Investment Rating - The investment rating for the company is "Buy - A" which is maintained [1] Core Views - The company has shown significant year-on-year revenue growth in Q3 2024, with a revenue of 2.041 billion yuan, representing a 42.83% increase year-on-year and a 2.97% increase quarter-on-quarter [1] - The net profit attributable to the parent company for Q3 2024 reached 315 million yuan, a year-on-year increase of 222.55% and a quarter-on-quarter increase of 0.93% [1] - The company’s gross margin for Q3 2024 was 41.77%, up 3.62 percentage points from the previous quarter, primarily due to changes in product sales structure and cost optimization [1] - The company is positioned as a leading fabless memory supplier in China, with a strong market presence in NOR Flash and DRAM segments, and is expected to see continued growth in its DRAM business [1] Financial Performance - For the first three quarters of 2024, the company reported cumulative revenue of 5.660 billion yuan, a year-on-year increase of 28.56%, and a net profit of 832 million yuan, a year-on-year increase of 91.87% [1] - The company’s revenue projections for 2024 to 2026 are 7.647 billion yuan, 9.926 billion yuan, and 11.776 billion yuan, with growth rates of 32.8%, 29.8%, and 18.6% respectively [3] - The net profit projections for the same period are 1.179 billion yuan, 1.737 billion yuan, and 2.249 billion yuan, with growth rates of 631.8%, 47.3%, and 29.4% respectively [3] Market Position - The company has improved its market share in the Serial NOR Flash segment, ranking second globally in 2023 [1] - In the MCU market, the company holds a market share of approximately 1.8% as of 2022, indicating significant growth potential [1] - The company has established a strategic partnership with Changxin Memory, which provides foundry services for its DRAM products, enhancing its competitive position in the DRAM market [1]

Investment Rating - Buy rating maintained for the company [2] Core Views - The company reported robust Q3 2024 performance with revenue of RMB 5.65 billion (YoY +28.56%) and net profit attributable to shareholders of RMB 832 million (YoY +91.87%) [2] - Q3 revenue reached RMB 2.041 billion (YoY +42.83%, QoQ +2.97%) with net profit of RMB 315 million (YoY +222.55%, QoQ +0.93%) [2] - Gross margin and net margin for Q3 were 41.77% and 15.44% respectively [2] - DRAM business procurement quota increased from USD 120 million to USD 140 million, indicating strong growth potential [2] - Flash business showed sequential growth in Q3, driven by recovery in networking, security, and consumer electronics sectors [2] - MCU business is expected to grow steadily with the launch of automotive-grade MCU GD32A7 [2] Financial Projections - Revenue forecast for 2024-2025: RMB 7.545 billion and RMB 9.405 billion [2] - Net profit forecast for 2024-2025: RMB 1.179 billion and RMB 1.709 billion [2] - EPS forecast for 2024-2025: RMB 1.77 and RMB 2.56 [2] - PE ratio for 2024-2025: 50x and 35x [2] Business Segments - DRAM: Despite short-term pressure from major players clearing inventory, the company increased its procurement quota, signaling confidence in future growth [2] - Flash: Nor Flash showed sequential growth in Q3, while Nand Flash benefited from substitution effects in high-capacity applications [2] - MCU: Industrial demand recovery and new automotive-grade products are expected to drive growth [2] Market Performance - 52-week high/low price: RMB 109.35 / RMB 57.92 [4] - Current market cap: RMB 59.36 billion [4] - A-share float: 664.74 million shares [4] Historical Financials - 2023A revenue: RMB 5.761 billion (YoY -29.1%) [3] - 2023A net profit: RMB 161 million (YoY -92.2%) [3] - 2024E revenue growth: 31.0% [3] - 2024E net profit growth: 631.5% [3]

Investment Rating - The report maintains a "Recommended" rating for the company, indicating an expectation that the stock will outperform the market by 10% to 20% over the next six months [3][6][13]. Core Views - The company's operating performance is steadily recovering, with effective expansion in the DRAM business. In the first three quarters of 2024, the company achieved revenue of 5.65 billion yuan, a year-on-year increase of 28.56%, and a net profit of 832 million yuan, up 91.87% year-on-year [4][5]. - The company is increasing its annual related transaction amount for DRAM products, raising the expected transaction amount with Changxin Storage from 120 million USD (approximately 852 million yuan) to 140 million USD (approximately 995 million yuan) due to current business development needs [5]. Summary by Sections Financial Performance - For 2024, the company is projected to have an EPS of 1.79 yuan, with corresponding P/E ratios of 49.7, 37.0, and 29.2 for the years 2024, 2025, and 2026 respectively [3][6]. - The company reported a gross margin of 39.46% in the first three quarters of 2024, an increase of 5.08 percentage points year-on-year, and a net margin of 14.73%, up 4.86 percentage points year-on-year [5]. Revenue and Profitability - The company's revenue for 2022 was 8.13 billion yuan, which decreased to 5.76 billion yuan in 2023, but is expected to recover to 7.40 billion yuan in 2024, reflecting a year-on-year growth of 28.4% [3][9]. - The net profit is projected to rise significantly from 161 million yuan in 2023 to 1.195 billion yuan in 2024, indicating a year-on-year growth of 641.3% [3][9]. Market Position and Strategy - The company is actively responding to market demand changes, with a focus on the industrial, storage, and computing markets, which are experiencing inventory reductions [5]. - The DRAM business is expected to become a significant new growth curve for the company, supported by increased resource investment [5].

Investment Rating - The report maintains a "Recommended" rating for the company, indicating a positive outlook for its long-term growth potential [2][4]. Core Insights - The company reported a revenue of 5.65 billion yuan for the first three quarters of 2024, representing a year-over-year increase of 28.56%, and a net profit attributable to shareholders of 832 million yuan, up 91.87% year-over-year [1]. - The third quarter of 2024 saw a revenue of 2.04 billion yuan, marking a year-over-year growth of 42.83% and a quarter-over-quarter increase of 2.97%, driven by demand recovery in the consumer and networking markets [1]. - The company is actively launching new products across various fields and deepening cooperation with downstream customers, solidifying its market position in NOR Flash and expanding into DRAM products [2]. Financial Performance Summary - For 2024, the company is projected to achieve a net profit of 1.16 billion yuan, with corresponding price-to-earnings (PE) ratios of 51, 35, and 25 for the years 2024, 2025, and 2026 respectively [2][3]. - The gross margin for Q3 2024 was reported at 41.77%, an increase of 5.41 percentage points year-over-year and 3.62 percentage points quarter-over-quarter [1]. - The company’s inventory at the end of Q3 2024 was 2.04 billion yuan, with inventory turnover days significantly reduced compared to the same period last year [1].

Investment Rating - The investment rating for the company is "Buy" [3][15] Core Views - The company reported a significant increase in revenue and net profit for the first three quarters, with revenue of approximately 5.65 billion yuan, up 29% year-on-year, and a net profit of about 830 million yuan, up 91% year-on-year [1] - The third quarter of 2024 saw revenue of approximately 2.04 billion yuan, a year-on-year increase of 43%, and a net profit of approximately 315 million yuan, a year-on-year increase of 222% [1] - The company is experiencing a recovery in demand in the industrial, storage, and computing markets, leading to improved gross margins, which reached 41.8% in Q3, up 3.6 percentage points from the previous quarter [1] - The company is expanding its DRAM business, increasing the expected transaction amount with Longxin Storage from 120 million USD (approximately 852 million yuan) to 140 million USD (approximately 995 million yuan) [1] - The company is a leading player in the SPI NOR Flash market and has successfully launched a full range of automotive-grade products [1] Financial Summary - The company is projected to achieve revenues of 7.4 billion, 9.5 billion, and 11.4 billion yuan for 2024, 2025, and 2026 respectively, with net profits of 1.11 billion, 1.69 billion, and 2.23 billion yuan for the same years [1][11] - The company's gross margin is expected to improve, with projections of 39.2% in 2024, 41.2% in 2025, and 42.6% in 2026 [11] - The company's earnings per share (EPS) is projected to be 1.67 yuan in 2024, 2.54 yuan in 2025, and 3.35 yuan in 2026 [11][10]

Investment Rating - Maintained "Overweight" rating [1][3] Core Views - The company achieved robust growth in Q3 2024, with significant progress in DRAM business [3] - Revenue for the first three quarters of 2024 reached 5.65 billion yuan, up 28.56% YoY, and net profit attributable to shareholders was 832 million yuan, up 91.87% YoY [3] - Q3 2024 revenue was 2.041 billion yuan, up 42.83% YoY and 2.97% QoQ, with net profit of 315 million yuan, up 222.55% YoY and 0.93% QoQ [3] - Gross margin improved to 41.77% in Q3 2024, up 5.41 ppts YoY and 3.62 ppts QoQ, driven by optimized cost structure and reduced high-cost inventory [3] - Increased DRAM-related transaction volume with ChangXin Memory, raising the estimated transaction amount from 120 million USD to 140 million USD [3] Financial Performance and Projections - Revenue for 2024E is projected at 7.54 billion yuan, with a growth rate of 30.88% YoY, and net profit of 1.103 billion yuan, up 584.35% YoY [2][3] - Revenue for 2025E is expected to reach 9.477 billion yuan, with a growth rate of 25.69% YoY, and net profit of 1.614 billion yuan, up 46.38% YoY [2][3] - Revenue for 2026E is forecasted at 11.254 billion yuan, with a growth rate of 18.75% YoY, and net profit of 2.257 billion yuan, up 39.81% YoY [2][3] - EPS for 2024E, 2025E, and 2026E is projected at 1.66 yuan, 2.42 yuan, and 3.39 yuan, respectively [2][3] - ROE is expected to improve from 6.83% in 2024E to 11.61% in 2026E [2][3] Business Highlights - DRAM product prices declined due to intensified competition and weakened demand, while MCU shipments remained stable [3] - NOR and NAND product lines achieved sequential growth [3] - The company plans to launch more DDR4 products and expand into overseas markets [3] Valuation Metrics - PE ratios for 2024E, 2025E, and 2026E are 53.83x, 36.77x, and 26.30x, respectively [2][3] - PB ratios for 2024E, 2025E, and 2026E are 3.68x, 3.39x, and 3.05x, respectively [2][3]

证券代码：603986 证券简称：兆易创新 公告编号：2024-092 兆易创新科技集团股份有限公司 第四届监事会第二十一次会议决议公告 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"）第四届监事会第二十一次 会议的会议通知和材料于 2024 年 10 月 19 日以电子邮件方式发出，会议于 2024 年 10 月 25 日以现场结合通讯方式召开。本次会议应出席监事 3 名，实际出席监事 3 名。本次会议的召集和召开程序符合《中华人民共和国公司法》等有关法律、行政 法规、部门规章、规范性文件及《公司章程》的相关规定。 经与会监事认真审议，以记名投票表决方式一致通过以下议案： 一、关于审议《2024 年第三季度报告》的议案 经审核，监事会认为： （1）公司2024年第三季度报告的编制和审议程序符合法律法规、《公司章程》 等相关法律法规的有关规定。 （2）公司2024年第三季度报告的内容与格式符合中国证监会和上海证券交易所 的有关规定，三季度报告公允地反映了公司2024年第三季度的财 ...

证券代码：603986 证券简称：兆易创新 公告编号：2024-094 兆易创新科技集团股份有限公司 关于续聘会计师事务所的公告 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。 2. 投资者保护能力 重要内容提示： 拟聘任的会计师事务所名称：中兴华会计师事务所（特殊普通合伙） 兆易创新科技集团股份有限公司（以下简称"公司"）第四届董事会第二十 五次会议审议通过了《关于续聘会计师事务所的议案》，公司拟续聘中兴华会计 师事务所（特殊普通合伙）（以下简称"中兴华"）为公司2024年度审计机构， 该议案尚需提交公司股东会审议批准。现将具体情况公告如下： 一、拟聘任会计师事务所的基本情况 （一）机构信息 1. 基本信息 中兴华成立于2013年11月4日，住所为北京市丰台区丽泽路20号丽泽SOHO B 座20层，首席合伙人为李尊农先生。中兴华具有财政部、中国证券监督管理委员 会颁发的证券、期货相关业务资格。 2023年末，中兴华拥有合伙人189名、注册会计师968名、签署过证券服务业 务审计报告的注册会计师489名。 中兴华2023年度业 ...

证券代码：603986 证券简称：兆易创新 公告编号：2024-095 兆易创新科技集团股份有限公司 关于注销部分股票期权与回购注销部分限制性股票 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"或"兆易创新"）2024 年 10 月 25 日召开第四届董事会第二十五次会议审议通过《关于注销部分股票期 权与回购注销部分限制性股票的议案》，现将有关事项说明如下： 一、各期股权激励批准及实施情况 1、2020 年股票期权与限制性股票激励计划 （1）2020 年 12 月 28 日，公司第三届董事会第二十次会议审议通过了《关 于<北京兆易创新科技股份有限公司 2020 年股票期权与限制性股票激励计划（草 案）>及其摘要的议案》《关于<北京兆易创新科技股份有限公司 2020 年股票期 权与限制性股票激励计划实施考核管理办法>的议案》《关于提请股东大会授权 董事会办理股权激励相关事宜的议案》。公司第三届监事会第十八次会议审议通 过相关议案。公司独立董事就本次股权激励计划是否有利于公司 ...

证券代码：603986 证券简称：兆易创新 公告编号：2024-097 兆易创新科技集团股份有限公司 关于增加 2024 年度日常关联交易预计额度的公告 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。 重要内容提示： 本次增加2024年度日常关联交易预计额度不需要提交股东会审议。 本次日常关联交易内容：兆易创新科技集团股份有限公司及子公司、孙 公司（以下合并简称"公司"）从长鑫存储技术有限公司及其子公司（以下合并 简称"长鑫存储"）采购代工生产的DRAM产品，2024年度原预计交易额度为1.2 亿美元（约8.52亿人民币），本次增加预计交易额度至1.4亿美元（约9.95亿元人民 币）。 本次增加日常关联交易预计额度是基于正常的商业交易行为，交易价格 依据市场公允价格公平、合理确定，符合公司经营发展需要，符合全体股东利益。 公司业务不会因此对关联方形成较大的依赖，不影响公司独立性。 一、日常关联交易基本情况 （一）日常关联交易履行的审议程序 1. 董事会表决情况和关联董事回避情况 2024 年 10 月 25 日，公司召开第四届 ...