技集团股份有限公司投资者关系活动记录表 编号：2024-005 | --- | --- | --- | |-----------------------------------------------------------------------------------------------------------------------------------------------------------------|----------------|-----------------------------------------------------------------------------| | 调研日期： 2024 年 10 月 25 日 | 调研时间 | ： 21:00-22：00 | | 调研地点 : 电话会议 | | | | 接待人姓名及职务： | | 副董事长、总经理何卫，董事、副总经理胡洪，副总经理 | | 李宝魁，副总经理、董事会秘书李晓燕，副总经理、财务负责人孙桂静 | | | | 来访人员 | | | | Brigh ...

尊敬的各位投资者朋友各位分析师朋友大家晚上好欢迎大家参加教育创新2024年三季度投资者交流会我是教育创新的胡鸿下面先由我来向各位投资者朋友和分析师朋友交流一下公司的第三季度的一个经营情况那总体的预计情况在 第三季度整体经济环境弱复输的情况下我们公司依然实现了良好的业绩增长三季度的收入同比是增长了42.83%到20.4亿元规模金利润同比是增长222.53.15亿元收入和规模 新利润环比分别是增长了3%和0.9%我们一直在说今年的三季度是体现出一个旺季并没有那么旺的一个现象跟我们在年中的时候的一个预期基本上是接近但是我们第三季度还是实现了营收和利润的一个环比的一个小幅的增长应该来说是体现出公司在经营层面的一个 任性三季度公司的毛利率环比是提升3.6个百分点到41.77%当然这个主要还是源于我们产品销售结构的一些变化我们有一些低毛利甚至于在毛利亏损的产品由于市场需求的一个薄弱出货比例是减少对毛利率的提振起到一定的帮助作用当然同时我们公司也是在 持续在这个成本化方面做出了很多的努力当然我们不能预期这个毛利率的增长势头是一直延续我们还要持续观察后面的一个市场复苏的环境从产品线来看我们公司的主要产品线包括Flash 立即 ...

兆易创新（603986.SH） 半导体 证券研究报告/公司点评报告 2024 年 10 月 27 日 兆易创新：三季度旺季不旺，营收利润双环增体现经营韧性 | --- | --- | --- | --- | --- | --- | --- | --- | |-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-----------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

华 发 集 团 旗 下 企 业 | --- | --- | --- | --- | --- | |----------------------------------------------------------------------------------------------|----------------|----------------------------------------|-------------------------|----------------------| | 2024 年 10 月 28 日 \n兆易创新（ 603986.SH ） | | | 公司研究●证券研究报告 | 公司快报 | | | | | 电子 \| | 集成电路Ⅲ | | 24Q3 业绩同比显著增长，DRAM 业务未来可期 | 投资评级 | | 买入 | -A(维持) | | 投资要点 | 股价 | (2024-10-25) | | 89.15 元 | | 工业 / 存储与计算市场库存有效去化， 24Q3 营收同比显著增长。经历 2023 年市场 | 交易数据 | | | | | 需求低迷和库存逐步去化 ...

Investment Rating - Buy rating maintained for the company [2] Core Views - The company reported robust Q3 2024 performance with revenue of RMB 5.65 billion (YoY +28.56%) and net profit attributable to shareholders of RMB 832 million (YoY +91.87%) [2] - Q3 revenue reached RMB 2.041 billion (YoY +42.83%, QoQ +2.97%) with net profit of RMB 315 million (YoY +222.55%, QoQ +0.93%) [2] - Gross margin and net margin for Q3 were 41.77% and 15.44% respectively [2] - DRAM business procurement quota increased from USD 120 million to USD 140 million, indicating strong growth potential [2] - Flash business showed sequential growth in Q3, driven by recovery in networking, security, and consumer electronics sectors [2] - MCU business is expected to grow steadily with the launch of automotive-grade MCU GD32A7 [2] Financial Projections - Revenue forecast for 2024-2025: RMB 7.545 billion and RMB 9.405 billion [2] - Net profit forecast for 2024-2025: RMB 1.179 billion and RMB 1.709 billion [2] - EPS forecast for 2024-2025: RMB 1.77 and RMB 2.56 [2] - PE ratio for 2024-2025: 50x and 35x [2] Business Segments - DRAM: Despite short-term pressure from major players clearing inventory, the company increased its procurement quota, signaling confidence in future growth [2] - Flash: Nor Flash showed sequential growth in Q3, while Nand Flash benefited from substitution effects in high-capacity applications [2] - MCU: Industrial demand recovery and new automotive-grade products are expected to drive growth [2] Market Performance - 52-week high/low price: RMB 109.35 / RMB 57.92 [4] - Current market cap: RMB 59.36 billion [4] - A-share float: 664.74 million shares [4] Historical Financials - 2023A revenue: RMB 5.761 billion (YoY -29.1%) [3] - 2023A net profit: RMB 161 million (YoY -92.2%) [3] - 2024E revenue growth: 31.0% [3] - 2024E net profit growth: 631.5% [3]

公 司 季 报 点 评 证 券 研 究 报 告 公 司 报 告 兆易创新(603986.SH) 经营业绩稳步修复，DRAM业务拓展有效 | --- | --- | |--------------------------------|--------------------| | 行业 | 电子 | | 公司网址 | www.gigadevice.com | | 大股东 / 持股 | 朱一明 /6.87% | | 实际控制人 | 朱一明 | | 总股本 ( 百万股 ) | 666 | | 流通 A 股 ( 百万股 ) | 665 | | | | | 流通 B/H 股 ( 百万股 ) | | | 总市值 ( 亿元 ) A ( ) | 594 593 | | 流通 股市值 亿元 ( ) | 24.02 | | 每股净资产 元 资产负债率 (%) | 11.9 | | 行情走势图 | | 股价:89.15元 相关研究报告 【平安证券】兆易创新（603986.SH）*半年报点评* 三大业务齐头并进，盈利能力持续回升*推荐 20240821 【平安证券】兆易创新（603986.SH）*年报点评*消 费市场逐步回暖，24Q ...

Investment Rating - The report maintains a "Recommended" rating for the company, indicating a positive outlook for its long-term growth potential [2][4]. Core Insights - The company reported a revenue of 5.65 billion yuan for the first three quarters of 2024, representing a year-over-year increase of 28.56%, and a net profit attributable to shareholders of 832 million yuan, up 91.87% year-over-year [1]. - The third quarter of 2024 saw a revenue of 2.04 billion yuan, marking a year-over-year growth of 42.83% and a quarter-over-quarter increase of 2.97%, driven by demand recovery in the consumer and networking markets [1]. - The company is actively launching new products across various fields and deepening cooperation with downstream customers, solidifying its market position in NOR Flash and expanding into DRAM products [2]. Financial Performance Summary - For 2024, the company is projected to achieve a net profit of 1.16 billion yuan, with corresponding price-to-earnings (PE) ratios of 51, 35, and 25 for the years 2024, 2025, and 2026 respectively [2][3]. - The gross margin for Q3 2024 was reported at 41.77%, an increase of 5.41 percentage points year-over-year and 3.62 percentage points quarter-over-quarter [1]. - The company’s inventory at the end of Q3 2024 was 2.04 billion yuan, with inventory turnover days significantly reduced compared to the same period last year [1].

华福证券 公 司 财 报 点 评 证 券 研 究 报 告 兆易创新（603986.SH） Q3 盈利能力提升，DRAM 业务加速推进 投资要点： ➢ 公司公告：公司前三季度实现营业收入约 56.5 亿元，同比+29%；前三 季度归母净利润约 8.3 亿元，同比+91%。公司 24Q3 实现营业收入约 20.4 亿元，同比+43%，环比+3%；24Q3 归母净利润约 3.15 亿元，同比+222%， 环比+1%。 ➢ 工业、存储与计算市场库存有效去化，毛利率环比提升。经历 2023 年 市场需求低迷和库存逐步去化后，2024 年上半年消费、网通市场出现需求 回暖，第三季度工业、存储与计算市场库存有效去化，公司积极跟进市场 需求变化，营业收入同比实现显著增长。而在毛利率端，公司 Q3 毛利率为 41.8%，环比+3.6pcts，毛利率提升或为大客户需求提升导致。 ➢ DRAM 关联交易再次提升，再创新兴成长业务。公司从长鑫存储采购 代工生产的 DRAM 产品，24 年原预计交易额度为 1.2 亿美元（约 8.52 亿 人民币），本次增加预计交易额度至 1.4 亿美元（约 9.95 亿元人民币）。 关联交易额再次提 ...

Investment Rating - Maintained "Overweight" rating [1][3] Core Views - The company achieved robust growth in Q3 2024, with significant progress in DRAM business [3] - Revenue for the first three quarters of 2024 reached 5.65 billion yuan, up 28.56% YoY, and net profit attributable to shareholders was 832 million yuan, up 91.87% YoY [3] - Q3 2024 revenue was 2.041 billion yuan, up 42.83% YoY and 2.97% QoQ, with net profit of 315 million yuan, up 222.55% YoY and 0.93% QoQ [3] - Gross margin improved to 41.77% in Q3 2024, up 5.41 ppts YoY and 3.62 ppts QoQ, driven by optimized cost structure and reduced high-cost inventory [3] - Increased DRAM-related transaction volume with ChangXin Memory, raising the estimated transaction amount from 120 million USD to 140 million USD [3] Financial Performance and Projections - Revenue for 2024E is projected at 7.54 billion yuan, with a growth rate of 30.88% YoY, and net profit of 1.103 billion yuan, up 584.35% YoY [2][3] - Revenue for 2025E is expected to reach 9.477 billion yuan, with a growth rate of 25.69% YoY, and net profit of 1.614 billion yuan, up 46.38% YoY [2][3] - Revenue for 2026E is forecasted at 11.254 billion yuan, with a growth rate of 18.75% YoY, and net profit of 2.257 billion yuan, up 39.81% YoY [2][3] - EPS for 2024E, 2025E, and 2026E is projected at 1.66 yuan, 2.42 yuan, and 3.39 yuan, respectively [2][3] - ROE is expected to improve from 6.83% in 2024E to 11.61% in 2026E [2][3] Business Highlights - DRAM product prices declined due to intensified competition and weakened demand, while MCU shipments remained stable [3] - NOR and NAND product lines achieved sequential growth [3] - The company plans to launch more DDR4 products and expand into overseas markets [3] Valuation Metrics - PE ratios for 2024E, 2025E, and 2026E are 53.83x, 36.77x, and 26.30x, respectively [2][3] - PB ratios for 2024E, 2025E, and 2026E are 3.68x, 3.39x, and 3.05x, respectively [2][3]