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 ...

Investment Rating - The report maintains a "Recommended" rating for the company, indicating expected strong performance relative to the market over the next six months [4][10]. Core Insights - The company has shown significant recovery in profitability, with a 21.69% year-on-year increase in revenue to 3.609 billion yuan and a 53.88% increase in net profit to 517 million yuan for the first half of 2024 [4][5]. - The demand in downstream markets, particularly in consumer and network communication sectors, has improved, leading to increased sales of storage chips [5][6]. - The company has successfully expanded its product matrix in microcontrollers, with a notable increase in revenue contributions from both consumer and industrial markets [8][10]. Summary by Sections Financial Performance - For the first half of 2024, the company achieved revenue of 3.609 billion yuan, up 21.69% year-on-year, and a net profit of 517 million yuan, up 53.88% year-on-year [4][5]. - The gross margin and net margin for the first half of 2024 were 38.16% and 14.33%, respectively [5]. - The second quarter of 2024 saw revenue of 1.982 billion yuan, a year-on-year increase of 21.99%, and a net profit of 312 million yuan, up 67.95% year-on-year [5]. Business Segments - The storage chip business generated 2.605 billion yuan in revenue, a 29.41% increase year-on-year [5][6]. - The microcontroller business achieved revenue of 805 million yuan, up 4.34% year-on-year, while the sensor business brought in 192 million yuan, up 8.76% year-on-year [5][8]. - The company has expanded its NOR Flash product offerings, which have been recognized for their low power consumption and have been certified for automotive applications [6][8]. Future Projections - The company expects earnings per share (EPS) to be 1.79 yuan in 2024, 2.41 yuan in 2025, and 3.05 yuan in 2026, reflecting a positive growth outlook [10][11]. - The projected price-to-earnings (P/E) ratios for 2024, 2025, and 2026 are 41.2, 30.7, and 24.2, respectively, indicating a favorable valuation trend [10][11].

证券代码：603986 证券简称：兆易创新 公告编号：2024-071 兆易创新科技集团股份有限公司 关于公司控股股东、实际控制人、董事长提议 公司回购股份的公告 三、 提议的内容 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 8 月 21 日 收到公司控股股东、实际控制人、董事长朱一明先生《关于提议兆易创新科技 集团股份有限公司回购公司股份的函》，具体内容如下： 一、 提议人的基本情况及提议时间 1. 提议人：公司控股股东、实际控制人、董事长朱一明先生 2. 提议时间：2024 年 8 月 21 日 二、 提议人提议回购股份的原因和目的 朱一明先生基于对公司未来持续发展的信心和对公司长期价值的认可，为 了维护广大投资者利益，增强投资者对公司的投资信心，促进公司长远、稳定、 可持续发展，结合公司经营情况及财务状况等因素，提议公司通过集中竞价交 易方式进行股份回购，回购完毕后将依法进行注销并减少公司注册资本。 7. 回购期限：自股东会审议通过本次回购股份方案之日 ...

兆易创新：中报符合预告，行业复苏+份额提升助力业绩高增 兆易创新（603986.SH）/电子 证券研究报告/公司点评 2024 年 8 月 21 日 [Table_Industry] 分析师：王芳 执业证书编号：S0740521120002 Email：wangfang02@zts.com.cn 分析师：杨旭 执业证书编号：S0740521120001 Email：yangxu01@zts.com.cn [Table_Title] 评级：买入（维持） 市场价格：79.23 元/股 | --- | --- | |------------------|--------| | 总股本(百万股) | 666 | | 流通股本(百万股) | 665 | | 市价(元) | 79.23 | | 市值(百万元) | 52,757 | | 流通市值(百万元) | 52,667 | [股价与行业 Table_QuotePic] -市场走势对比 沪深300 兆易创新 -40% -20% 0% 20% 40% 23-6 23-9 23-12 24-3 24-6 公司持有该股票比例 相关报告 《兆易创新：Q1 业绩亮眼，持续关注 存 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expectation that the company's stock will outperform the benchmark index by more than 20% over the next 6-12 months [3][10]. Core Insights - The company's revenue for the first half of 2024 (24H1) increased significantly, driven by a recovery in demand in the consumer and networking markets, leading to stable growth in sales of storage chips [3][4]. - The company achieved a revenue of 3.609 billion RMB in 24H1, representing a year-on-year growth of 21.69%, and a net profit attributable to shareholders of 517 million RMB, up 53.88% year-on-year [4]. - The report highlights the company's strong position in the storage market, particularly in Flash and DRAM products, and its ongoing diversification efforts in product lines such as MCU and sensors [4]. Summary by Sections Financial Performance - In 24H1, the company reported a gross margin of 38.16%, an increase of 4.72 percentage points year-on-year, and a net profit margin of 14.33%, up 3 percentage points year-on-year [4]. - For the second quarter of 2024 (24Q2), the company achieved a revenue of 1.982 billion RMB, reflecting a year-on-year increase of 21.99% and a quarter-on-quarter increase of 21.78% [4]. - The net profit for 24Q2 was 312 million RMB, a year-on-year increase of 67.95% and a quarter-on-quarter increase of 52.46% [4]. Market Position and Product Development - The company is the second-largest SPI NOR Flash manufacturer globally, offering a wide range of products across various specifications and applications, including automotive electronics [4]. - The DRAM market is showing signs of recovery, with niche product prices rising due to supply constraints and increased demand from consumer electronics [4]. - The company has successfully launched multiple MCU products and is expanding its sensor product lines, including fingerprint recognition solutions for PCs [4]. Future Projections - The report forecasts revenues of 7.580 billion RMB, 9.204 billion RMB, and 10.829 billion RMB for the years 2024, 2025, and 2026, respectively, with corresponding net profits of 1.205 billion RMB, 1.862 billion RMB, and 2.085 billion RMB [5][4]. - The projected price-to-earnings ratios for 2024, 2025, and 2026 are 43.8, 28.3, and 25.3, respectively, indicating a favorable outlook for the company's valuation [5][4].

感谢大家参加本次会议会议即将开始请稍后 感谢大家参加本次会议会议即将开始请稍后 感谢大家参加本次会议各位投资者大家晚上好欢迎参加教育创新2024年中报投资者交流会目前所有参会者均处于静音状态下面开始播报免责声明 本次会议并服务于邀请参会的广大投资者会议音频及文字记录的内容仅供参会者内部使用不得公开发布照义创新未授权任何媒体转发本次会议相关内容未经允许和授权的转载转发均属侵权照义创新将保留追究其法律责任的权利照义创新不承担因转载转发而产生的任何损失和责任 市场有风险投资需谨慎提醒广大投资者谨慎做出投资决策在会议开始前我们提示各位投资者在主讲嘉宾发言结束后将留有提问时间下面有请公司主讲嘉宾发言谢谢各位投资人朋友和分析师朋友大家晚上好我是兆一创新董事会秘书李小燕 今天就已经发布的2024年半年报与公司的管理层跟大家一起做一个近况的交流我先介绍一下本次参加交流会的公司管理层那参加本次交流会的有公司副董事长总经理何卫总公司董事CEO胡鸿总公司副总经理李宝奎总公司财务总孙威静总接下来我来介绍一下近期的经营情况 2024年上半年公司持续保持以市占率为中心的经营策略持续进行研发投入和产品迭代不断丰富产品矩阵优化产品成本进一步 ...

兆易创新 20240820_原文 2024 年 08 月 20 日 23:28 发言人 00:00 The meeting is ready to start. Please remain on the line. 发言人 00:17 感谢大家参加本次会议。会议即将开始，请稍后。Thanks for your participation. The meeting is ready to start. Please remain on the line. 发言人 00:43 感谢大家参加本次会议。会议即将开始，请稍后。Thanks for your participation. The meeting is ready to start. Please remain on the line. 发言人 01:08 感谢大家参加本次会议。各位投资者，大家晚上好，欢迎参加教育创新 2024 年中报投资者交流会。目前 所有参会者均处于静音状态，下面开始播报。免责声明，本次会议仅服务于邀请参会的广大投资者，会议 音频及文字记录的内容仅供参会者内部使用，不得公开发布。教育创新未授权任何媒体转发本次会议相关 内容，未经允许和 ...