Summary of Key Points from Conference Call Records Industry or Company Involved - A-share market and various sectors including technology, consumer, real estate, and automotive industries Core Insights and Arguments 1. **Market Outlook**: The A-share market is currently in a phase of mixed performance, with some sectors showing strength while others decline. The market is expected to enter a new active phase driven by AI technology in April and May, with a focus on domestic demand policies around mid-year [1][2][3] 2. **Profit Improvement by Industry**: As of March 23, approximately 65% of annual reports have been disclosed, indicating positive net profit growth for sectors such as non-banking financials, electronics, transportation, automotive, telecommunications, non-ferrous metals, and banking. Industries that have turned profitable include aquaculture and commerce [4][6] 3. **Investment Trends**: The A-share market remains a stock market, but there is a notable increase in domestic capital allocation to Hong Kong stocks, which may lead to a return of funds to the A-share market due to the stagnation of Hong Kong stocks [3][5] 4. **AI Sector Focus**: The theme of edge AI is highlighted as a significant investment opportunity, with a strong catalyst period expected from April to June. Key events include major product launches and conferences that could drive market interest [14][15][24] 5. **Currency Outlook**: The RMB is expected to fluctuate between 7.20 and 7.35 in the short term, with potential depreciation risks in the medium to long term due to external factors such as US tariffs and a strong dollar [9][10] Other Important but Possibly Overlooked Content 1. **Deep Sea Technology**: The government has included deep-sea technology in its work report, indicating a strategic focus on this emerging sector. Companies involved in deep-sea technology are expected to benefit from upcoming policies and market growth [16][39][40] 2. **Automotive Industry Dynamics**: The automotive sector, particularly companies like BYD, is experiencing fluctuations due to external news and market conditions. However, the overall outlook remains positive with a focus on high-end, intelligent, and electric vehicles [29][30][31] 3. **Copper Supply and Demand**: The copper market is facing supply constraints, with expectations of strong price performance due to reduced production and potential tariff impacts. The outlook suggests that copper prices may return to previous highs [49] 4. **Consumer Sector Trends**: The consumer sector, particularly in retail and hospitality, is expected to rebound as demand recovers. Companies like Yonghui Supermarket are adjusting their store formats to improve profitability [56][59] This summary encapsulates the key insights and trends discussed in the conference call, providing a comprehensive overview of the current market landscape and future expectations across various sectors.

从指数持仓来看，中证工业4.0指数十大权重分别为：立讯精密（5.29%）、工业富联（5.22%）、京东 方A（5.14%）、兆易创新（5.0%）、北方华创（4.98%）、中科曙光（4.98%）、韦尔股份 （4.97%）、中兴通讯（4.96%）、海康威视（4.94%）、汇川技术（4.77%）。 中证工业4.0指数上涨0.02%，前十大权重包含工业 富联等 金融界3月24日消息，上证指数上涨0.15%，中证工业4.0指数 (工业4.0，399803)上涨0.02%，报4149.99 点，成交额573.38亿元。 数据统计显示，中证工业4.0指数近一个月下跌7.55%，近三个月上涨6.14%，年至今上涨10.31%。 据了解，中证工业4.0指数选取与工业4.0相关的控制硬件、控制软件、终端硬件提供商，以及其他受益 于工业4.0代表性上市公司证券作为指数样本，以反映工业4.0主题公司的整体表现。该指数以2012年06 月29日为基日，以1000.0点为基点。 从中证工业4.0指数持仓样本的行业来看，信息技术占比60.51%、工业占比33.72%、通信服务占比 5.76%。 资料显示，指数样本每季度调整一次，样本调整实 ...

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].

Summary of Conference Call on RISC-V Architecture Industry Overview - The discussion revolves around the RISC-V instruction set architecture (ISA), its comparison with ARM and X86 architectures, and its applications in AI and IoT sectors [1][2][3]. Key Points and Arguments RISC-V Architecture - RISC-V is an open-source instruction set architecture designed in 2010 by a team from the University of California, Berkeley, representing the fifth generation of reduced instruction set computing [1]. - It is characterized by fixed instruction lengths, high hardware execution efficiency, and low power consumption, making it suitable for mobile and embedded applications [1]. - Unlike ARM, RISC-V allows for customization and modification without licensing fees, which helps avoid patent barriers [1][2]. Applications in AI and IoT - RISC-V is particularly well-suited for embedded systems, IoT devices, and low-power applications, such as Bluetooth chips and edge AI components [2]. - The architecture's low standby power consumption aligns with the ultra-low power requirements of IoT devices, providing an alternative to ARM's rigid instruction set [2]. - AI chip companies are increasingly adopting RISC-V as a foundational instruction set for designing high-performance or cloud-based AI products [2]. Key Players in RISC-V Adoption - Notable companies advancing RISC-V architecture in China include: - **IP Design Companies**: Xinyuan, which leads in RISC-V IP licensing and collaborates with Google for Android adaptation; Alibaba's T-Head with its Xuantie series [2][3]. - **MCU Companies**: Zhaoyi Innovation's GD32 MCU, which is the global leader in shipments; Espressif, with over 60% of its Wi-Fi chips based on RISC-V [3]. - **SoC Companies**: Allwinner Technology and T-Head, collaborating with Pinduoduo to develop automotive chips for BYD [3]. Development and Challenges - RISC-V's initial design focused on general computing, with ongoing efforts to enhance its capabilities for AI computing, particularly in scalar and vector processing [4][5]. - The architecture's limited instruction set (approximately 40 instructions) is being expanded by various companies, with a focus on high-performance computing [4][5]. - Despite its advantages, many SoC manufacturers still prefer ARM due to its established ecosystem, ease of commercialization, and comprehensive support infrastructure [7]. Future Prospects - The development of a collaborative ecosystem among leading companies aims to break down barriers and enhance the adoption of RISC-V [7]. - The trend towards using RISC-V in lightweight processing units for scheduling tasks in AI chips is expected to grow over the next 2 to 3 years, as more companies recognize its customizability and power efficiency [7][9]. RISC-V in AI Chip Design - Companies like Damo Academy and ChipOn are integrating RISC-V into their AI computing libraries, focusing on scalar, vector, and tensor computing units to support various data types [9]. Additional Important Content - The conversation highlights the potential of RISC-V to disrupt the current market dominated by ARM, particularly in the context of AI and IoT applications [2][7]. - The need for a robust developer ecosystem and the challenges faced by smaller hardware teams in utilizing open-source architectures are emphasized [7].

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]

半导体产业纵横 . 多元化的半导体产业生态服务平台，立足产业视角，提供及时、专业、深度的前沿洞见、技术速递、趋势解析，链接产业资源，构建IC生态圈，赋能中国 半导体产业，我们一直在路上。 稳步走向世界。 作者 | 九林 来源 | 半导体产业纵横 （ID：ICViews） 我国2024年集成电路出口额来了。 据海关总署公布的数据，2024年集成电路的出口金额达到1595亿美元，超过了手机成为出口额最高的单一商品。 并且我国集成电路出口额连续14个月同比增长，今年同比增长17.4%，同样是创下了历史新高。 我国集成电路产业能取得这一成绩实属不易。 我国十年集成电路历程 以下文章来源于半导体产业纵横 ，作者九林 到了2024年，集成电路出口增长了18.7%，并且连续14个月保持增长。值得一提的是包括家电，液晶平板显示，通用机械设备这些 传统机电产品，2024年的出口增长都超过了10%，表现也相当不错。 出口方面，2024年，我国集成电路出口了2981亿块、出口金额达到1595亿美元。拉长时间维度， 十年来，集成电路出口数量增长 超过1.9倍、出口金额增长超过2.6倍。 就出口集成电路品类而言，存储器是中国集成电路出 ...

Investment Rating - The report maintains a "Recommended" rating for the company, indicating a positive outlook based on its leading position in the niche storage industry and the growth potential from new product developments [3][5][98]. Core Insights - The company, Zhaoyi Innovation, is a leading player in the niche storage market, focusing on memory chips, microcontrollers (MCUs), and sensors. Its storage business is the core growth driver, with a significant market share in NOR Flash and a leading position in the domestic MCU market [1][10][12]. - The demand for niche storage is being driven by the rise of edge AI computing, which requires high bandwidth and low power consumption solutions. The company is also exploring customized storage solutions to meet these emerging needs [2][72]. - The financial forecasts predict a recovery in revenue and profit margins, with expected net profits of 1.09 billion, 1.56 billion, and 2.24 billion yuan for 2024, 2025, and 2026 respectively, reflecting significant growth from 2023 [3][4][92]. Summary by Sections Company Overview - Zhaoyi Innovation is a semiconductor design company established in 2005, focusing on memory products, microcontrollers, and sensors. It ranks second globally in NOR Flash market share and is the leading supplier of 32-bit Arm MCUs in China [1][10][12]. Storage Market Analysis - The storage market is expected to grow from $144 billion in 2022 to $256 billion by 2028, with a compound annual growth rate (CAGR) of 10%. The company is well-positioned in the NOR Flash segment, which is projected to grow from $3.2 billion in 2022 to $4.1 billion by 2028 [22][24]. - The company has a complete product line in NOR Flash, covering capacities from 512Kb to 2Gb, and is expanding into automotive and industrial applications [28][39]. MCU Market Insights - The global MCU market is projected to grow from $28.2 billion in 2023 to $38.8 billion by 2029, with automotive applications being a significant driver. The company holds a leading position in the domestic 32-bit MCU market and is focusing on expanding its automotive product offerings [2][78][85]. Financial Projections - The company is expected to see a revenue increase from 5.76 billion yuan in 2023 to 11.26 billion yuan in 2026, with a corresponding improvement in net profit margins. The projected PE ratios for 2024, 2025, and 2026 are 80, 56, and 39 respectively, indicating a favorable valuation compared to peers [3][4][92][98].

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook on its growth potential in the niche storage market and new product developments [3][5][98]. Core Insights - The company is a leading player in the niche storage market, focusing on memory chips, microcontrollers (MCUs), and sensors. Its storage business is the core growth driver, with a significant market share in NOR Flash and a leading position in the domestic MCU market [1][10][12]. - The demand for niche storage is driven by the rise of edge AI computing, with the company actively exploring customized storage solutions to meet this demand [2][72]. - The company is expected to see substantial growth in net profit from 2024 to 2026, with projected figures of 1.09 billion, 1.56 billion, and 2.24 billion yuan respectively, corresponding to PE ratios of 80, 56, and 39 times [3][4][98]. Summary by Sections Company Overview - The company is a semiconductor design leader in China, primarily engaged in memory chips, microcontrollers, and sensors. It ranks second globally in NOR Flash market share and is the top domestic supplier of 32-bit Arm MCUs [1][10][12]. Storage Market Analysis - The niche storage market, including NOR Flash, niche DRAM, and SLC NAND Flash, is expected to grow, with the global NOR Flash market projected to increase from $3.2 billion in 2022 to $4.1 billion by 2028 [1][22][28]. - The company has a complete product line in NOR Flash, covering capacities from 512Kb to 2Gb, and is expanding into automotive and industrial applications [1][39][41]. MCU Market Insights - The global MCU market is projected to grow from $28.2 billion in 2023 to $38.8 billion by 2029, with automotive, industrial, and consumer applications being the primary growth drivers [2][78]. - The company holds a leading position in the domestic 32-bit MCU market, with a focus on automotive applications, offering a range of products to meet various needs [2][85][87]. Financial Forecast and Investment Recommendations - The company is expected to recover from a downturn in 2023, with revenue growth projected at 27.6%, 24.1%, and 23.5% for 2024, 2025, and 2026 respectively [4][92]. - The report highlights the company's strong market position and growth potential, recommending a "Buy" rating based on its competitive advantages and product diversification [3][98].