Investment Rating - The investment rating for the company is "Buy" with a target return exceeding 10% relative to the CSI 300 index over the next six months [7]. Core Insights - The company reported a revenue of 3.609 billion yuan for 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]. - The semiconductor industry is experiencing a recovery, with demand in consumer and networking markets driving sales and revenue growth for the company's storage chips [1]. - The company maintains a market share-focused strategy, continuously investing in R&D and product iteration, leading to improved competitiveness across all product lines [1]. - The gross profit margin for the first half of 2024 was 38.16%, an increase of 4.72 percentage points year-on-year [1]. Financial Performance Summary - For Q2 2024, the company achieved a revenue of 1.982 billion yuan, a year-on-year increase of 21.99% and a quarter-on-quarter increase of 21.78%. The net profit for the same period was 312 million yuan, up 67.95% year-on-year and 52.46% quarter-on-quarter [1]. - The company's gross profit margin for Q2 was 38.15%, reflecting a year-on-year increase of 8.70 percentage points [1]. - The company's sales, management, finance, and R&D expense ratios were 4.72%, 6.21%, -4.92%, and 16.30%, respectively, with year-on-year changes of 0.39 percentage points, 0.41 percentage points, 1.77 percentage points, and 0.21 percentage points [1]. Product Line Insights - The company is a leading manufacturer of NOR Flash, maintaining technological and market advantages, particularly in automotive applications [2]. - The NAND Flash segment has seen the full-scale production of 38nm and 24nm processes, with a capacity range of 1Gb to 8Gb [2]. - The DRAM segment has benefited from increased investment in high-end products by overseas manufacturers, leading to improved supply-demand dynamics and price increases for niche products [2]. Future Projections - Revenue projections for 2024, 2025, and 2026 are 7.334 billion yuan, 9.045 billion yuan, and 10.467 billion yuan, respectively, with net profits of 1.021 billion yuan, 1.504 billion yuan, and 1.940 billion yuan [3]. - The corresponding price-to-earnings ratios for these years are expected to be 47x, 32x, and 25x [3].

证券研究报告 ＃＃iinndduussttrryyIIdd＃＃ 数字芯片设计 ＃investSuggestion＃ 增持 ( ＃ investSug gestionCh ange＃ 维持 ） ＃dyCompany＃ 兆易创新 （ 603986 ） 603986 ＃title＃ Q2 业绩改善明显，持续受益存储周期上行 ＃createTime1＃ 2024 年 08 月 23 日 ＃市场ma数rk据etData＃ 市场数据日期 2024-08-21 收盘价（元） 73.99 总股本（百万股） 665.87 流通股本（百万股） 664.74 净资产（百万元） 15634.88 总资产（百万元） 17429.43 每股净资产(元) 23.48 来源：WIND，兴业证券经济与金融研究院整理 ＃相关rel报ate告dReport＃ 《【兴证电子】兆易创新中报点 评：Q2 营收环比增长，有望受 益 存 储 周 期 触 底 反 弹 》 2023-08-28 《【兴证电子】存储&MCU 双 龙头，DRAM 打开长期成长空 间》2023-06-02 《【兴证电子】短期业绩承压， 工业 &汽车领 域持续发力 》 2023-05- ...

华福证券 兆易创新（603986.SH） Q2 营收持续上扬，多业务线陆续改善 投资要点： 公司公告：公司 24H1 实现营业收入约 36.1 亿元，同比+22%；24H1 归母净利润约 5.2 亿元，同比+54%；24H1 扣非归母净利润 4.7 亿元，同比 +72%。公司 24Q2 实现营业收入约 19.8 亿元，同比+22%，环比+22%；24Q2 归母净利润约 3.1 亿元，同比+68%，环比 52%；24Q2 扣非归母净利润 2.9 亿元，同比+99%，环比+58%。 市占优先战略驱动营收高增，毛利率企稳或受现货需求影响。公司 24H1 营业收入同比增加 21.69%，主因 23 年市场需求低迷和库存逐步去化 后，24H1 消费、网通市场出现需求回暖，带动公司存储芯片的产品销量和 营收增长；而在经营层面，公司继续保持以市占率为中心的策略，持续进 行研发投入和产品迭代，公司多条产品线竞争力不断增强，促进产品销量 和营收增长。公司 Q2 毛利率为 38.15%，较 Q1 的 38.16%基本持平。我们 认为，公司 Q2 毛利涨势放缓，或受近期存储现货需求走弱，现货价下跌 影响。但旺宏则表示 Q3 nor ...

事件描述 事件点评 证券研究报告 集成电路 兆易创新（603986.SH） 买入-A(首次) 业绩持续改善，多产品线布局助力公司长期稳健增长 2024 年 8 月 23 日 公司研究/公司快报 公司发布 2024 年半年度报告。2024 年上半年公司实现营业收入 36.09 亿元，同比增长 21.69%；实现归母净利润 5.17 亿元，同比增长 53.88%；Q2 单季度公司实现营业收入 19.82 亿元，同比增长 21.99%，环比增长 21.78%； 实现归母净利润 3.12 亿元，同比增长 67.95%，环比增长 52.46%。 下游需求回暖，存储放量带动公司营收大幅增长。2024 年上半年公司实 市场数据：2024 年 8 月 23 日 现营收 36.09 亿元，同比增长 21.6%；Q2 单季度公司实现营收 19.82 亿元， 收盘价（元）： 72.36 同比增长 21.99%，环比增长 21.78%，主因系上半年下游终端需求回暖带动 年内最高/最低（元）： 110.22/55.20 公司存储产品出货量和营收大幅增长。分产品线，上半年存储产品实现营收 流通A股/总股本（亿）： 6.65/6.66 2 ...

[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]