Investment Rating - The investment rating for the company is "Buy" and is maintained [9]. Core Views - In 2024, the company achieved revenue of 7.356 billion yuan, a year-on-year increase of 27.69%, and a net profit attributable to shareholders of 1.103 billion yuan, a year-on-year increase of 584.21% [2][6]. - In Q1 2025, the company reported revenue of 1.909 billion yuan, a year-on-year increase of 17.32% and a quarter-on-quarter increase of 11.88%, with a net profit of 235 million yuan, a year-on-year increase of 14.57% [2][6]. - The company's performance in Q1 2025 exceeded expectations, driven by increased demand in the consumer electronics sector and enhanced storage capacities in AI terminals [11]. Summary by Sections Financial Performance - The company reported significant improvement in 2024, with a gross margin of 38.00%, up 3.58 percentage points year-on-year, and a substantial increase in revenue across various product lines, including storage chips, MCUs, and sensors [11]. - For Q1 2025, the gross margin was 37.44%, showing a slight year-on-year decrease but an increase from the previous quarter [11]. Product Lines - The storage line, particularly NOR Flash, is the second globally, maintaining a competitive edge in high-end consumer electronics while expanding into industrial, communication, and automotive applications [11]. - The company has successfully launched multiple MCU product series, covering a wide range of applications, and is positioned as a leader in the domestic MCU market [11]. Growth Outlook - The company is expected to continue its growth trajectory, with projected net profits of 1.535 billion yuan, 2.396 billion yuan, and 3.259 billion yuan for 2025, 2026, and 2027 respectively [11].

21世纪经济报道记者 邓浩 上海报道 生成式AI爆发下拉动数据中心、图形显卡等需求旺盛，海外大厂转向HBM及服务器DRAM等高端产 品，利基DRAM供需亟待新平衡。 5月14日，兆易创新总经理何卫在投资者交流会中表示，"今年3月以来，我们已经欣喜地观察到行业涌 现出一些边际改善的迹象，特别是以D4 8Gb、LPD4等产品为代表的一些利基型产品，价格已经有所回 升。待市场充分消化大厂的尾货后，利基型DRAM价格有望在二、三季度进入回升的通道。" 半导体存储器按照断电后数据是否继续保存，可分为易失性存储器和非易失性存储器。 DRAM是易失 性存储器的一种，速度略慢但成本较低，广泛用于电子设备的主存。 利基型DRAM主要指相对于主流存储产品占据较小市场份额的存储产品，比如智能手机、平板电 脑、 超轻薄型电脑、智能穿戴等领域。 民生证券分析称，当主流DRAM厂商推出新一代产品时，存储容量升级的同时售价也会更高，而 TV、 电子游戏机等消费电子终端产品面临消费者的价格压力，会采用较为便宜但功能符合需求的材料，因 此，在DRAM的选择上不会倾向使用最新一代的产品。这也为本土厂商带来了机会。 填补大厂退出缺口 2025年第 ...

此前财报显示，2024年，兆易创新收入同比增长27.7%至73.6亿元，归母净利润同比增长584%至11.03亿 元。公司整体产品出货量创出新高，达到43.61亿颗，同比增长39.68%。主要产品上，NOR Flash继续在 消费、网通、计算、汽车等领域实现较快增长，总出货容量创历史新高，2024年度公司Serial NOR Flash市占率稳居全球第二位。在DRAM产品上，营收及出货量实现了同比超过翻倍的增长幅度。MCU 及模拟产品上，年出货量达到5.4亿颗，创历史新高，同比增长87.84%，继续保持国内通用32位MCU的 市场领先地位。 2025年第一季度公司业绩延续了较好的增长势头。一季度收入同比增长17.3%至19.09亿元，环比增长 11.9%；归母净利润同比增长14.6%至2.34亿元，环比回落13.2%。公司毛利率为37.44%，同比小幅回落 0.7ppt，主要源于利基型DRAM产品较去年同期竞争有所加剧。 5月14日下午，兆易创新（603986）举行2024年度暨2025年第一季度业绩说明会。 虽然存储价格去年第三季度开始逐季下滑，2025年第一季度达阶段性低点，但从3月底开始，利基型产 品价 ...

Group 1 - The core point of the news is the upcoming pre-sale of Raytheon AI smart glasses, starting at a price of 1999 yuan, with advanced features such as 1080P video recording and AI functionalities [1] - The smart glasses are equipped with a 5-microphone array for precise audio capture and include popular software like DeepSeek and Huoshan's intelligent language model for AI voice assistance, real-time translation, and image recognition [1] - Raytheon Technology announced the establishment of an intelligent glasses industry ecosystem alliance with several companies to promote innovation and popularization of smart glasses technology [1] Group 2 - In Q1 2025, global AI smart glasses sales reached 600,000 units, marking a year-on-year increase of 216%, with expectations for continued growth in the market [2] - Counterpoint Research forecasts that the global smart glasses market will see over 60% year-on-year growth by 2025, maintaining a compound annual growth rate of over 60% from 2025 to 2029 [2] - Major manufacturers are accelerating the development of AI smart glasses, with new products expected from companies like Xiaomi and ByteDance in the second quarter of 2025 [2] Group 3 - The first AI smart glasses industry summit was held in Shenzhen on August 23, 2024, leading to significant stock movements in the VR & AR sector, with leading company Skyworth Digital seeing a nearly 70% increase in stock price over two weeks [5] Group 4 - Related concept stocks include manufacturers like Xiaomi Group and Raytheon Technology, as well as various suppliers and component manufacturers such as GoerTek, Hengxuan Technology, and Crystal Optoelectronics [7]

Market Performance - The market rebounded last week, with the China Securities Index rising by 1.99% to 1650.47 points [1][2] - The Shanghai Composite Index increased by 1.92%, the Shenzhen Component Index by 2.29%, and the ChiNext Index by 3.27% [2] Strong Stock Performances - Notable strong performers included: - Zhongji Xuchuang (300308) up by 13.55% - Shanghai Jahwa (600315) up by 9.31% - AVIC Shenyang Aircraft (600760) up by 8.25% - CATL (300750) up by 7.24% - Beitaini (300957) up by 6.01% [2] - Other stocks such as Hisense Home Appliances (000921), EVE Energy (300014), and Stone Technology saw gains exceeding 5% [2] Year-to-Date Stock Performance - Since the beginning of 2025, Shanghai Jahwa has surged by 51.39%, leading the gains [3] - Marumi Bio (603983) follows with a 50.59% increase, while Xintai (002294) and Anji Technology have both risen over 30% [3] Market Outlook - Positive factors are emerging as the market stabilizes, with expectations for gradual recovery in investor sentiment and stock performance [4] - The domestic economy is on a steady recovery path, supported by ongoing policy efforts [4] - The current A-share market is viewed as being in a high cost-performance zone, indicating medium to long-term investment value [4] - However, short-term market movements may remain volatile unless strong driving factors emerge [4]

Investment Rating - The industry is rated as "Outperforming the Market" with an expected relative increase of over 10% compared to the market index in the next six months [5][39]. Core Insights - In Q1 2025, the SW Electronics industry saw an increase in fund heavy positions, with a heavy position ratio of 17.03%, up by 0.10 percentage points quarter-on-quarter and 4.95 percentage points year-on-year [1][13]. - The top ten heavy stocks are predominantly in the semiconductor sector, indicating a strong institutional focus on self-controllable semiconductor companies [2][17]. - The semiconductor sector's overweight ratio has been rising for three consecutive quarters, reaching 7.83% [3][29]. Summary by Sections Fund Heavy Positions and Overweight Ratios - The SW Electronics industry had a matching ratio of 9.09% in Q1 2025, which is at a historically high level, with a quarter-on-quarter increase of 0.24 percentage points and a year-on-year increase of 1.70 percentage points [1][13]. - The overweight ratio for the SW Electronics industry in Q1 2025 was 7.94%, showing a slight decrease of 0.15 percentage points quarter-on-quarter but an increase of 3.25 percentage points year-on-year [1][13]. Top Heavy Stocks - The top ten heavy stocks in Q1 2025 are all from the semiconductor and consumer electronics sectors, with semiconductor stocks making up 90% of the list, highlighting the focus on self-controllable semiconductor companies [2][17]. - The top ten heavy stocks include SMIC, Cambricon, and others, with significant price movements, such as Chipone's stock increasing by 102.17% [2][17]. Institutional Focus Areas - Institutions are particularly focused on self-controllable semiconductors, AI computing power, and edge applications, with the top ten stocks showing a strong presence in these areas [2][22]. - The top ten stocks that saw increased holdings include Chipone, Lattice Technology, and others, with a notable emphasis on AI computing and edge applications [22][24]. Sector Overweight Ratios - The semiconductor sector continues to be overweight, with a ratio of 24.61% when considering the SW Electronics industry as the denominator, reflecting a significant increase of 2.65 percentage points [29][31]. Diversification in Fund Holdings - The concentration of fund heavy positions has decreased, indicating a trend towards diversification, with the top five, ten, and twenty stocks accounting for 39.50%, 57.89%, and 72.46% of the total fund heavy positions, respectively [3][33].

为更好地服务广大中小投资者，确保有投票意愿的中小投资者能够及时参会 和投票，公司拟使用上证所信息网络有限公司（以下简称"上证信息"）提供的 股东会提醒服务，委托上证信息通过发送智能短信等形式，根据股权登记日的股 东名册主动提醒股东参会投票，向每一位投资者主动推送股东会参会邀请、议案 情况等信息。投资者在收到智能短信后，可根据《上市公司股东会网络投票一键 通服务用户使用手册》（下载链接：https://vote.sseinfo.com/i/yjt_help.pdf）的提示 步骤直接投票，如遇拥堵等情况，仍可通过原有的交易系统投票平台和互联网投 票平台进行投票。 若广大投资者对本次服务有任何意见或建议，可通过邮件 （investor@gigadevice.com），投资者热线（010-82881768）等方式向公司反馈， 感谢广大投资者对公司的关注与支持！ 特此公告。 兆易创新科技集团股份有限公司董事会 兆易创新科技集团股份有限公司 关于股东会开设网络投票提示服务的公告 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 ...

证券代码：603986 证券简称：兆易创新 公告编号：2025-022 特此公告。 兆易创新科技集团股份有限公司董事会 2025 年 5 月 10 日 兆易创新科技集团股份有限公司 关于股东会开设网络投票提示服务的公告 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"）拟于 2025 年 5 月 16 日 14:00 召开 2024 年年度股东会，本次会议采用现场投票和网络投票相结合的表 决方式，具体内容请详见公司于 2025 年 4 月 26 日在《证券时报》和上海证券交 易所网站（http://www.sse.com.cn）披露的《兆易创新关于召开 2024 年年度股东 会的通知》（公告编号：2025-019）。 为更好地服务广大中小投资者，确保有投票意愿的中小投资者能够及时参会 和投票，公司拟使用上证所信息网络有限公司（以下简称"上证信息"）提供的 股东会提醒服务，委托上证信息通过发送智能短信等形式，根据股权登记日的股 东名册主动提醒股东参会投票，向每一位投资者主动推送股东会 ...

Summary of Key Points from Conference Call Records Industry Overview - **Industry**: Electronics Industry, specifically focusing on AI and AR glasses market - **Market Trends**: Significant development expected in the AI glasses market in the second half of the year, driven by new product launches from companies like Meta and domestic firms such as Rocket [1][4] Core Companies and Their Insights 1. **Crystal Optoelectronics (水晶光电)** - **Partnerships**: Strong collaboration with Meta in reflective films and display modules, leading to anticipated performance improvements [1][6] - **Financial Projections**: Expected revenue of approximately 1.26 billion yuan in 2025, with a potential increase of 20% to 30% [1][9] - **Market Position**: Positioned well in the AR field with a focus on mass production breakthroughs [5][9] 2. **Source Technology (源杰科技)** - **Competitive Advantage**: Holds a material positioning advantage in glass diffraction, with deep partnerships with major manufacturers [1][10] - **Profit Growth**: Projected net profit growth of 50% to 60% in 2025, reaching 340 million yuan, with a similar potential for stock price increase [1][10] 3. **Shunluo Electronics (顺络电子)** - **Growth Areas**: Significant growth in consumer electronics, automotive, and server sectors, with a projected growth rate of about 30% in 2025 [1][11] - **Profit Expectations**: Expected profit of 1.08 billion yuan in 2025, with a potential increase of 20% to 30% [1][12] 4. **Biyang Technology (生益科技)** - **Market Performance**: High operating rates in the copper-clad laminate industry, with expectations of price increases due to rising copper prices [3][14] - **Future Outlook**: Transitioning to high-end materials, with projected revenue of 2.7 billion yuan in 2025 [16] Market Dynamics - **AI Asset Performance**: Divergence in performance of AI assets in the US stock market, with a shift towards mid and micro-enterprise factors influencing stock opportunities [1][8] - **AR Glasses Supply Chain**: Key components include display modules and waveguide technology, with a focus on long-term solutions like reflection and diffraction [5][6] Additional Insights - **Product Launches**: Anticipated peak in new product releases from various companies, including Meta's Hypernova, expected to enhance user experience significantly [2][4] - **Investment Recommendations**: Companies like Crystal Optoelectronics and Blue Special Optics are recommended due to their strong partnerships and unique technological advantages in the AR glasses market [6][7] Conclusion - The electronics industry, particularly in AI and AR glasses, is poised for significant growth driven by technological advancements and strategic partnerships. Key players are expected to see substantial revenue increases and market share growth in the coming years.

Group 1 - The core viewpoint is that artificial intelligence (AI) technology is experiencing explosive growth and has become a new focus of international competition and economic development [1] - The "AI+" initiative proposed by the Central Economic Work Conference aims to cultivate future industries, with ongoing support in the government work report [1] - The demand for computing power and terminal applications is rapidly increasing, driving performance growth in listed companies within the AI industry chain [1] Group 2 - Major AI computing power companies like Haiguang Information and Inspur Information reported significant net profit growth of 52.87% and 28.55% year-on-year, respectively, with Q1 profits increasing by 75.33% and 52.78% [1] - AI storage company Zhaoyi Innovation saw a staggering net profit increase of 584.2% last year, with a 14.57% rise in Q1 [1] - In the smart wearable sector, Hengxuan Technology's net profit surged by 272.5% last year, with a remarkable 590.22% increase in Q1 [1] Group 3 - The domestic AI industry is in a rapid development phase, showing comprehensive progress in models, computing power, and applications, supported by policy initiatives [1] - Domestic top AI models are now competitive with overseas counterparts, and the supply and demand for AI computing hardware are both strong [1] Group 4 - The Chinese server market's key downstream sectors include internet, communication, and finance, which are expected to drive demand for computing power [2] - AI is becoming a core competitive advantage for major internet companies, leading to increased R&D and AI service demand for computing infrastructure [2] - Domestic AI computing chips are transitioning from usable to highly usable, with downstream clients actively collaborating with local chip manufacturers [2] Group 5 - The domestic AI industry is expected to maintain a rapid growth trend, with domestic large models quickly breaking performance barriers and sustained high demand for computing power [3] - The AI application layer is developing simultaneously, with industry application capabilities positioned in a leading global tier [3] - The future development of the domestic AI industry has vast potential, driven by technological iterations in AI software and hardware systems [3]