兆易创新科技集团股份有限公司（以下简称"公司"或"兆易创新"）于 2024 年 4 月 18 日召开第四届董事会第十八次会议及第四届监事会第十五次会 议，审议通过了《关于使用部分闲置募集资金暂时补充流动资金的议案》，公司 拟使用额度不超过 20 亿元人民币的部分闲置募集资金暂时补充流动资金，使用 期限自公司董事会审议通过之日起不超过 12 个月，募投项目需要或到期时将归 还至募集资金专户。对此，保荐机构发表了同意意见。具体内容请详见公司于 2024 年 4 月 20 日披露的《兆易创新关于使用部分闲置募集资金暂时补充流动资 金的公告》（公告编号：2024-034）。 2025 年 4 月 15 日，公司将上述用于暂时补充流动资金的募集资金中的 13.1 亿元归还至募集资金专用账户，并及时将上述募集资金的归还情况通知了保荐机 构及保荐代表人。 证券代码：603986 证券简称：兆易创新 公告编号：2025-006 截至本公告披露日，公司将用于暂时补充流动资金的募集资金 20 亿元全部 归还至募集资金专用账户，使用期限未超过 12 个月。公司在使用部分闲置募集 资金暂时补充流动资金期间，使用额度未超过 20 亿元 ...

更多资料加入知识星球：水木调研纪要 关注公众号：水木纪要 April 10, 2025 08:00 PM GMT Greater China Technology Semiconductors | Asia Pacific Data NOW: GigaDevice MCU Spot Price vs. MCU Companies' Share Prices Key Takeaways Click here for access Morgan Stanley does and seeks to do business with companies covered in Morgan Stanley Research. As a result, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of Morgan Stanley Research. Investors should consider Morgan Stanley Research as ...

证券研究报告 电子 | 半导体 非金融|公司深度报告 证券分析师 葛星甫 SAC：S1350524120001 gexingfu@huayuanstock.com 联系人 市场表现： | 基本数据 | 2025 | 年 | 月 | 07 | 日 | 04 | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 收盘价（元） | | | | | | | 104.20 | | | | 年 / 最 低 | | | | | | | | 内 | 最 | | （元） | | | 147.56/64.13 | | | | | | | | 总市值（百万元） | | | | | | | 69,194.97 | | | | 流通市值（百万元） | | | | | | | 69,083.28 | | | | 总股本（百万股） | | | | | | | 664.06 | | | | 资产负债率（%） | | | | | | | 11.93 | | | | 每股净资产（元/股） | | | | | | | 24.02 | | | | 资料来源：聚 ...

证券代码：603986 证券简称：兆易创新 公告编号：2025-005 兆易创新科技集团股份有限公司 近期主要经营情况的公告 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、准确性和完整性承担法律责任。 特此公告。 1 兆易创新科技集团股份有限公司董事会 经公司财务部门初步测算，公司预计 2025 年第一季度实现营业收入 19.09 亿元左右，同比增长 17.32%左右，环比增长 11.88%左右。 一、公司近期经营情况 近期，公司所处半导体行业下游市场需求有所回暖。2025 年一季度，受益于 国家一揽子刺激措施等原因，消费领域需求得以提振；受益于 AIPC 等终端对存 储容量需求的带动，公司产品在存储与计算领域实现收入和销量大幅增长；网通 市场也实现较好增长。 在经营方面，公司继续保持以市占率为中心的策略，持续加大研发投入和产 品迭代，不断优化产品成本，丰富产品矩阵，公司多条产品线竞争力不断增强。 经公司财务部门初步测算，公司预计 2024 年第四季度营业收入 17.06 亿元 左右，2025 年第一季度实现营业收入 19.09 亿元左右。2025 年第 ...

Group 1 - The core point of the article is that Zhaoyi Innovation Technology Group Co., Ltd. has applied for a patent related to a memory device and its operation method, which aims to enhance memory access speed [1][3] Group 2 - Zhaoyi Innovation Technology Group Co., Ltd. was established in 2005 and is located in Beijing, primarily engaged in the manufacturing of computers, communications, and other electronic devices [2] - The company has a registered capital of 66,412.4105 million RMB and a paid-in capital of 7,500 million RMB [2] - The company has made investments in 24 enterprises, participated in 22 bidding projects, and holds 1,304 patent information records along with 54 trademark information records [2]

Core Viewpoint - The electronic industry experienced a net outflow of funds amounting to 2.18 billion yuan, with significant outflows from specific companies such as Zhaoyi Innovation and Huadian Shares [1][3][5]. Industry Summary - The electronic industry saw a slight increase of 0.21% on the day, despite the overall net outflow of funds [2][3]. - A total of 461 stocks are categorized under the electronic industry, with 308 stocks rising and 138 stocks falling [3]. - The top three stocks with the highest net inflow in the electronic sector were: - BlueDai Technology: 170 million yuan - TaiLing Micro: 163 million yuan - Lens Technology: 124 million yuan [3]. Fund Flow Summary - The electronic industry had a net outflow of 2.18 billion yuan, ranking second among industries with the highest outflows, following the computer industry [2][3]. - The companies with the largest net outflows included: - Zhaoyi Innovation: 260 million yuan - Huadian Shares: 231 million yuan - Industrial Fulian: 158 million yuan [5][6]. - The top stocks with the highest net inflow in the electronic industry also showed significant price movements, with BlueDai Technology increasing by 10.03% and TaiLing Micro by 20.00% [3][4].

Company Overview - The report covers a leading domestic multi-category integrated chip supplier, established in 2005, with products including memory, 32-bit general-purpose MCUs, sensors, analog products, and overall solutions. The company is the world's largest Fabless Flash supplier, holding the second position in the NOR Flash market globally and the first in China, with cumulative shipments exceeding 23.7 billion units. Its products are widely used in industrial, automotive, consumer electronics, and IoT sectors [1][17]. Product Leadership - The company is recognized as the domestic leader in NOR and MCU segments. In the storage category, it is the top global Fabless Flash supplier, focusing on niche markets with a strong presence in the SPI NOR Flash sector, covering capacities from 512Kb to 2Gb, and achieving significant advantages in the mid-to-high-end consumer electronics market [2][36]. - The company ranks first in the domestic 32-bit Arm® general-purpose MCU market, with over 600 product models across 51 series, achieving cumulative shipments of over 1.5 billion units by the end of 2023 [3][41]. Industry Trends - The semiconductor industry is entering a new upcycle, with significant growth in storage demand driven by AI applications. According to SIA, global semiconductor sales are projected to reach $627.6 billion in 2024, a year-on-year increase of 19.1%, with storage chip sales expected to hit $165.1 billion, reflecting a 78.9% growth [4][50]. - The domestic substitution process is accelerating, particularly in light of new export regulations affecting HBM products, which is pushing the Chinese storage industry towards greater self-sufficiency [4][50]. Strategic Positioning - The company has established three strategic layouts targeting niche markets, including customized storage solutions through its subsidiary Beijing Qingyun Technology, which focuses on non-standard interface storage needs for IoT and smart terminal applications [6][18]. - The company is positioned as the second-largest player in the global NOR market, benefiting from the exit of international competitors from the mid-to-low-end NOR market, and is expected to further increase its market share due to rising demand from AI-driven applications [6][11]. Financial Performance and Forecast - The company forecasts revenues of 7.35 billion, 9.33 billion, and 11.2 billion yuan for 2024, 2025, and 2026, respectively, with year-on-year growth rates of 27.6%, 27.0%, and 20.0%. Net profits are expected to reach 1.09 billion, 1.61 billion, and 2.05 billion yuan, with substantial growth rates of 577.2%, 47.5%, and 27.0% [12][22]. - The report assigns a "Buy" rating based on a comparative analysis with similar companies, indicating that the company's PE ratios are below the average of its peers, reflecting its potential for growth as a leader in the domestic NOR and MCU markets [12][7].

Investment Rating - The report assigns a "Buy" rating for the company, citing its position as a leading domestic supplier of NOR Flash and MCU products, benefiting from AI applications and domestic substitution trends [12]. Core Insights - The company is a leading multi-category integrated chip supplier in China, established in 2005, with a focus on memory, 32-bit general-purpose MCUs, sensors, and analog products. It ranks first globally in Fabless Flash supply and second in the NOR Flash market [1][17]. - The semiconductor industry is entering a new upcycle, with significant growth in storage demand driven by AI applications. Global semiconductor sales are projected to reach $627.6 billion in 2024, a year-on-year increase of 19.1%, with storage chip sales expected to grow by 78.9% [4][50]. Company Overview - The company has a diverse product portfolio, including memory (NOR, NAND, and niche DRAM), 32-bit MCUs, and sensors, with applications across various sectors such as industrial, automotive, consumer electronics, and IoT [1][35]. - It is the second-largest NOR Flash supplier globally, with a cumulative shipment of over 23.7 billion units, and has a strong presence in the SPI NAND Flash market [2][36]. Product Analysis - The company has successfully launched 51 series of GD32 MCUs, with over 600 products shipped, achieving a cumulative shipment of over 1.5 billion units by the end of 2023 [3][41]. - The storage segment remains the primary revenue source, accounting for 71% of total revenue in 2023, with a focus on high-performance and low-power products [29][33]. Industry Trends - The semiconductor industry is experiencing a resurgence, with a projected increase in global semiconductor sales and a significant rise in storage chip demand due to AI applications [4][50]. - The domestic substitution process is accelerating, particularly in the context of U.S. export controls affecting HBM products, which is driving the Chinese storage industry towards self-sufficiency [4][50][58]. Financial Projections - The company anticipates revenues of 7.35 billion, 9.33 billion, and 11.2 billion yuan for 2024, 2025, and 2026, respectively, with net profits expected to grow significantly [12][22]. - The report highlights a recovery in profitability, with a projected net profit of 1.09 billion yuan in 2024, reflecting a year-on-year increase of 577.2% [12][22].

证券代码：603986 证券简称：兆易创新 公告编号：2025-004 兆易创新科技集团股份有限公司 关于完成工商变更登记的公告 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、准确性和完整性承担法律责任。 兆易创新科技集团股份有限公司（以下简称"公司"）于 2024 年 9 月 26 日 召开 2024 年第三次临时股东会，审议通过了《关于以集中竞价交易方式回购公 司股份方案的议案》，同意公司回购股份全部用于注销并减少注册资本。公司于 2024 年 11 月 21 日完成了前述全部回购股份 1,748,100 股的注销工作，公司注册 资本相应减少。公司总股本由 665,872,205 股变更为 664,124,105 股；公司注册资 本由人民币 665,872,205 元变更为人民币 664,124,105 元。该注册资本变更事项已 于 2024 年 11 月 26 日召开的第四届董事会第二十七次会议、2024 年 12 月 16 日 召开的 2024 年第五次临时股东会审议通过。 目前公司已完成了上述事项的工商变更登记，并取得了北京市海淀区市场监 督管 ...

Investment Rating - The report assigns an initial investment rating of "Buy" for the company [5] Core Views - The company, Zhaoyi Innovation, specializes in semiconductor design, focusing on memory devices, MCUs, and sensor solutions. Its core product lines include flash memory (Nor, SLC NAND), DRAM, microcontroller units (MCUs), and smart human-machine interaction sensor chips [5][6] - The company is experiencing steady growth in its traditional business, with its DRAM segment driving significant advancements. It has achieved a notable increase in market share, ranking second globally in Serial NOR Flash as of 2023 [6][7] - The company is the leading supplier of 32-bit ARM general-purpose MCUs in China, with over 600 MCU products across various performance and application categories [6] Financial Performance and Projections - The company’s revenue for 2024 is projected to be 7.39 billion yuan, with a year-on-year growth rate of 28.30%. The net profit for the same year is expected to reach 1.11 billion yuan, reflecting a substantial increase of 591.29% compared to 2023 [10][11] - The report forecasts a continued increase in net profit for 2025 and 2026, with expected figures of 1.77 billion yuan and 2.42 billion yuan, respectively, indicating growth rates of 59.25% and 36.71% [10][11] - The company’s P/E ratios for 2024, 2025, and 2026 are projected to be 82.60, 51.87, and 37.94, respectively, suggesting a favorable valuation compared to comparable companies in the sector [10][11] Market Trends and Opportunities - The multi-layer DRAM market is emerging, and the company is positioned to benefit from this industry-wide technological transformation. The report highlights advancements in HBM and CUBE technologies that significantly enhance capacity and bandwidth [8] - The company has established a stable business relationship with Changxin Technology Group, which provides foundry services for its DRAM products, further strengthening its market position [8]