证券代码：603986 证券简称：兆易创新 公告编号：2024-102 兆易创新科技集团股份有限公司 关于收购苏州赛芯电子科技股份有限公司控股权暨 关联交易公告 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。 重要内容提示： 1 兆易创新科技集团股份有限公司（以下简称"公司"或"兆易创新"）拟与合肥 石溪兆易创智创业投资基金合伙企业（有限合伙）（以下简称"石溪资本"）、 合肥国有资本创业投资有限公司（以下简称"合肥国投"）、合肥国正多泽产 业投资合伙企业（有限合伙）（以下简称"合肥产投"）共同以现金方式收购 苏州赛芯电子科技股份有限公司（以下简称"苏州赛芯"或"标的公司"）全体 股东合计持有的苏州赛芯 70%的股份（以下简称"本次交易"或"本次收购"）。 根据北京卓信大华资产评估有限公司对苏州赛芯 100%股权截至基准日（即 2024 年 6 月 30 日）的价值进行评估，评估值为 83,119.47 万元；参考评估值， 苏州赛芯 70%股权的交易价格确定为 58,100.00 万元；其中，公司以现金 3.16 亿元收购苏州赛 ...

兆易创新科技集团股份有限公司 2024 年第四次临时股东会会议议程 会议议程： 1 会议时间：2024 年 11 月 26 日 14 点 30 分 会议地点：北京市朝阳区安定路 5 号城奥大厦 6 层会议室 会议召集人：公司董事会 表决方式：现场投票与网络投票相结合 参会人员：在股权登记日持有公司股份的股东或委托代理人；公司董事、监事和 高级管理人员；公司聘请的律师。 一、 主持人宣布大会开始。 二、 介绍股东到会情况。 三、 介绍公司董事、监事、高管人员、见证律师的出席情况。 四、 推选监票人和计票人。 五、 宣读会议审议议案。 六、 股东讨论、提问和咨询并审议会议议案。 七、 股东进行书面投票表决。 八、 休会统计表决情况。 九、 宣布议案表决结果。 十、 宣读股东会决议。 十一、 由见证律师宣读为本次股东大会出具的见证意见。 十二、 主持人宣布本次股东大会结束。 兆易创新科技集团股份有限公司 2024 年第四次临时股东会会议资料 二〇二四年十一月二十六日 兆易创新科技集团股份有限公司 2024 年第四次临时股东会会议资料 兆易创新科技集团股份有限公司 2024 年第四次临时股东会会议资料 2024 年第 ...

证券代码：603986 证券简称：兆易创新 公告编号：2024-099 兆易创新科技集团股份有限公司 关于以集中竞价交易方式回购股份的进展公告 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 本次回购方案实施期限尚未届满，公司将继续实施回购计划，增强投资者信 心。 三、其他事项 一、回购股份的基本情况 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、回购股份的进展情况 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative increase of over 15% compared to the CSI 300 index in the next six months [28][29]. Core Insights - The company reported a significant year-on-year revenue growth of 28.56% for the first three quarters of 2024, with total revenue reaching 5.65 billion yuan [2][3]. - Net profit attributable to shareholders increased by 91.87% year-on-year, amounting to 832 million yuan, while the net profit excluding non-recurring items surged by 128.31% to 777 million yuan [2][3]. - In Q3 2024, the company achieved a revenue of 2.04 billion yuan, reflecting a year-on-year growth of 16.78% and a quarter-on-quarter increase of 2.97% [2][3]. - The gross margin for Q3 2024 was reported at 41.77%, up 5.41 percentage points year-on-year, driven by increased demand for high-value products and effective cost reduction strategies [2][3]. Financial Performance Summary - The company forecasts total revenues of 7.50 billion, 9.50 billion, and 11.23 billion yuan for 2024, 2025, and 2026, respectively, with year-on-year growth rates of 30.25%, 26.64%, and 18.22% [3]. - The net profit attributable to shareholders is projected to be 1.16 billion, 1.76 billion, and 2.08 billion yuan for the same years, with growth rates of 617.25%, 52.65%, and 18.03% [3]. - The report indicates a significant improvement in profitability metrics, with the diluted earnings per share expected to rise to 1.74 yuan in 2024 and 3.13 yuan in 2026 [3].

Investment Rating - The report maintains a "Strong Buy" rating for Gigadevice (603986) with a target price of 109.76 RMB, compared to the current price of 88.76 RMB [1] Core Views - Gigadevice achieved robust growth in Q3 2024, with revenue reaching 2.041 billion RMB (YoY +42.83%, QoQ +2.97%) and net profit attributable to shareholders of 315 million RMB (YoY +222.54%, QoQ +0.92%) [1] - The company's DRAM business is advancing rapidly, with DDR4 8Gb products successfully taped out and samples provided to customers [1] - Gigadevice increased its 2024 estimated related-party transaction volume with CXMT from 120 million USD to 140 million USD to support future growth [1] Financial Performance - For the first three quarters of 2024, Gigadevice reported revenue of 5.65 billion RMB (YoY +28.56%) and net profit attributable to shareholders of 832 million RMB (YoY +91.87%) [1] - The company's gross margin improved to 41.77% in Q3 2024 (YoY +5.41pct, QoQ +3.62pct), driven by optimized cost structure and product mix [1] - Revenue is expected to grow from 7.455 billion RMB in 2024E to 11.005 billion RMB in 2026E, with net profit projected to increase from 1.148 billion RMB to 1.965 billion RMB during the same period [2] Business Segments - NOR Flash: Gigadevice ranks second globally in SPI NOR Flash, with comprehensive product coverage in high-capacity, high-performance, and low-power segments [1] - DRAM: The company has successfully developed DDR4 8Gb products and offers a range of DRAM solutions from 1Gb to 8Gb capacities [1] - MCU: As China's leading 32-bit Arm® MCU supplier, Gigadevice has launched over 600 products across 51 series, covering various application markets [1] Market Position - Gigadevice maintains a leading position in NOR Flash and MCU markets in China, with DRAM business steadily progressing [1] - The company's market capitalization stands at 59.103 billion RMB, with a P/E ratio of 51x for 2024E [2] Growth Drivers - Recovery in downstream demand, particularly in consumer electronics, has driven revenue growth [1] - Continuous R&D investment and product iteration have strengthened the company's technological and product advantages [1] - The company's strategy focuses on market share expansion and product portfolio optimization [1]

Investment Rating - The report maintains a "Buy" rating for the company [2] Core Views - The company reported a significant increase in Q3 2024 revenue and net profit, with revenue reaching 2.041 billion yuan, a year-over-year increase of 42.83%, and net profit of 315 million yuan, a year-over-year increase of 222.55% [3][4] - The gross margin for Q3 2024 improved to 41.77%, driven by cost optimization and changes in revenue structure [5] - The company is experiencing high growth in Flash and MCU sales, with Flash products seeing substantial revenue increases across various sectors, including automotive [4][6] - The company is expanding its DRAM business, with DDR4 8GB products entering small-scale production, and has increased its expected transaction amount with Changxin Storage for 2024 [6][7] - The report forecasts net profits of 1.136 billion, 1.694 billion, and 2.121 billion yuan for 2024, 2025, and 2026 respectively, with corresponding PE ratios of 52, 35, and 28 [7] Summary by Sections Financial Performance - Q3 2024 revenue was 2.041 billion yuan, up 42.83% year-over-year, and net profit was 315 million yuan, up 222.55% year-over-year [3] - Cumulative revenue for Q1-Q3 2024 reached 5.650 billion yuan, a year-over-year increase of 28.56% [3] Product Performance - Flash product prices remained stable, with significant growth in sales, leading to an increase in global market ranking from third to second [4] - MCU sales also saw a recovery, maintaining high shipment volumes [4] Market Outlook - The report highlights a tightening supply in the niche DRAM market due to the exit of major competitors, positioning the company favorably for future growth [7] - The company is actively iterating its product offerings, enhancing performance and expanding into new markets [4][6]

证券研究报告 | 公司动态点评 2024 年 10 月 27 日 | --- | --- | --- | --- | --- | --- | --- | --- | |----------------------|--------------------|-----------|-------|-------|----------|-------------------------------------------|-----------| | | | | | | | | | | 兆易创新（ 24Q3 | 扣非归母净利润环比 | 603986.SH | +5% | ） | ，利基型 | DRAM 业务加速成长 | | | 财务指标 | 2022A | 2023A | 2024E | 2025E | 2026E | 增持（维持评级） | | | 营业收入（百万元） | 8,130 | 5,761 | 7,435 | 9,333 | 11,062 | | | | 增长率 yoy （ % ） | -4.5 | -29.1 | 29.1 | 25.5 | 18.5 | 股票信息 | | | 归母净利润（百万元） | ...

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：2024-005 | --- | --- | --- | |-----------------------------------------------------------------------------------------------------------------------------------------------------------------|----------------|-----------------------------------------------------------------------------| | 调研日期： 2024 年 10 月 25 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 | | | | Brigh ...

尊敬的各位投资者朋友各位分析师朋友大家晚上好欢迎大家参加教育创新2024年三季度投资者交流会我是教育创新的胡鸿下面先由我来向各位投资者朋友和分析师朋友交流一下公司的第三季度的一个经营情况那总体的预计情况在 第三季度整体经济环境弱复输的情况下我们公司依然实现了良好的业绩增长三季度的收入同比是增长了42.83%到20.4亿元规模金利润同比是增长222.53.15亿元收入和规模 新利润环比分别是增长了3%和0.9%我们一直在说今年的三季度是体现出一个旺季并没有那么旺的一个现象跟我们在年中的时候的一个预期基本上是接近但是我们第三季度还是实现了营收和利润的一个环比的一个小幅的增长应该来说是体现出公司在经营层面的一个 任性三季度公司的毛利率环比是提升3.6个百分点到41.77%当然这个主要还是源于我们产品销售结构的一些变化我们有一些低毛利甚至于在毛利亏损的产品由于市场需求的一个薄弱出货比例是减少对毛利率的提振起到一定的帮助作用当然同时我们公司也是在 持续在这个成本化方面做出了很多的努力当然我们不能预期这个毛利率的增长势头是一直延续我们还要持续观察后面的一个市场复苏的环境从产品线来看我们公司的主要产品线包括Flash 立即 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The report indicates that despite the third quarter not being as strong as expected, the company demonstrated operational resilience with both revenue and profit showing quarter-on-quarter growth [1] - The company is expected to benefit from industry recovery and market opportunities, particularly in the DRAM and MCU segments, with a focus on expanding product lines and maintaining competitive advantages [1] Financial Performance Summary - **Revenue Forecasts**: - 2022A: 8,130 million - 2023A: 5,761 million (yoy -29%) - 2024E: 7,426 million (yoy +29%) - 2025E: 9,739 million (yoy +31%) - 2026E: 11,566 million (yoy +19%) [1] - **Net Profit Forecasts**: - 2022A: 2,053 million - 2023A: 161 million (yoy -92%) - 2024E: 1,069 million (yoy +563%) - 2025E: 1,607 million (yoy +50%) - 2026E: 2,066 million (yoy +29%) [1] - **Earnings Per Share (EPS)**: - 2022A: 3.08 - 2023A: 0.24 - 2024E: 1.61 - 2025E: 2.41 - 2026E: 3.10 [1] - **Cash Flow**: - Operating cash flow for 2023A: 1,187 million, expected to increase to 1,886 million in 2024E [5] Market Position and Strategy - The company is expanding its product offerings in the DRAM sector, with procurement expected to increase significantly in 2024, indicating a strong market position [1] - The MCU segment is also showing signs of recovery, with new product launches aimed at automotive applications, which are expected to drive future growth [1] - The company is focusing on enhancing its product mix and maintaining a competitive edge in the semiconductor market [1]