证券代码:603986 证券简称:兆易创新 公告编号: 2024-109 兆易创新科技集团股份有限公司 关于股份回购实施结果暨股份变动的公告 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 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 2 日召 开第四届董事会第二十三次会议,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 司使用不低于人民币 1.5 亿元（含）且不超过人民币 2.0 亿元（含）的自有资金以 集中竞价交易方式回购公司股份,回购价格不超过人民币 110元/股(含),回购期 限自股东会审议通过本次回购股份方案之日起 6 个月内,回购股份将全部用于注 销并减少注册资本。具体内容请详见公司于 2024 年 9 月 27 日披露的《兆易创新 关于以集中竞价交易方式回购公司股份并注销的回购报告书》(公告编号: 2024-087）。 二、 回购实施情况 (一) 2024年 9 月 27 日,公司首次实施回购股份,并于 2024 年 9 月 28 日 披露了首次回购股份情况， ...

Investment Rating - The report maintains a "Buy" rating for Gigadevice (603986 SH) with a target price of 102 82 yuan per share [1][3] Core Views - Gigadevice announced the acquisition of a 70% stake in Suzhou Saixin Electronics for 581 million yuan, with Gigadevice contributing 316 million yuan for a 38 07% stake [1] - Suzhou Saixin specializes in lithium battery protection and power management chips, with a unique single-wafer solution and patents Its products are used in wearable devices and power banks, with clients including Xiaomi, OPPO, and Vivo [1] - The acquisition strengthens Gigadevice's analog chip capabilities and enhances market competitiveness through synergies in supply chain and customer base [1] - Gigadevice plans to adjust its DRAM chip R&D project from LPDDR3 to LPDDR5 and add a new automotive electronics chip R&D project [1] Financial Projections - Revenue is expected to grow from 7593 million yuan in 2024E to 10387 million yuan in 2026E, with a CAGR of 14 5% [2] - Net profit attributable to shareholders is projected to increase from 1139 million yuan in 2024E to 2259 million yuan in 2026E, with a CAGR of 24 2% [2] - EPS is forecasted to rise from 1 71 yuan in 2024E to 3 39 yuan in 2026E [2] - ROE is expected to improve from 7 1% in 2024E to 11 2% in 2026E [2] Financial Ratios - Gross margin is projected to stabilize around 39% from 2024E to 2026E [12] - Net margin is expected to increase from 15% in 2024E to 21 7% in 2026E [12] - P/E ratio is forecasted to decline from 53 85 in 2024E to 27 14 in 2026E, indicating improving valuation [12] Strategic Adjustments - Gigadevice is shifting its DRAM chip R&D focus from LPDDR3 to LPDDR5 to align with industry trends [1] - A new automotive electronics chip R&D project has been added to expand its presence in the automotive sector [1]

Investment Rating - The report maintains a "Outperform" rating for Gigadevice Semiconductor (603986 SH) [1][3] Core Views - Gigadevice achieved YoY and QoQ growth in revenue and net profit in 3Q24, with revenue reaching 2 041 billion yuan (YoY +42 83%, QoQ +2 97%) and net profit attributable to parent company reaching 315 million yuan (YoY +222 55%, QoQ +0 93%) [1] - The company's product portfolio includes memory, microcontrollers (MCUs), and sensors, with memory products divided into SPI NOR, SLC NAND, and DRAM [1] - Gigadevice plans to acquire 38 07% stake in Suzhou Saixi for 316 million yuan, which specializes in lithium battery protection chips and power management chips, with revenue of 134 million yuan and net profit of 34 92 million yuan in 1H24 [1] - The company is increasing its DRAM inventory and adjusting its fundraising project to focus on LPDDR5, with expected procurement volume from ChangXin Memory increasing to 995 million yuan in 2024 [1] - Gigadevice plans to invest 1 2 billion yuan in automotive MCU R&D and industrialization, aiming to capitalize on the growing demand for automotive semiconductors [1] Financial Performance - In 3Q24, Gigadevice's gross margin reached 41 77% (YoY +5 4pct, QoQ +3 6pct) [1] - The company's revenue is expected to grow from 7 573 billion yuan in 2024E to 11 009 billion yuan in 2026E, with net profit projected to increase from 1 140 billion yuan in 2024E to 2 047 billion yuan in 2026E [2] - Earnings per share (EPS) is forecasted to rise from 1 71 yuan in 2024E to 3 07 yuan in 2026E [2] - ROE is expected to improve significantly from 8 5% in 2024E to 27 5% in 2026E [2] Industry Trends - The automotive MCU market is expected to grow, with the average value per vehicle potentially exceeding $200 as MCU chips continue to evolve [1] - The demand for DRAM products is recovering moderately, with supply tightening in the niche DRAM market due to increased focus on high-end products like HBM and DDR5 by overseas manufacturers [1] Strategic Initiatives - Gigadevice is enhancing its product matrix through both external acquisitions and internal R&D, particularly in automotive MCUs and advanced memory products [1] - The company is adjusting its fundraising projects to better align with market cycles, shifting focus from LPDDR3 to LPDDR5 development [1]

兆易创新科技集团股份有限公司 关于监事会换届选举的提示性公告 本公司监事会及全体监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个别及连带责任。 兆易创新科技集团股份有限公司（以下简称"公司"）第四届监事会任期将 于 2024 年 12 月 16 日届满，公司拟开展相关换届选举工作。为顺利完成监事会 的换届选举工作，依据《中华人民共和国公司法》（以下简称"《公司法》"）、《上 海证券交易所上市公司自律监管指引第 1 号——规范运作》及《兆易创新科技集 团股份有限公司章程》（以下简称"《公司章程》"）等相关规定，就本次换届选举 相关事项公告如下： 一、监事会的基本情况 证券代码：603986 证券简称：兆易创新 公告编号：2024-108 按照《公司章程》的规定，第五届监事会由 3 名监事组成。非职工代表监事 由股东会选举产生，职工代表监事由公司职工代表大会选举产生。监事会中职工 代表的比例不得低于监事人数的三分之一。监事每届任期 3 年，连选可以连任。 二、监事候选人的推荐提名 （一）非职工代表监事候选人的推荐 1、公司第四届监事会有权推荐提名第五届监事会 ...

证券代码：603986 证券简称：兆易创新 公告编号：2024-107 兆易创新科技集团股份有限公司（以下简称"公司"）第四届董事会任期将 于 2024 年 12 月 16 日届满，公司拟开展相关换届选举工作。为顺利完成董事会 的换届选举工作，依据《中华人民共和国公司法》（以下简称"《公司法》"）、《上 海证券交易所上市公司自律监管指引第 1 号——规范运作》及《兆易创新科技集 团股份有限公司章程》（以下简称"《公司章程》"）等相关规定，就本次换届选举 相关事项公告如下： 一、 董事会基本情况 按照《公司章程》的规定，第五届董事会由 9 名董事组成（其中至少包括三 分之一独立董事），董事任期自相关股东会选举通过之日起计算，任期三年。董 事任期届满，可连选连任。董事可以由总经理或者其他高级管理人员兼任，但兼 任总经理或者其他高级管理人员职务的董事以及由职工代表担任的董事，总计不 得超过公司董事总数的 1/2。 二、 董事候选人的推荐提名 （一） 非独立董事候选人的推荐提名 1、公司第四届董事会有权推荐提名第五届董事会非独立董事候选人； 2、本公告发布之日起，单独持有或者合并持有公司发行在外有表决权股份 总数的百 ...

Investment Rating - Buy rating maintained for the stock [2] Core Views - The company reported strong Q3 2024 results with revenue of RMB 5.65 billion, up 28.56% YoY, and net profit of RMB 832 million, up 91.87% YoY [3] - Q3 2024 revenue reached RMB 2.041 billion, up 42.83% YoY and 2.97% QoQ, with net profit of RMB 315 million, up 222.54% YoY and 0.93% QoQ [3] - Gross margin improved to 41.77% in Q3 2024, up 5.41 ppts YoY and 3.61 ppts QoQ, driven by optimized cost structure and high-end product mix [3] - FLASH business expected to grow in single digits QoQ in Q3 2024, with new high-performance, low-power products planned [3] - MCU business achieved four consecutive quarters of shipment growth, with Q3 2024 shipments maintaining high levels despite seasonality [3] - Acquisition of Suzhou Saixi to enhance analog product capabilities, particularly in battery management chips [3] - Adjustment of DRAM R&D project to include LPDDR5, expected to enter the market by 2029-2030 [3] - New investment in automotive MCU R&D project with total investment of RMB 1.212 billion, targeting high-value automotive semiconductor market [4] Financial Projections - Revenue forecast for 2024-2026: RMB 7.633 billion, RMB 9.726 billion, and RMB 11.740 billion, respectively [5] - Net profit forecast for 2024-2026: RMB 1.189 billion, RMB 1.664 billion, and RMB 2.213 billion, respectively [5] - 2024-2026 PE ratios: 53x, 38x, and 28x, respectively [5] - 2024-2026 revenue growth rates: 32.5%, 27.4%, and 20.7%, respectively [7] - 2024-2026 net profit growth rates: 638.1%, 39.9%, and 33.0%, respectively [7] - 2024-2026 gross margins: 37.8%, 39.4%, and 39.8%, respectively [9] - 2024-2026 net margins: 15.6%, 17.1%, and 18.9%, respectively [9] Business Highlights - FLASH business driven by recovery in consumer electronics, with focus on high-performance, low-power products [3] - MCU business benefiting from industrial demand recovery, with shipments expected to hit record highs in 2024 [3] - Strategic acquisition of Suzhou Saixi to strengthen analog product portfolio, particularly in battery management and power management chips [3] - DRAM project adjusted to include LPDDR5, aligning with market demand and technological advancements [3] - Automotive MCU project targeting high-growth market, with potential to break foreign monopolies and expand market share [4]

Investment Rating - The investment rating for the company is "Accumulate" [1] Core Views - The report highlights a significant improvement in the company's performance in the first three quarters of 2024, with revenue reaching RMB 5.65 billion, a year-on-year increase of 28.56%, and a net profit of RMB 832 million, up 91.87% year-on-year [3] - The acquisition of Suzhou Saichip is seen as a strategic move to enhance the company's analog product line, which is expected to drive future growth [3] - The adjustment of fundraising projects to focus on LPDDR5 and automotive MCU development is anticipated to strengthen the company's market position and diversify its product offerings [3] Summary by Sections Financial Performance - In Q3 2024, the company achieved revenue of RMB 2.04 billion, a year-on-year increase of 42.83% and a quarter-on-quarter increase of 2.97% [3] - The gross profit margin for Q3 2024 was 41.77%, up 5.41 percentage points year-on-year [3] - The company expects to achieve revenues of RMB 7.58 billion, RMB 9.20 billion, and RMB 10.83 billion for the years 2024, 2025, and 2026 respectively, with corresponding net profits of RMB 1.13 billion, RMB 1.69 billion, and RMB 2.08 billion [4][8] Strategic Initiatives - The company plans to acquire 70% of Suzhou Saichip for RMB 316 million, which will enhance its capabilities in battery management and protection ICs [3] - The fundraising adjustment includes a reduction in the investment for DRAM chip development from RMB 3.32 billion to RMB 2.82 billion, while allocating RMB 706 million for automotive electronic chip development [3] Market Position - The company is positioned to benefit from a recovery in demand in the consumer and networking markets, which is expected to drive sales growth in storage chips [3] - The report maintains a positive outlook on the company's ability to navigate market challenges and capitalize on growth opportunities through strategic acquisitions and product development [3]

Investment Rating - The investment rating for the company is "Buy - A" which is maintained [1][4] Core Views - The acquisition of a 38.07% stake in Suzhou Saixin will enhance the company's product depth and breadth, improving its competitive edge in analog chips [1] - The company plans to adjust its DRAM chip R&D and industrialization projects to align with market demand and technological iterations, reducing total investment from 39.92 billion to 35.71 billion [1] - A new project for automotive electronic chip R&D and industrialization is introduced, with an investment of 7.06 billion aimed at enhancing the company's MCU product line and competitiveness [1][3] Financial Performance and Projections - The company expects revenues of 76.47 billion, 99.26 billion, and 117.76 billion for 2024, 2025, and 2026 respectively, with growth rates of 32.8%, 29.8%, and 18.6% [4] - Projected net profits for the same years are 11.79 billion, 17.37 billion, and 22.49 billion, with growth rates of 631.8%, 47.3%, and 29.4% [4] - The company's gross margin is expected to improve from 34.4% in 2023 to 39.8% by 2026 [5] Market Position and Strategy - The automotive MCU market is anticipated to grow significantly, with the average value per vehicle expected to exceed 200 USD, indicating a high potential for domestic manufacturers to capture market share [3] - The company aims to leverage its technological expertise to enhance its high-end MCU product development capabilities, addressing the domestic demand for automotive electronic components [3] Investment Projects - The adjusted DRAM chip R&D project is expected to have a tax-adjusted payback period of 8.66 years, with a planned operational status by December 2028 [1] - The automotive electronic chip project has a construction period of 4.17 years, targeting completion by December 2028 [3]

财联社11月5日讯（记者 陆婷婷） 近期，A股市场并购重组持续升温。兆易创新（603986.SH）今日发 布公告称，拟与多方联合收购苏州赛芯电子科技股份有限公司（简称"苏州赛芯"）70%股权，标的公司 此前科创板IPO申报遭终止。 公告显示，兆易创新拟与石溪资本、合肥国投、合肥产投共同以现金方式收购苏州赛芯全体股东合计持 有的苏州赛芯70%的股份，交易价格确定为5.81亿元。 其中，兆易创新以现金3.16亿元收购苏州赛芯约38.07%股份。石溪资本以现金1亿元收购苏州赛芯约 12.05%股份，并将其持有的全部股份表决权委托给兆易创新行使；合肥国投以现金1.5亿元收购约 18.07%股份，合肥产投以现金0.15亿元收购约1.81%股份，兆易创新拟与合肥国投、合肥产投签署《一 致行动协议》。 由于前述各联合收购方与兆易创新的表决权委托或一致行动安排，本次交易完成后，苏州赛芯将成为兆 易创新的控股子公司，将纳入公司合并报表范围。 相关业绩承诺方承诺，苏州赛芯在2024年度、2025年度和2026年度经审计的扣非归母净利润分别不低于 6000万元、7000万元、8000万元。公告显示，2023年以及2024年上半年， ...

中国国际金融股份有限公司 关于兆易创新科技集团股份有限公司 使用自有外汇方式支付募投项目部分所需资金并以募集资 金等额置换的核查意见 公司本次募集资金扣除发行费用后的募集资金净额将投入以下项目： | 序号 | 项目名称 | 募集资金承诺投资总额（万元） | | | --- | --- | --- | --- | | 1 | DRAM 芯片研发及产业化项目 | | 332,402.35 | | 2 | 补充流动资金 | | 96,041.51 | | | 合计 | | 428,443.86 | 公司募集资金具体使用情况请详见于 2024 年 8 月 21 日披露于上海证券交易 所网站（www.sse.com.cn）的《兆易创新 2024 年半年度募集资金存放与实际使 用情况专项报告》（公告编号：2024-068）。 三、使用自有外汇支付募投项目部分所需资金并以募集资金等额置换的原因 及操作流程 中国国际金融股份有限公司（以下简称"保荐机构"或"中金公司"）作为 兆易创新科技集团股份有限公司（以下简称"兆易创新"或"公司"）非公开发 行 A 股股票的保荐机构，根据《证券发行上市保荐业务管理办法》《上海证券 交易所 ...