Investment Rating - The report assigns a "Buy-A" rating for the company, indicating a positive outlook for its stock performance in the coming months [1][5]. Core Views - The company has shown continuous improvement in its performance, with a significant increase in revenue and net profit driven by a recovery in downstream demand and an increase in storage product shipments [1][4]. - The company is well-positioned for long-term stable growth due to its diversified product lines and ongoing market expansion efforts [1][4][5]. Financial Performance - In the first half of 2024, the company achieved revenue of 36.09 billion yuan, a year-on-year increase of 21.69%, and a net profit of 5.17 billion yuan, up 53.88% year-on-year [1]. - For Q2 2024, the company reported revenue of 19.82 billion yuan, reflecting a year-on-year growth of 21.99% and a quarter-on-quarter increase of 21.78% [1]. - The gross margin improved to 38.16%, up 4.73 percentage points year-on-year, attributed to product structure optimization and cost reduction efforts [1][4]. Product Line and Market Strategy - The company has made significant advancements in its product lines, including DRAM, NOR Flash, SLC NAND, microcontrollers (MCUs), and sensors, with a focus on high-potential markets such as automotive and industrial automation [2][4]. - The company is recognized as the second-largest NOR Flash supplier globally, with a comprehensive product range and a strong market position [2][4]. - The MCU segment has seen recovery in demand from both consumer and industrial clients, with a focus on expanding into automotive and industrial automation sectors [4]. Future Outlook - The company is expected to maintain robust growth, with projected EPS of 1.72, 2.46, and 3.18 for 2024, 2025, and 2026, respectively, indicating a positive earnings trajectory [5][7]. - The report anticipates a recovery in the semiconductor market, which will provide a favorable external environment for the company's growth [4][5].

[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]

Group 1: Market Outlook - The company maintains a cautiously optimistic outlook for Q3 demand, expecting growth compared to Q2, despite a slowdown in consumer demand recovery [2] - The price of storage products is expected to remain stable in Q3, with no significant fluctuations anticipated in Q4 due to the traditional off-season [4] - The company is actively monitoring market demand and will seize more business opportunities [2] Group 2: Product Performance - The DRAM business achieved significant growth in H1 2024, with procurement amounting to approximately 450 million, a substantial increase compared to H1 2023 [4] - The company’s MCU products saw high shipment volumes in Q2, nearing historical highs, with expectations to exceed previous records for the full year [6] - The company’s NOR Flash and SLC NAND Flash prices are expected to remain stable, with no significant demand hotspots currently observed [3] Group 3: Cost and Pricing Strategies - The company anticipates a 5% to 10% price increase from wafer foundries, which may impact financial data in Q3 or Q4 [3] - The gross margin for various product lines remained stable in H1 2024, with minor fluctuations due to product structure changes [4] - The company is focused on optimizing inventory structure and maintaining reasonable inventory levels in response to rising foundry costs [3] Group 4: R&D and Innovation - The company plans to invest approximately 15% of its revenue in R&D, with the MCU business receiving the largest share of investment [12] - New DRAM products, including 8Gb capacity, are in sample and small-batch production stages, with mass production expected next year [6] - The establishment of Qingyun Technology aims to develop customized DRAM solutions to meet specific market demands [7] Group 5: Inventory Management - The company reported inventory impairment provisions of approximately 34 million in Q1 and 42 million in Q2, with no significant changes relative to overall inventory volume [5] - The inventory structure is improving, with a reduction in long-aged inventory and an increase in short-aged inventory [5] - The company’s overall inventory has slightly decreased but remains within normal ranges, with a focus on short-aged and newly produced products [12]

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]

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][3] Core Views - The company achieved significant year-on-year growth in revenue and net profit for the first half of 2024, with revenue reaching 3.609 billion yuan, up 21.69% YOY, and net profit of 517 million yuan, up 53.88% YOY. The second quarter alone saw revenue of 1.982 billion yuan, up 21.99% YOY and 21.78% QOQ, with net profit of 312 million yuan, up 67.95% YOY and 52.46% QOQ. The forecast for net profit for 2024-2026 has been slightly adjusted downwards due to market recovery not meeting expectations, with projected figures of 1.138 billion, 1.586 billion, and 2.073 billion yuan respectively [3][4] Financial Performance Summary - In 2024H1, the company reported a revenue of 3.609 billion yuan, a 21.69% increase YOY, and a net profit of 517 million yuan, a 53.88% increase YOY. The second quarter saw a revenue of 1.982 billion yuan, a 21.99% increase YOY, and a net profit of 312 million yuan, a 67.95% increase YOY [3] - The company’s revenue and net profit projections for 2024E, 2025E, and 2026E are 7.544 billion yuan, 9.301 billion yuan, and 11.819 billion yuan respectively, with corresponding net profits of 1.138 billion yuan, 1.586 billion yuan, and 2.073 billion yuan [6][10] - The company’s gross margin is projected to improve from 35.4% in 2024E to 38.5% in 2026E, while net margin is expected to rise from 15.1% to 17.5% over the same period [6][11] Market and Product Insights - The company has seen a recovery in demand for its Flash products, with significant growth in overall shipment volume and revenue in the consumer and networking markets during 2024H1. The self-branded DRAM products have also expanded their market presence, with increased customer transactions and sales in various applications [4] - In the MCU segment, the company launched new low-power, value, and high-performance product lines, contributing to revenue growth in consumer and industrial markets. The automotive sector has seen substantial growth, with the company’s automotive MCU products being adopted by several leading manufacturers [5]

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 ...