[Table_Main] 公司研究|信息技术|半导体与半导体生产设备 证券研究报告 兆易创新(603986)公司点评报告 2024 年 08 月 23 日 [Table_Title] Q3"旺季不旺"的预期无碍公司后继成长 ——公司 24 年中报业绩点评 [Table_Invest]买入|维持 [Table_Summary] 报告要点： 8 月 20 日，公司发布 2024 年中报。2024H1，公司营收实现 36.09 亿 元，YoY+21.69%；归母净利实现 5.17 亿元，YoY+53.88%；毛利率和净利 率分别为 38.16%和 14.33%。单季度 2Q24 来看，公司营收实现 19.82 亿 元，YoY+21.99%；归母净利实现 3.12 亿元，YoY+67.95%；毛利率和净利 率分别为 38.15%和 15.75%。 Nor Flash 业务，消费电子、网通和安防等需求复苏下，Q2 需求增长 较好，公司作为全球第二大 SPI Nor Flash 厂商，产品出货和营收增长较 快，上半年营收同比 40%以上。Q2 受供给趋紧，Nor 价格稳中有升，公司 毛利率较去年同期小幅上升。展望 Q3， ...

Investment Rating - The report maintains a "Buy" rating for the company, with an expectation of continued growth in niche memory and MCU market share [1] Core Views - The company's 24Q2 net profit attributable to parent company increased by 52% QoQ, driven by improved profitability and recovery in consumer/network communication demand [1] - Revenue for 24H1 reached 3.609 billion yuan, up 21.69% YoY, with net profit attributable to parent company increasing by 53.88% YoY [7] - The company's Serial Nor Flash holds the second global market share (2023), and its MCU ranks seventh globally (2022) [1] Financial Performance Revenue and Profit - 24Q2 revenue reached 1.982 billion yuan, up 21.78% QoQ, with net profit attributable to parent company at 312 million yuan, up 52.46% QoQ [5] - 24H1 storage chip revenue accounted for 72% of total revenue, reaching 2.605 billion yuan, up 115% YoY [1] - MCU revenue in 24H1 was 805 million yuan, accounting for 22% of total revenue, up 187% YoY [1] Profitability - 24Q2 gross margin was 38.15%, slightly down 0.01pct QoQ, while net margin improved by 3.17pct to 15.75% [5] - Storage chip gross margin improved to 39.24% in 24H1, up from 33.00% in 2023 [1] Future Projections - Expected net profit attributable to parent company for 24-26E is 1.054/1.470/1.914 billion yuan, with corresponding P/E ratios of 50.1/35.9/27.6x [1] - Revenue growth is projected at 29.1%/24.1%/14.5% for 24E/25E/26E [1] Business Segments Storage Chips - The company's self-developed DDR3L and DDR4 have covered major customers in network communication/TV fields, with 8Gb DRAM successfully taped out [1] - NAND capacity covers 1Gb~8Gb, achieving full product coverage in consumer/industrial/automotive fields [1] MCU - MCU business is expected to benefit from industrial market demand recovery in 24H2 [1] - Automotive-grade product solutions have been applied in batches by multiple car manufacturers [1] Sensors - Sensor revenue in 24H1 was 192 million yuan, accounting for 5% of total revenue, up 9% YoY [1] Market Position - The company holds a strong position in the global market for Serial Nor Flash and MCU, with rapid growth in self-developed DRAM [1]

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：2024-003 调研日期：2024 年 8 月 20 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 安信基金管理有限责任公司、百川财富(北京)投资管理有限公司、本营国际有限公司、博时 基金管理有限公司、财通基金管理有限公司、大成基金管理有限公司、大家资产管理有限 责任公司、淡水泉(北京)投资管理有限公司、东方阿尔法基金管理有限公司、东吴基金管理 有限公司、东吴证券股份有限公司、东兴基金管理有限公司、敦和资产管理有限公司、方 正证券股份有限公司、富国基金管理有限公司、富荣基金管理有限公司、高盛(中国)证券有 限责任公司、歌斐资产管理有限公司、格林基金管理有限公司、工银安盛人寿保险有限公 司、工银瑞信基金管理有限公司、观富(北京)资产管理有限公司、光大保德信基金管理有限 公司、广发基金管理有限公司、广发证券股份有限公司、国海证券股份有限公司、国金证 券股份有限 ...

证券研究报告 | 公司动态点评 2024 年 08 月 21 日 兆易创新（603986.SH） 24Q2 归母净利润环比+52%，加速提升利基型存储&MCU 市占率 财务指标 2022A 2023A 2024E 2025E 2026E 消费/网通市场需求回暖，24Q2 归母净利润环比增长 52%，盈利能力改善。 24H1 营收 36.09 亿元，同比增长 21.69%，归母净利润 5.17 亿元，同比增 长 53.88%，扣非归母净利润 4.73 亿元，同比增长 71.87%。营收同比增长 主要受益于消费/网通市场需求回暖，存储芯片销量增长。 24Q2 单季度营收 19.82 亿元，环比增长 21.78%，归母净利润 3.12 亿元， 环比增长 52.46%，扣非归母净利润 2.90 亿元，环比增长 57.66%；毛利率 38.15%，环比小幅下降 0.01pct，净利率 15.75%，环比提升 3.17pct，扣非 归母净利率 14.62%，环比提升 3.33pct。净利率环比提升主要受益于随着营 收环比增长，研发费用率环比下降 2.41pct。 利基型存储量价齐升，工业领域需求复苏拉动 MCU出货同比增 ...

Investment Rating - The report maintains a "Strong Buy" rating for the company, expecting it to outperform the benchmark index by over 20% in the next six months [3][12]. Core Views - The company achieved a revenue of 3.609 billion yuan in the first half of 2024, representing a year-on-year increase of 21.69%, and a net profit attributable to shareholders of 517 million yuan, up 53.88% year-on-year [1][3]. - The recovery in downstream demand has led to a steady improvement in profitability, with the net profit margin reaching 15.75% in Q2 2024, an increase of 4.31 percentage points year-on-year [1][3]. - The company is focusing on diversifying its product matrix and enhancing its competitive edge through continuous R&D investment and product iteration [1][3]. Summary by Sections Financial Performance - In H1 2024, the company reported a revenue of 3.609 billion yuan (yoy +21.69%) and a net profit of 517 million yuan (yoy +53.88%), with a non-recurring net profit of 473 million yuan (yoy +71.87%) [1][3]. - For Q2 2024, the revenue was 1.982 billion yuan (yoy +21.99%, qoq +21.78%), and the net profit was 312 million yuan (yoy +67.95%, qoq +52.46%) [1][3]. Market Demand and Product Development - The recovery in demand is primarily driven by the Flash and DRAM segments, with significant growth in automotive and industrial applications [1][3]. - The company has successfully launched new product lines in Flash, DRAM, and MCU, enhancing its market presence and product offerings [1][3]. Share Buyback Proposal - The controlling shareholder proposed a share buyback of no less than 150 million yuan and no more than 200 million yuan, reflecting confidence in the company's long-term development [1][3]. Valuation and Future Outlook - The company is projected to achieve net profits of 1.15 billion yuan, 1.62 billion yuan, and 1.97 billion yuan for 2024, 2025, and 2026 respectively, with a target price of 97.57 yuan based on a 40x PE ratio for 2025 [3][4].

Investment Rating - Maintain "Recommend" rating for the company [1][4] Core Views - The company's 2024 interim results met expectations, with H1 revenue reaching 36.09 billion yuan, a year-on-year increase of 22%, and net profit attributable to the parent company of 5.17 billion yuan, a year-on-year increase of 54% [2] - In Q2 2024, the company achieved revenue of 19.82 billion yuan, a year-on-year increase of 22%, and net profit attributable to the parent company of 3.12 billion yuan, a year-on-year increase of 68% [2] - The company's gross profit margin in H1 2024 reached 38.16%, an increase of 4.74 percentage points year-on-year, and the net profit margin increased to 14.33%, up 3.0 percentage points year-on-year [3] - The company's market share continues to expand, with orders on hand reaching 20.8 billion yuan as of Q2 2024, expected to be fully converted into revenue within the year [3] Financial Performance - Revenue is expected to grow from 57.61 billion yuan in 2023 to 105.92 billion yuan in 2026, with a compound annual growth rate of 22.5% [2] - Net profit attributable to the parent company is forecasted to increase from 1.61 billion yuan in 2023 to 19.65 billion yuan in 2026, with a significant year-on-year growth of 624.22% in 2024 [2] - The gross profit margin is expected to rise from 34.42% in 2023 to 42.82% in 2026, reflecting improved profitability [2] - The company's EPS is projected to grow from 0.24 yuan in 2023 to 2.95 yuan in 2026 [2] Business Segments - In H1 2024, the storage business contributed 26.05 billion yuan in revenue, a year-on-year increase of 29%, driven by DRAM market recovery and product competitiveness [3] - The MCU business generated 8.05 billion yuan in revenue, a year-on-year increase of 4%, with over 600 product models covering multiple process nodes [3] - The sensor business achieved revenue of 1.92 billion yuan, a year-on-year increase of 9%, with the subsidiary Silan Microelectronics turning a profit in H1 2024 [3] Market Strategy - The company prioritizes market share expansion, with a focus on DRAM, MCU, and sensor segments, leveraging product competitiveness and cost control [3] - The company has optimized its DRAM product lines, covering DDR3 and DDR4, and expanded applications in network communication, TV, and automotive sectors [3] - In the Flash segment, the company has achieved full coverage of automotive-grade products and expanded into industrial and network communication markets [3]

电子/半导体 公 司 研 究 兆易创新（603986.SH） 2024 年 08 月 22 日 2024Q2 业绩同环比高增，盈利能力持续修复 ——公司信息更新报告 投资评级：买入（维持） 罗通（分析师） 周勃宇（联系人） luotong@kysec.cn 证书编号：S0790522070002 zhouboyu@kysec.cn 证书编号：S0790124070036 | --- | --- | |--------------------|--------------| | 日期 | 2024/8/22 | | 当前股价(元) | 73.65 | | 一年最高最低(元) | 110.22/55.20 | | 总市值(亿元) | 490.41 | | 流通市值(亿元) | 489.58 | | 总股本(亿股) | 6.66 | | 流通股本(亿股) | 6.65 | | 近 3 个月换手率(%) | 152.35 | 2024Q2 业绩同环比高增，维持"买入"评级 2024H1 公司实现营业收入 36.09 亿元，YOY+21.69%；归母净利润 5.17 亿元， YOY+53.88%；扣非净利润 4.73 ...

分析师：邹臣 登记编码：S0730523100001 zouchen@ccnew.com 021-50581991 半导体 DRAM 市场拓展顺利，MCU 不断丰 富产品矩阵 ——兆易创新(603986)中报点评 | --- | --- | --- | |---------------------|---------------------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| | 证券研究报告 | - 中报点评 | 买入 ( 维持 ) | | 市场数据 | (2024-08-21) | 发布日期： 2024 年 08 月 22 日 | | 收盘价 ( 元 ) | 73.99 | 事件 ...

本报告仅供 Choice 东方财富 使用，请勿传阅。 2024 年 08 月 22 日 兆易创新(603986.SH) 一、二季度经营环比持续改善，平台化 能力厚积薄发 事件： 公司发布 2024 年半年度报告，上半年营收 36.09 亿元，同比增长 21.69%；归母净利润 5.17 亿元，同比增长 53.88%；归母扣非净 利润 4.73 亿元，同比增长 71.87%。 存储产品能力平台化，汽车、网通、TV 等多领域均有看点 根据公告内容，上半年存储产品线：1）FLASH：围绕大容量、高 性能、低功耗/低电压、小封装、高安全、高可靠、车规级等技术 需求，持续丰富产品矩阵、提升技术能级；SPI NOR 车规产品 2Mb~2Gb 容量全线铺齐，55nm 工艺节点全系量产并迭代制程；NAND 38nm 和 24nm 全面量产，24nm 为主，覆盖 1Gb~8Gb；2）DRAM： DDR4、DDR3L 产品，在网络通信、电视、机顶盒、工业、智慧家庭 等领域广泛应用，已覆盖网络通信、TV 等主要客户群。汽车市场 方面，公司车规闪存产品出货量保持良好增长。 MCU 产品矩阵持续丰富，光伏、工控、光模块等需求较好 根据 ...

投资评级:增持(维持) 核心观点 | --- | --- | |------------------------|------------| | | | | 基本数据 | | | | 2024-08-21 | | 收盘价 ( 元 ) | 73.99 | | 流通股本 ( 亿股 ) | 6.65 | | 每股净资产 ( 元 ) | 23.44 | | 总股本 ( 亿股 ) | 6.66 | | 最近 12 月市场表现 | | -37% -25% -14% -3% 8% 19% 兆易创新 沪深300 半导体 分析师 张益敏 SAC 证书编号：S0160522070002 zhangym02@ctsec.com 分析师 吴姣晨 SAC 证书编号：S0160522090001 wujc01@ctsec.com 相关报告 1. 《各产品线边际改善，端侧 AI 引领 容量高需求》 2024-06-12 2. 《存储价格有望触底，产品多元静待 复苏》 2023-06-14 3. 《国家存储器龙头初长成》 2018- 04-17 自研 DRAM 拓客效果明显，二季度表现亮眼 证券研究报告 ❖ 事件： 2024 年上半年，公司 ...