证券代码：603986 证券简称：兆易创新 公告编号：2024-074 本议案具体内容请详见同日刊登在《中国证券报》及上海证券交易所网站 （http://www.sse.com.cn）上的《兆易创新关于以集中竞价交易方式回购股份并注销 暨落实"提质增效重回报"行动方案的公告》（公告编号：2024-075）。 表决结果：3票同意、0票反对、0票弃权。 本议案尚需提交公司股东大会审议。 特此公告。 兆易创新科技集团股份有限公司监事会 兆易创新科技集团股份有限公司 第四届监事会第十九次会议决议公告 本公司监事会及全体监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"）于 2024 年 9 月 2 日以现 场结合通讯方式召开第四届监事会第十九次会议（以下简称"本次会议"）。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、 ...

兆易创新科技集团股份有限公司 公司以发起方式设立，于 2012 年 12 月 28 日在北京市工商行政管理局注册登记。统一社 会信用代码：91110108773369432Y。 1 1 为维护兆易创新科技集团股份有限公司（以下简称"兆易创新"或"公司"）、股东和债权人 的合法权益，规范公司的组织和行为，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》"）和其他有关规定，制 订本章程。 2 兆易创新系依照《公司法》和其他有关规定，由北京兆易创新科技有限公司整体变更发 起设立的股份有限公司，北京兆易创新科技有限公司原有各股东为公司的发起人。 3 公司于 2016 年 7 月 22 经中国证券监督管理委员会（以下简称"中国证监会"）核准，首次 向社会公众公开发行人民币普通股 2500 万股，于 2016 年 8 月 18 日在上海证券交易所上 市。 4 公司注册名称：兆易创新科技集团股份有限公司 英文名称：GigaDevice Semiconductor Inc. 5 公司住所：北京市海淀区丰豪东路 9 号院 8 号楼 1 至 5 层 101 6 公司注册资本 ...

2024 年 2 月，兆易创新科技集团股份有限公司（以下简称"公司"）与北京 石溪清流私募基金管理有限公司（以下简称"管理人"）合作设立合肥石溪兆易 创智创业投资基金合伙企业（有限合伙）（以下简称"基金"）。基金总认缴出 资额为人民币 10 亿元，公司作为有限合伙人以自有资金认缴出资 3 亿元，占基 金认缴出资总额的 30%。基金已完成工商登记和备案。具体内容请详见公司 2024 年 1 月 31 日、2024 年 4 月 4 日、2024 年 6 月 22 日披露的关于参与投资私募股 权投资基金的公告及进展公告（公告编号：2024-009、2024-026、2024-058）。 证券代码：603986 证券简称：兆易创新 公告编号：2024-072 兆易创新科技集团股份有限公司 关于参与投资私募股权投资基金的进展公告 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 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。 一、对外投资概述 二、基金进展情况 2024 年 8 月，公司收到管理人关于基金拟新增募集相关的变更通知，公司 作为参与基金前期募集的有限合伙人，已与其他合伙人共 ...

丨证券研究报告丨 公司研究丨点评报告丨兆易创新（603986.SH） [Table_Title] 顺周期演绎，业绩持续兑现 报告要点 | --- | |------------------------------------------------------------------------------------------------| | [Table_Summary] 2024H1 公司实现营收 36.09 亿元、同比+21.69%；归母净利润 5.17 亿元、同比+53.88% | | 非归母净利润 4.73 亿元、同比+71.87%。2024Q2 公司实现营收 19.82 亿元、同比 | | 环比+21.78%；归母净利润 3.12 亿元、同比+67.95%、环比+52.46%；扣非归母净利润 | | 元、同比+99.25%、环比+57.66%。 | 分析师及联系人 [Table_Author] SAC：S0490517070012 SAC：S0490523120002 SFC：BUW100 杨洋 张梦杰 兆易创新（603986.SH） cjzqdt11111 [Table_Title2] 顺 ...

Investment Rating - The investment rating for the company is "Buy" with a target return exceeding 10% relative to the CSI 300 index over the next six months [7]. Core Insights - The company reported a revenue of 3.609 billion yuan for the first half of 2024, representing a year-on-year increase of 21.69%, and a net profit attributable to shareholders of 517 million yuan, up 53.88% year-on-year [1]. - The semiconductor industry is experiencing a recovery, with demand in consumer and networking markets driving sales and revenue growth for the company's storage chips [1]. - The company maintains a market share-focused strategy, continuously investing in R&D and product iteration, leading to improved competitiveness across all product lines [1]. - The gross profit margin for the first half of 2024 was 38.16%, an increase of 4.72 percentage points year-on-year [1]. Financial Performance Summary - For Q2 2024, the company achieved a revenue of 1.982 billion yuan, a year-on-year increase of 21.99% and a quarter-on-quarter increase of 21.78%. The net profit for the same period was 312 million yuan, up 67.95% year-on-year and 52.46% quarter-on-quarter [1]. - The company's gross profit margin for Q2 was 38.15%, reflecting a year-on-year increase of 8.70 percentage points [1]. - The company's sales, management, finance, and R&D expense ratios were 4.72%, 6.21%, -4.92%, and 16.30%, respectively, with year-on-year changes of 0.39 percentage points, 0.41 percentage points, 1.77 percentage points, and 0.21 percentage points [1]. Product Line Insights - The company is a leading manufacturer of NOR Flash, maintaining technological and market advantages, particularly in automotive applications [2]. - The NAND Flash segment has seen the full-scale production of 38nm and 24nm processes, with a capacity range of 1Gb to 8Gb [2]. - The DRAM segment has benefited from increased investment in high-end products by overseas manufacturers, leading to improved supply-demand dynamics and price increases for niche products [2]. Future Projections - Revenue projections for 2024, 2025, and 2026 are 7.334 billion yuan, 9.045 billion yuan, and 10.467 billion yuan, respectively, with net profits of 1.021 billion yuan, 1.504 billion yuan, and 1.940 billion yuan [3]. - The corresponding price-to-earnings ratios for these years are expected to be 47x, 32x, and 25x [3].

Investment Rating - The report maintains a "Buy" rating for the company, with a target price based on expected earnings growth and market conditions [3]. Core Insights - The company reported a significant improvement in Q2 performance, with revenue of 3.609 billion yuan, a year-on-year increase of 21.69%, and a net profit of approximately 517 million yuan, up 53.88% year-on-year [2][3]. - The company continues to benefit from the recovery in the storage cycle, with a notable increase in demand from downstream markets, particularly in consumer electronics and networking [2][3]. - The company has enhanced its market position in the Serial NOR Flash segment, achieving a global market share ranking of second in 2023 [2]. Financial Performance Summary - For the first half of 2024, the company achieved revenue of 3.609 billion yuan, with a year-on-year growth of 21.69%, and a net profit of approximately 517 million yuan, reflecting a year-on-year increase of 53.88% [2][3]. - The company forecasts revenues of 7.341 billion yuan, 9.667 billion yuan, and 11.726 billion yuan for 2024, 2025, and 2026 respectively, with year-on-year growth rates of 27.4%, 31.7%, and 21.3% [3][4]. - The projected net profits for the same years are 1.147 billion yuan, 1.651 billion yuan, and 2.113 billion yuan, with corresponding year-on-year growth rates of 612.0%, 43.9%, and 28.0% [3][4]. Market Position and Product Development - The company is the leading supplier of 32-bit Arm® general-purpose MCUs in China, with a diverse product line that includes low-power, value, and high-performance series [2]. - The company is actively expanding its presence in the DRAM market, focusing on niche products and has introduced DDR4 and DDR3L products to cater to consumer electronics and industrial applications [2][3]. - The NOR Flash market is projected to grow from approximately 2.69 billion USD in 2024 to 3.6 billion USD by 2029, with a CAGR of 6%, indicating a favorable market environment for the company [2].

华福证券 兆易创新（603986.SH） Q2 营收持续上扬，多业务线陆续改善 投资要点： 公司公告：公司 24H1 实现营业收入约 36.1 亿元，同比+22%；24H1 归母净利润约 5.2 亿元，同比+54%；24H1 扣非归母净利润 4.7 亿元，同比 +72%。公司 24Q2 实现营业收入约 19.8 亿元，同比+22%，环比+22%；24Q2 归母净利润约 3.1 亿元，同比+68%，环比 52%；24Q2 扣非归母净利润 2.9 亿元，同比+99%，环比+58%。 市占优先战略驱动营收高增，毛利率企稳或受现货需求影响。公司 24H1 营业收入同比增加 21.69%，主因 23 年市场需求低迷和库存逐步去化 后，24H1 消费、网通市场出现需求回暖，带动公司存储芯片的产品销量和 营收增长；而在经营层面，公司继续保持以市占率为中心的策略，持续进 行研发投入和产品迭代，公司多条产品线竞争力不断增强，促进产品销量 和营收增长。公司 Q2 毛利率为 38.15%，较 Q1 的 38.16%基本持平。我们 认为，公司 Q2 毛利涨势放缓，或受近期存储现货需求走弱，现货价下跌 影响。但旺宏则表示 Q3 nor ...

Investment Rating - The report assigns a "Buy-A" rating for the company, indicating a positive outlook for its stock performance in the coming months [1][5]. Core Views - The company has shown continuous improvement in its performance, with a significant increase in revenue and net profit driven by a recovery in downstream demand and an increase in storage product shipments [1][4]. - The company is well-positioned for long-term stable growth due to its diversified product lines and ongoing market expansion efforts [1][4][5]. Financial Performance - In the first half of 2024, the company achieved revenue of 36.09 billion yuan, a year-on-year increase of 21.69%, and a net profit of 5.17 billion yuan, up 53.88% year-on-year [1]. - For Q2 2024, the company reported revenue of 19.82 billion yuan, reflecting a year-on-year growth of 21.99% and a quarter-on-quarter increase of 21.78% [1]. - The gross margin improved to 38.16%, up 4.73 percentage points year-on-year, attributed to product structure optimization and cost reduction efforts [1][4]. Product Line and Market Strategy - The company has made significant advancements in its product lines, including DRAM, NOR Flash, SLC NAND, microcontrollers (MCUs), and sensors, with a focus on high-potential markets such as automotive and industrial automation [2][4]. - The company is recognized as the second-largest NOR Flash supplier globally, with a comprehensive product range and a strong market position [2][4]. - The MCU segment has seen recovery in demand from both consumer and industrial clients, with a focus on expanding into automotive and industrial automation sectors [4]. Future Outlook - The company is expected to maintain robust growth, with projected EPS of 1.72, 2.46, and 3.18 for 2024, 2025, and 2026, respectively, indicating a positive earnings trajectory [5][7]. - The report anticipates a recovery in the semiconductor market, which will provide a favorable external environment for the company's growth [4][5].

[Table_Main] 公司研究|信息技术|半导体与半导体生产设备 证券研究报告 兆易创新(603986)公司点评报告 2024 年 08 月 23 日 [Table_Title] Q3"旺季不旺"的预期无碍公司后继成长 ——公司 24 年中报业绩点评 [Table_Invest]买入|维持 [Table_Summary] 报告要点： 8 月 20 日，公司发布 2024 年中报。2024H1，公司营收实现 36.09 亿 元，YoY+21.69%；归母净利实现 5.17 亿元，YoY+53.88%；毛利率和净利 率分别为 38.16%和 14.33%。单季度 2Q24 来看，公司营收实现 19.82 亿 元，YoY+21.99%；归母净利实现 3.12 亿元，YoY+67.95%；毛利率和净利 率分别为 38.15%和 15.75%。 Nor Flash 业务，消费电子、网通和安防等需求复苏下，Q2 需求增长 较好，公司作为全球第二大 SPI Nor Flash 厂商，产品出货和营收增长较 快，上半年营收同比 40%以上。Q2 受供给趋紧，Nor 价格稳中有升，公司 毛利率较去年同期小幅上升。展望 Q3， ...

Investment Rating - The report maintains a "Buy" rating for the company, with an expectation of continued growth in niche memory and MCU market share [1] Core Views - The company's 24Q2 net profit attributable to parent company increased by 52% QoQ, driven by improved profitability and recovery in consumer/network communication demand [1] - Revenue for 24H1 reached 3.609 billion yuan, up 21.69% YoY, with net profit attributable to parent company increasing by 53.88% YoY [7] - The company's Serial Nor Flash holds the second global market share (2023), and its MCU ranks seventh globally (2022) [1] Financial Performance Revenue and Profit - 24Q2 revenue reached 1.982 billion yuan, up 21.78% QoQ, with net profit attributable to parent company at 312 million yuan, up 52.46% QoQ [5] - 24H1 storage chip revenue accounted for 72% of total revenue, reaching 2.605 billion yuan, up 115% YoY [1] - MCU revenue in 24H1 was 805 million yuan, accounting for 22% of total revenue, up 187% YoY [1] Profitability - 24Q2 gross margin was 38.15%, slightly down 0.01pct QoQ, while net margin improved by 3.17pct to 15.75% [5] - Storage chip gross margin improved to 39.24% in 24H1, up from 33.00% in 2023 [1] Future Projections - Expected net profit attributable to parent company for 24-26E is 1.054/1.470/1.914 billion yuan, with corresponding P/E ratios of 50.1/35.9/27.6x [1] - Revenue growth is projected at 29.1%/24.1%/14.5% for 24E/25E/26E [1] Business Segments Storage Chips - The company's self-developed DDR3L and DDR4 have covered major customers in network communication/TV fields, with 8Gb DRAM successfully taped out [1] - NAND capacity covers 1Gb~8Gb, achieving full product coverage in consumer/industrial/automotive fields [1] MCU - MCU business is expected to benefit from industrial market demand recovery in 24H2 [1] - Automotive-grade product solutions have been applied in batches by multiple car manufacturers [1] Sensors - Sensor revenue in 24H1 was 192 million yuan, accounting for 5% of total revenue, up 9% YoY [1] Market Position - The company holds a strong position in the global market for Serial Nor Flash and MCU, with rapid growth in self-developed DRAM [1]