Investment Rating - Industry Rating: Outperform the market (maintained rating) [8] Core Insights - The report highlights significant opportunities in the storage sector driven by continuous price increases, AI catalysis, and accelerated domestic production [2][3][5] - The semiconductor storage market is expected to gradually recover starting from the end of March 2025, with both DRAM and NAND entering an upward price channel [3][16] - The demand for storage is being propelled by AI applications, with expectations for substantial growth in HBM and DDR5 demand by 2025 [4][81] Summary by Sections Price Analysis - The report anticipates sustained price increases in Q3 and Q4, with DDR4 leading the market due to supply-side reforms and production cuts by major manufacturers [15][19] - DRAM and NAND prices are expected to rise significantly, with PC DDR4 contract prices projected to increase by 18-23% in Q3 [24][31] Supply Side - The Chinese semiconductor storage market is projected to grow from approximately 394.3 billion yuan in 2023 to 458 billion yuan in 2025, with DRAM holding the largest market share [59][61] - Major overseas manufacturers are reducing production, benefiting domestic companies and increasing their market share [59][63] Demand Side - The report indicates that DRAM and NAND are entering a long growth cycle, with DRAM demand capacity expected to grow by 16% in 2024 and 15% in 2025 [81][83] - The demand for enterprise-level SSDs is expected to rise significantly, with AI infrastructure driving performance and capacity upgrades [4][81] Technology Trends - The report discusses advancements in 3D NAND technology and the transition to higher efficiency DRAM processes, with expectations for 300-layer NAND production by 2025 [72][73] - The integration of AI technologies is expected to enhance the performance and capacity of storage solutions, particularly in enterprise applications [4][5] Company Dynamics - Domestic storage manufacturers are accelerating their technological advancements and production capabilities, with companies like Jiangbolong and Baiwei Storage leading the charge in high-end storage solutions [5][6][63] - The report emphasizes the importance of self-developed controllers and high-end technology in building competitive advantages for domestic firms [5][6]

Investment Rating - The report maintains a "Positive" investment rating for the electronic industry [4] Core Viewpoints - The niche DRAM supply-demand structure is being reshaped, with ongoing market prosperity driven by AI and domestic substitution opportunities [2][19] - The DDR4 series has shown a continuous upward trend in prices, with significant increases reported in June 2025 [7][8] - The supply gap for DDR4 and LPDDR4 persists, benefiting Tier 2 manufacturers significantly [12][18] Summary by Sections Investment Recommendations and Targets - The report suggests focusing on companies such as Zhaoyi Innovation, Beijing Junzheng, Fudan Microelectronics, and others due to the reshaping of the niche storage market and AI-driven growth opportunities [2][19] Market Trends - As of June 27, 2025, DDR4 product prices have increased significantly, with some specifications seeing price hikes of over 60% compared to the end of May [7][8] - The third quarter is expected to see further increases in DDR4 contract prices, with potential rises of 15% or more [10] Supply Chain Dynamics - Major suppliers like Micron are confirming production halts, which may exacerbate shortages in LPDDR4, leading to potential price increases [10][12] - Chinese mainland niche DRAM manufacturers are rapidly growing due to strong supply chain capabilities, with Zhaoyi Innovation and Beijing Junzheng ranking sixth and seventh globally in the niche DRAM market [18]

Core Viewpoint - The news highlights the upcoming IPO of Zhaoyi Innovation, a leading storage chip manufacturer in China, aiming to expand its overseas business footprint while celebrating its 20th anniversary [2]. Group 1: Company Background and Growth - Zhaoyi Innovation, known as a prominent non-foundry Flash supplier globally, has achieved significant milestones with the support of long-term capital partners like Yingfu Tech [2]. - The company was founded in 2005 by Zhu Yiming and initially received its first round of financing from Yingfu Tech and Tsinghua Science Park, with Yingfu Tech investing 1.03 million yuan for a 24.03% stake [2]. Group 2: Investment and Partnerships - Yingfu Tech is recognized as a seasoned investment institution in the technology sector, holding a 7.77% stake in Zhaoyi Innovation before its public listing [3]. - In August 2023, Zhaoyi Innovation announced a significant investment of 50 million yuan as a limited partner in a fund managed by Yingfu Tech, aiming to leverage the expertise and resources of the investment firm to enhance its industry positioning and profitability [3]. Group 3: Fund and Industry Relationships - Yingfu Tech has invested in nearly 150 projects over its 25-year history, nurturing 23 companies to go public, with several of these companies now contributing as limited partners in the Beijing Science and Technology Innovation Fund [4]. - The collaboration between Yingfu Tech and its portfolio companies exemplifies a mutual growth dynamic, fostering a robust network of resources and channels for future investment opportunities and value-added services [4].

Investment Rating - The industry investment rating is maintained as "Add" [7] Core Views - The report highlights the expected increase in 1Tb NAND supply in the second half of 2025 due to some manufacturers shifting production to advanced processes [1] - Micron has made significant progress in the 1-gamma DRAM technology node, with a notable increase in yield rates [2] - AMD's new MI350 series AI chips feature HBM3E memory capacity that is 1.6 times that of NVIDIA's GB200/B200, indicating competitive advancements in AI workloads [3] - The LPDDR4X supply is tightening, leading to price increases, while DDR4 memory prices remain stable due to market rationalization [4] Summary by Sections NAND Market - CFM reports that some NAND manufacturers are transitioning to advanced processes, which is expected to increase 1Tb NAND supply starting in the second half of 2025. Last week, NAND spot prices varied from 0.00% to 3.82%, with an average change of 1.56% [1][28] DRAM Market - Micron has achieved significant advancements in the 1-gamma DRAM technology node, with yield improvements surpassing previous records. The spot prices for DRAM increased by an average of 9.19% last week, with a range of 0.14% to 24.70% [2][28] HBM Market - AMD's MI350 series GPUs, designed for AI workloads, feature up to 288GB of HBM3E memory and 8TB/s memory bandwidth. The MI355X model has a memory capacity 1.6 times that of NVIDIA's comparable models, showcasing AMD's competitive edge [3][29] Market Trends - The LPDDR4X supply is tightening, leading to price increases, while DDR4 memory prices are stabilizing as the market becomes more rational. The overall supply situation remains challenging, with DDR4 memory delivery times still extended [4][30] Investment Recommendations - The report maintains a positive outlook on the HBM industry chain benefiting from the rapid development of advanced computing chips. Recommended companies include Saiteng Co., Yishitong, Lianrui New Materials, and Huahai Chengke. For storage chips, companies like Dongxin Co., Zhaoyi Innovation, Hengsuo Co., and others are highlighted as potential investments [5]

程 ZHONG YIN LAW FIRM 北京市朝阳区金和东路20号院正大中心2号楼11-12层 邮编:100022 电话:010-65876666 传真: 010-65876666-6 差异化权益分派事项的法律意见书 致:兆易创新科技集团股份有限公司 北京中银律师事务所(下称"本所")接受兆易创新科技集团股份有限公司 (以下简称"公司")的委托,指派本所律师根据《中华人民共和国公司法》(以 下简称"《公司法》")、《中华人民共和国证券法》(以下简称"《证券法》")、 《上市公司股份回购规则》(以下简称《回购规则》")、《上海证券交易所上市 公司自律监管指引第7号 -- 回购股份》(以下简称"《回购指引》")等法律、 法规以及规范性文件(以下简称"法律、法规以及规范性文件")及《兆易创新科 技集团股份有限公司章程》(以下简称"公司幸程")的规定就公司2024年年度利 润分配所涉及的差异化权益分派相关事项(以下简称"本次差异化权益分派")出 具本法律意见书。 为出具本法律意见书,本所及经办律师依据《律师事务所从事证券法律业务 管理办法》和《律师事务所证券法律业务执业规则》等规定,严格履行了法定职 责,遵循了勤勉 ...

证券代码：603986 证券简称：兆易创新 公告编号：2025-035 兆易创新科技集团股份有限公司 2024年年度权益分派实施公告 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 本次利润分配方案经公司2025 年 5 月 16 日的2024年年度股东会审议通过。 二、 分配方案 截至股权登记日下午上海证券交易所收市后，在中国证券登记结算有限责任 公司上海分公司（以下简称"中国结算上海分公司"）登记在册的本公司全体股 东。 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： 每股分配比例 A 股每股现金红利0.34元（含税） 相关日期 | 股份类别 | 股权登记日 | 最后交易日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | --- | --- | | Ａ股 | 2025/7/2 | － | 2025/7/3 | 2025/7/3 | 差异化分红送转：是 一、 通过分配方案的股东会届次和日期 根据《上市公司股份回购规则》《上海证券交易所上市公司自律监管指引第 7 号——回购股份》的规定，公司存放于回购专用证券账户的股份不参与 ...

Market Overview - The storage market is experiencing a significant price increase for DDR4 memory, with prices doubling in just two weeks, and some models even surpassing DDR5 prices [1][2] - The price surge is attributed to supply constraints as manufacturers announce production cuts, leading to a rapid recovery in the market during a traditionally slow season [1][3] Price Dynamics - DDR4 memory prices have seen a dramatic rise, with certain models increasing from $3 to between $6 and $8 [2] - A notable example includes a well-known brand's DDR4 16GB memory module, which is now priced at up to 380 yuan, nearly double its previous price [2] - The price of DDR3 memory has also increased, but not as significantly as DDR4, with DDR4 prices approaching those of DDR5 [2] Supply and Demand Factors - DDR4 remains crucial in the market, particularly for PCs and servers, with a projected penetration rate of 20%-30% by 2025, while DDR5 is expected to reach 70%-80% [3] - Demand from cloud service providers and PC manufacturers has increased, leading to a forecasted price rise of 18%-23% for server DDR4 modules and 13%-18% for PC DDR4 modules in Q2 [3][5] Production Cuts and Industry Impact - Major manufacturers like Samsung and SK Hynix are reducing DDR4 production, with some plans to cease DDR4 production entirely by 2026 [6] - The concentration of DRAM supply among a few key players (Samsung, SK Hynix, Micron) means that price fluctuations are closely tied to supply adjustments [5][6] Competitive Landscape - Domestic manufacturers, such as Changxin Storage, are gaining market share, with predictions of a 50% increase in DRAM shipments this year [8] - Companies like Zhaoyi Innovation are expanding their procurement and production of DRAM products, indicating a growing domestic presence in the market [9] Future Trends - The rise of High Bandwidth Memory (HBM) technology is influencing the market, as manufacturers prioritize HBM and DDR5 production over DDR4, leading to reduced DDR4 supply [7] - Companies are adapting to market changes, with some indicating a potential slowdown in DDR4 production cuts if prices continue to rise [7][11]

Investment Rating - The investment rating for CR Micro (688396.SS) has been upgraded from Underweight to Equal-weight with a target price increase from Rmb28.10 to Rmb40.00 [3][5]. Core Insights - The report identifies three key investment themes in the Chinese automotive semiconductor sector: Power Discrete Devices, Advanced Driver Assistance Systems (ADAS), and Microcontrollers (MCU) [4][23]. - China's electric vehicle (EV) market is projected to grow significantly, with EV penetration expected to rise from 28% in 2024 to 42% by 2030, indicating a strong demand for automotive semiconductors [3][27]. - The report emphasizes the importance of localization in the semiconductor supply chain, noting that most global automotive chip companies are still in the early stages of implementing localization strategies in China [4][28]. Summary by Sections Investment Themes - The three key investment areas are: 1. **Power Discrete Devices**: Chinese companies have made solid progress in IGBT and SiC substrates, with opportunities in MOSFET and SiC devices [4][40]. 2. **ADAS**: The ADAS SoC market is expected to have the highest compound annual growth rate (CAGR), benefiting various suppliers including SoC vendors and peripheral chip manufacturers [4][24]. 3. **MCU**: The self-sufficiency rate for automotive MCUs is very low, at less than 5% in 2024, indicating significant growth potential for leading local companies [4][41]. Market Dynamics - China consumed 56% of the global electric vehicle production, and the report forecasts that the domestic automotive semiconductor market will continue to grow faster than global peers due to the increasing demand for EVs and government support for supply chain localization [3][27]. - The report highlights that the automotive semiconductor supply chain in Greater China currently accounts for less than 5% of the global supply, with a self-sufficiency rate of only 15% [37][38]. Company Ratings and Strategies - The report recommends specific companies for investment based on their positions in the identified themes: - **Power Semi**: Companies like Starpower (603290.SS), Yangjie Technology (300373.SZ), and SICC (688234.SS) are highlighted for their growth potential [5][23]. - **ADAS**: Companies such as Horizon Robotics (9660.HK) and Will Semiconductor (603501.SS) are noted for their strong positions in the ADAS market [5][23]. - **MCU**: GigaDevice (603986.SS) is recognized for its potential to benefit from localization trends [5][23]. Future Projections - The report anticipates that by 2027, the self-sufficiency rate for automotive chips in China will reach 28%, reflecting the ongoing efforts to enhance local production capabilities [16][53]. - The expected growth in the electric vehicle market is projected to triple by 2030, with significant implications for the semiconductor industry [33][34].

Investment Rating - The report maintains a "Buy" rating for Gigadevice Semiconductor and raises the target price to RMB149.50 from RMB140.20, implying approximately 24% upside from the current share price of RMB121.01 [5][12][36]. Core Insights - The report highlights favorable supply-demand dynamics for DDR4, which are expected to continue, benefiting Gigadevice's specialty DRAM business [3][12]. - The 3D DRAM business is progressing well and is anticipated to start generating revenue in the second half of 2025, particularly in mid-end smartphones [4][12]. - The report introduces 2027 estimates, projecting a revenue of RMB14,611 million and a net profit of RMB2,659 million [31]. Summary by Sections Investment Rating - Maintain "Buy" rating and raise target price to RMB149.50 from RMB140.20 [5][12][36]. Financial Performance - The report lowers 2025-26 EPS estimates by 2% and 1% respectively, while still being above consensus by 6% for 2025 [31][32]. - Revenue estimates for 2025-26 are raised by 22% and 28% respectively, driven by expected ASP increases due to supply constraints [33][34]. Market Dynamics - Anticipated 35% increase in specialty DRAM ASP in 2025 due to supply-demand disparity as major suppliers phase out DDR4 products [3][12]. - The total addressable market (TAM) for other DDR4 suppliers is projected to be RMB12 billion, RMB45 billion, and RMB46 billion for 2025-27 [3][12]. Growth Drivers - The 3D DRAM business is expected to be a significant growth engine, with initial revenue generation anticipated in 2H25 [4][12]. - The report emphasizes the stable relationship with CXMT, which will support Gigadevice's capacity expansion in DDR4 [3][12]. Valuation Metrics - The report estimates a net profit CAGR of 34% from 2024-27, adopting a target PE multiple of 52.3x, which is 16% below the historical average [5][36].

Core Viewpoint -兆易创新科技集团股份有限公司 (GigaDevice) has submitted its prospectus for a listing on the Hong Kong Stock Exchange, aiming to become another "A+H" listed company, following its initial public offering (IPO) on the Shanghai Stock Exchange in 2016 [1][3]. Company Overview - GigaDevice was established in April 2005 and is headquartered in Beijing, with a registered capital of approximately 660 million RMB. The company primarily focuses on integrated circuit design and research, adopting a fabless business model [3][5]. - The company offers a diverse range of chip products, including Flash, niche DRAM, MCU, analog chips, and sensor chips, along with corresponding algorithms and software solutions [5]. Financial Performance - GigaDevice's revenue for 2022, 2023, and 2024 was approximately 8.13 billion RMB, 5.76 billion RMB, and 7.36 billion RMB, respectively. The gross profit for the same years was about 3.70 billion RMB, 1.75 billion RMB, and 2.62 billion RMB, while the net profit was approximately 2.05 billion RMB, 161 million RMB, and 1.10 billion RMB [6][9]. - The company experienced a significant revenue decline of 29.14% in 2023 compared to 2022, with net profit dropping by 92.15% due to a substantial decrease in product prices [8][9]. Market Position - According to a report by Frost & Sullivan, GigaDevice is the only integrated circuit design company globally ranked in the top ten across NOR Flash, SLC NAND Flash, niche DRAM, and MCU sectors as of 2024 [5]. - In 2023, the company shipped 3.12 billion units of products, marking a year-on-year increase of 12.98%. However, the average selling price across all product lines declined, leading to a drop in gross margin from 47.66% to 34.42% [9][11]. Future Outlook - GigaDevice anticipates a recovery in performance for 2024, projecting a revenue increase of 27.69% to 7.36 billion RMB and a net profit growth of 584.21% to 1.10 billion RMB, driven by improved market demand and inventory replenishment [9][10]. - Despite the anticipated growth, the company's revenue and net profit for 2024 remain below the levels achieved in 2022 [11].