Investment Rating - The report maintains a "Buy" rating for the company with a target price of 139.10 RMB [4][7]. Core Insights - The company achieved a revenue of 7.356 billion RMB in 2024, representing a year-over-year increase of 27.7%, and a net profit of 1.103 billion RMB, up 584.2% year-over-year [1][2]. - In Q1 2025, the company reported a revenue of 1.909 billion RMB, a year-over-year increase of 17.3% and a quarter-over-quarter increase of 11.9%, with a net profit of 235 million RMB, up 14.6% year-over-year but down 13.2% quarter-over-quarter [1][2]. - The growth in revenue is attributed to government subsidies boosting demand in mobile phones, home appliances, and wearables, as well as increased storage capacity needs driven by AI PCs and servers [1][2]. Summary by Sections Revenue and Profitability - The company's storage, MCU, and analog products achieved record sales in 2024, with storage revenue reaching 5.194 billion RMB (up 27.4% year-over-year), MCU revenue at 1.706 billion RMB (up 29.6% year-over-year), and sensor revenue at 448 million RMB (up 27.2% year-over-year) [2]. - The overall gross margin for Q1 2025 was 37.44%, showing a quarter-over-quarter improvement of 4.27 percentage points, primarily due to product mix optimization [2]. Business Outlook - For 2025, the company expects continued growth across all business segments, with DRAM prices showing signs of recovery in the second half of the year and custom storage projects advancing in mobile, AI PC, and automotive sectors [3]. - The MCU segment is anticipated to benefit from domestic substitution trends, with market share growth in industrial, white goods, and automotive sectors [3]. Financial Projections - The company forecasts net profits of 1.514 billion RMB, 1.910 billion RMB, and 2.302 billion RMB for 2025, 2026, and 2027 respectively, with a projected revenue growth rate of 28.02% in 2025 [4][6]. - The estimated EPS for 2025 is 2.28 RMB, with a PE ratio of 49.41 [6][4].

Core Viewpoint - The semiconductor design leader, Zhaoyi Innovation, has shown significant recovery in performance due to market demand rebound and increased customer inventory, achieving substantial revenue and profit growth in 2024 and Q1 2025 [2][4][5]. Financial Performance - In 2024, Zhaoyi Innovation reported revenue of 7.36 billion yuan, a year-on-year increase of 27.7%, and a net profit of 1.1 billion yuan, up 584.2% [2][4]. - For Q1 2025, the company achieved revenue of 1.91 billion yuan, a 17.3% increase year-on-year, with a net profit of 235 million yuan, up 14.6% [2][5]. - The total product shipment reached a record high of 4.362 billion units in 2024, representing a year-on-year growth of 39.72% [2][9]. Market Position and Product Development - Zhaoyi Innovation is the world's leading fabless Flash supplier and ranks second globally in Serial NOR Flash market share [7][8]. - The company has a strong presence in the MCU market, being the top 32-bit Arm MCU supplier in China and ranking tenth globally in MCU revenue for the first half of 2024 [8]. - The company has seen significant growth in its product lines, with storage chips, MCUs, and sensor products showing respective production increases of 42.69%, 205.14%, and 54.05% in 2024 [9]. Research and Development - Zhaoyi Innovation has consistently invested in R&D, with expenditures nearing 1 billion yuan annually from 2022 to 2024, and 292 million yuan in Q1 2025, reflecting a 1.68% increase [9][10]. - As of the end of 2024, the company employed 1,481 R&D personnel, accounting for 70.96% of its workforce, and held 1,059 authorized patents [9]. Shareholder Interest - Notably, prominent investor Ge Weidong has been a significant shareholder since 2018, currently holding 18.72 million shares, making him the third-largest shareholder as of Q1 2025 [3][6].

Summary of the Conference Call for Zhaoyi Innovation Company Overview - **Company**: Zhaoyi Innovation - **Industry**: Semiconductor, specifically focusing on Flash memory, DRAM, and MCU products Key Financial Performance - **Q1 2025 Revenue**: Increased by 17.3% year-on-year to 1.909 billion CNY, and up 11.9% quarter-on-quarter - **Net Profit**: Grew by 14.6% year-on-year to 230 million CNY - **Gross Margin**: 37.44%, a slight decrease of 0.7 percentage points due to intensified competition in low-end niche products [2][4] Business Segments Performance Flash Business - **Growth Drivers**: Benefited from national subsidy policies and increased demand for NOR Flash due to AI development - **Market Expansion**: Actively pursuing opportunities in AI glasses and AI PCs, while increasing penetration in the domestic server market and expanding into Europe and Japan [2][5][6] DRAM Business - **Market Conditions**: Intense competition in the niche DRAM market, but signs of marginal improvement since March 2025 as major overseas manufacturers exit the niche market, leading to price increases for some products - **Revenue Growth Expectation**: Anticipated significant growth in niche DRAM revenue, projected at around 40% [2][7][10] MCU Business - **Strong Q1 Performance**: Revenue driven by domestic subsidies and export demand from certain clients - **Strategic Focus**: Emphasizing large customer strategies in photovoltaic, industrial control, and white goods sectors, while leveraging opportunities from AI developments [2][8][9] Market Trends and Strategic Initiatives - **Niche DRAM Market**: Observing a shift as major players move towards advanced products like DDR5, with expectations of price recovery in the niche market due to reduced supply and low inventory levels [11][21] - **MCU and Analog Products**: Plans to enhance product offerings through internal development and acquisitions, focusing on power management and AI MCU applications [10][25] Future Outlook - **2025 Revenue Guidance**: The company expects continued growth across all product lines, driven by market recovery, new product launches, and increased market share [18] - **NOR Flash and AI Integration**: Anticipating robust growth in NOR Flash demand from AI applications, particularly in smart glasses and AI PCs, with a focus on increasing capacity requirements [28][29] Additional Insights - **Supply Chain Resilience**: The company has established dual headquarters and overseas supply chain partnerships to mitigate external risks, particularly in light of ongoing US-China trade tensions [4] - **Automotive Sector**: The company is expanding its automotive MCU product line, aiming for higher value per vehicle and targeting TIER One and OEM customers [15][16] Conclusion Zhaoyi Innovation is positioned to capitalize on growth opportunities in the semiconductor industry, particularly in Flash memory and MCU segments, while navigating competitive challenges in the DRAM market. The company's strategic initiatives and market expansion efforts are expected to drive significant revenue growth in 2025 and beyond.

近年来，在数字化浪潮席卷下，各行业对电子技术的依赖程度与日俱增。 数字能源领域，光储充一体化加速发展，AI驱动服务器电源迈向更高标准；具身智能重塑生产模 式，推动工业自动化升级；汽车行业随着电动化和智能化变革，车规芯片需求井喷；消费电子与物 联网领域，智能化成为产品升级核心方向，AI应用不断拓展新场景。这些行业趋势的演进和变 革，对存储、MCU、传感器等电子器件带来增量空间的同时，也对其性能、功耗、成本等提出了 严苛要求。 在此背景和趋势下，兆易创新携一众产品与解决方案亮相2025慕尼黑上海电子展，全面展示了其 在存储器、微控制器、传感器、模拟芯片等多领域的技术成果。 如果您希望可以时常见面，欢迎标星收藏哦~ 从助力数字能源智能化的电源管理方案，到推动工业具身智能发展的MCU应用，再到满足汽车智 能出行需求的车规级芯片，以及适配消费电子和物联网场景的创新产品，兆易创新产品方案深度覆 盖多个重点行业，彰显了其在电子领域的广泛布局与深厚技术积淀，致力于为客户提供创新的解决 方案，驱动行业智能化升级。 在兆易创新丰富的产品线中，存储产品是其一大主营业务。在如今数据存储需求爆炸式增长的时 代，尤其是SPI NOR F ...

Core Viewpoint - The report highlights that despite being a traditionally slow season, the first quarter of 2025 for Zhaoyi Innovation (兆易创新) showed significant growth in both revenue and profit, driven by strong downstream demand and government stimulus measures [1][2][3]. Financial Performance - In 2024, Zhaoyi Innovation achieved a revenue of 7.356 billion yuan, representing a year-on-year increase of 27.69%, and a net profit of 1.103 billion yuan, up 584.21% [2]. - For Q1 2025, the company reported a revenue of 1.909 billion yuan, a 17.32% increase year-on-year, with a net profit of 235 million yuan, reflecting a 14.57% growth [2]. Operational Analysis - The growth in Q1 2025 is attributed to several factors: 1) Government subsidies stimulating consumer electronics demand and other national measures boosting consumption [3]. 2) The AI sector driving upgrades in edge storage capacity, benefiting from increased demand for storage in computing and networking markets [3]. Future Growth Drivers - The report identifies "domestic substitution + edge AI" as the main growth drivers for the company: 1) Niche storage and MCU accelerating domestic substitution due to supply chain concerns from US-China tariffs, with Zhaoyi Innovation having a technological edge in areas like NorFlash and MCU [4]. 2) AI driving upgrades in edge storage, with expectations for a significant market expansion in AI applications such as AI headphones, smartphones, and smart homes, where the company has a comprehensive product line [4]. Profit Forecast and Valuation - The company is projected to achieve net profits of 1.6 billion yuan, 2.1 billion yuan, and 2.64 billion yuan for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 45.1%, 31.2%, and 25.8% [5]. - Corresponding price-to-earnings ratios are expected to be 47, 36, and 28 times for the same years [5].

Company Overview - Zhaoyi Innovation announced a 2024 annual distribution plan, proposing a cash dividend of 3.4 yuan per 10 shares (including tax), totaling 225 million yuan, which accounts for 20.42% of the net profit. This marks the eighth cash distribution since the company's listing [2][4]. Financial Performance - The company reported a revenue of 7.356 billion yuan for the year, representing a year-on-year increase of 27.69%. The net profit reached 1.103 billion yuan, showing a significant year-on-year growth of 584.21%. The basic earnings per share were 1.66 yuan [2]. Market Activity - The stock experienced a net inflow of 20.2654 million yuan from major funds today, with a total net inflow of 311 million yuan over the past five days [3]. - The latest margin financing balance for the stock is 2.661 billion yuan, which has increased by 117 million yuan over the past five days, reflecting a growth rate of 4.58% [4]. Industry Comparison - Within the electronics sector, 244 companies have announced their 2024 distribution plans. The highest cash distribution was from Pengding Holdings at 2.318 billion yuan, followed by Lens Technology and BOE Technology Group with distributions of 1.984 billion yuan and 1.871 billion yuan, respectively [4][5].

比亚迪第一季度营收1,703.6亿元，同比增36.4%；净利润91.5亿元，同比增100.4%。比亚迪第一季度营 业成本1,628.5亿元，同比增长35%；研发支出142.2亿元，同比+34%。 5、迈信林：第一季度净利润同比增长408% 主要系新增算力服务业务收入和收益 片仔癀(600436.SH)公告称，2024年净利润29.77亿元，同比增长6.42%，拟每10股派发现金股利18.20 元。 3、宁德时代：首次回购公司股份107.53万股 宁德时代(300750.SZ)公告，公司于2025年4月25日首次通过深圳证券交易所股票交易系统以集中竞价交 易方式回购公司股份107.53万股，占公司当前总股本的0.0244%，最高成交价为237.38元/股，最低成交 价为236.01元/股，成交总金额为2.55亿元（不含交易费用）。 4、比亚迪第一季度净利润91.5亿元 同比增100.4% 今日聚焦 1、兆易创新：2024年净利润同比增长584.21% 拟10派3.4元 兆易创新披露年报，公司2024年实现营业收入73.56亿元，同比增长27.69%；净利润11.03亿元，同比增 长584.21%；基本每股收益1 ...

证券代码：603986 证券简称：兆易创新 公告编号：2025-013 兆易创新科技集团股份有限公司 关于 2025 年度开展外汇衍生品交易业务的公告 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。 重要内容提示： 交易品种：包括但不限于远期结售汇、外汇掉期、外汇期权、利率互换、 利率掉期、利率期权、货币掉期或上述产品的组合。 交易金额：2025 年度公司及子公司拟进行外汇衍生品交易业务的交易金 额累计不超过 3 亿美元或其他等值外币，自本次董事会审议通过之日起 12 个月 内有效，开展期限内任一时点的交易金额（含使用前述交易的收益进行交易的相 关金额）不应超过已审议额度。预计 2025 年度任一交易日持有的最高合约价值 不超过 3 亿美元或其他等值外币。 履行的审议程序：本事项已经公司第五届董事会第二次会议审议通过。 本事项无需提交股东会审议。 风险提示：公司外汇衍生品交易均以生产经营为基础，以套期保值为目 的开展，不进行单纯以盈利为目的的投机和套利交易，不会影响公司主营业务发 展。但外汇衍生品交易业务存在汇率波动风险、履约 ...

www.GigaDevice.com 目录 前 言 | 关于本报告 | | --- | | 董事长致辞 | 关于我们 | 1.1 | 公司简介 | | --- | --- | | 1.2 | 发展历程 | | 1.3 | 2024年公司荣誉 | | 1.4 | 2024年绩效 | 双重重要性判定 2.1 2.2 2.3 2.4 重大性议题识别 影响重要性评估 财务重要性评估 重大性议题判定结果 可持续发展管理 3.1 3.2 3.3 3.4 ESG治理 ESG战略 ESG风险和机遇管理 ESG指标与目标 4.1 4.2 4.3 公司治理 内控合规 商业道德 社会篇 环境篇 6 附 录 关键绩效表 上交所指引索引 GRI索引 法律法规标准索引 ESG报告独立鉴证声明 读者反馈表 治理篇 2 3 5 4 1 5.1 5.2 5.3 卓越产品 责任采购 员工共进 5.4 产业合作 5.5 社区公益 6.1 6.2 环境管理 应对气候变化 6.3 绿色运营 6.4 原材料使用 6.5 生态保护 前 言 关于本报告 董事长致辞 1 关于本报告 本报告是兆易创新科技集团股份有限公司发布的第四份环境、社会和公司治理（简称" ...