Group 1: Market Outlook - The company maintains a cautiously optimistic outlook for Q3 demand, expecting growth compared to Q2, despite a slowdown in consumer demand recovery [2] - The price of storage products is expected to remain stable in Q3, with no significant fluctuations anticipated in Q4 due to the traditional off-season [4] - The company is actively monitoring market demand and will seize more business opportunities [2] Group 2: Product Performance - The DRAM business achieved significant growth in H1 2024, with procurement amounting to approximately 450 million, a substantial increase compared to H1 2023 [4] - The company’s MCU products saw high shipment volumes in Q2, nearing historical highs, with expectations to exceed previous records for the full year [6] - The company’s NOR Flash and SLC NAND Flash prices are expected to remain stable, with no significant demand hotspots currently observed [3] Group 3: Cost and Pricing Strategies - The company anticipates a 5% to 10% price increase from wafer foundries, which may impact financial data in Q3 or Q4 [3] - The gross margin for various product lines remained stable in H1 2024, with minor fluctuations due to product structure changes [4] - The company is focused on optimizing inventory structure and maintaining reasonable inventory levels in response to rising foundry costs [3] Group 4: R&D and Innovation - The company plans to invest approximately 15% of its revenue in R&D, with the MCU business receiving the largest share of investment [12] - New DRAM products, including 8Gb capacity, are in sample and small-batch production stages, with mass production expected next year [6] - The establishment of Qingyun Technology aims to develop customized DRAM solutions to meet specific market demands [7] Group 5: Inventory Management - The company reported inventory impairment provisions of approximately 34 million in Q1 and 42 million in Q2, with no significant changes relative to overall inventory volume [5] - The inventory structure is improving, with a reduction in long-aged inventory and an increase in short-aged inventory [5] - The company’s overall inventory has slightly decreased but remains within normal ranges, with a focus on short-aged and newly produced products [12]

证券研究报告 | 公司动态点评 2024 年 08 月 21 日 兆易创新（603986.SH） 24Q2 归母净利润环比+52%，加速提升利基型存储&MCU 市占率 财务指标 2022A 2023A 2024E 2025E 2026E 消费/网通市场需求回暖，24Q2 归母净利润环比增长 52%，盈利能力改善。 24H1 营收 36.09 亿元，同比增长 21.69%，归母净利润 5.17 亿元，同比增 长 53.88%，扣非归母净利润 4.73 亿元，同比增长 71.87%。营收同比增长 主要受益于消费/网通市场需求回暖，存储芯片销量增长。 24Q2 单季度营收 19.82 亿元，环比增长 21.78%，归母净利润 3.12 亿元， 环比增长 52.46%，扣非归母净利润 2.90 亿元，环比增长 57.66%；毛利率 38.15%，环比小幅下降 0.01pct，净利率 15.75%，环比提升 3.17pct，扣非 归母净利率 14.62%，环比提升 3.33pct。净利率环比提升主要受益于随着营 收环比增长，研发费用率环比下降 2.41pct。 利基型存储量价齐升，工业领域需求复苏拉动 MCU出货同比增 ...

Investment Rating - The report maintains a "Strong Buy" rating for the company, expecting it to outperform the benchmark index by over 20% in the next six months [3][12]. Core Views - The company achieved a revenue of 3.609 billion yuan in 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][3]. - The recovery in downstream demand has led to a steady improvement in profitability, with the net profit margin reaching 15.75% in Q2 2024, an increase of 4.31 percentage points year-on-year [1][3]. - The company is focusing on diversifying its product matrix and enhancing its competitive edge through continuous R&D investment and product iteration [1][3]. Summary by Sections Financial Performance - In H1 2024, the company reported a revenue of 3.609 billion yuan (yoy +21.69%) and a net profit of 517 million yuan (yoy +53.88%), with a non-recurring net profit of 473 million yuan (yoy +71.87%) [1][3]. - For Q2 2024, the revenue was 1.982 billion yuan (yoy +21.99%, qoq +21.78%), and the net profit was 312 million yuan (yoy +67.95%, qoq +52.46%) [1][3]. Market Demand and Product Development - The recovery in demand is primarily driven by the Flash and DRAM segments, with significant growth in automotive and industrial applications [1][3]. - The company has successfully launched new product lines in Flash, DRAM, and MCU, enhancing its market presence and product offerings [1][3]. Share Buyback Proposal - The controlling shareholder proposed a share buyback of no less than 150 million yuan and no more than 200 million yuan, reflecting confidence in the company's long-term development [1][3]. Valuation and Future Outlook - The company is projected to achieve net profits of 1.15 billion yuan, 1.62 billion yuan, and 1.97 billion yuan for 2024, 2025, and 2026 respectively, with a target price of 97.57 yuan based on a 40x PE ratio for 2025 [3][4].

Investment Rating - Maintain "Recommend" rating for the company [1][4] Core Views - The company's 2024 interim results met expectations, with H1 revenue reaching 36.09 billion yuan, a year-on-year increase of 22%, and net profit attributable to the parent company of 5.17 billion yuan, a year-on-year increase of 54% [2] - In Q2 2024, the company achieved revenue of 19.82 billion yuan, a year-on-year increase of 22%, and net profit attributable to the parent company of 3.12 billion yuan, a year-on-year increase of 68% [2] - The company's gross profit margin in H1 2024 reached 38.16%, an increase of 4.74 percentage points year-on-year, and the net profit margin increased to 14.33%, up 3.0 percentage points year-on-year [3] - The company's market share continues to expand, with orders on hand reaching 20.8 billion yuan as of Q2 2024, expected to be fully converted into revenue within the year [3] Financial Performance - Revenue is expected to grow from 57.61 billion yuan in 2023 to 105.92 billion yuan in 2026, with a compound annual growth rate of 22.5% [2] - Net profit attributable to the parent company is forecasted to increase from 1.61 billion yuan in 2023 to 19.65 billion yuan in 2026, with a significant year-on-year growth of 624.22% in 2024 [2] - The gross profit margin is expected to rise from 34.42% in 2023 to 42.82% in 2026, reflecting improved profitability [2] - The company's EPS is projected to grow from 0.24 yuan in 2023 to 2.95 yuan in 2026 [2] Business Segments - In H1 2024, the storage business contributed 26.05 billion yuan in revenue, a year-on-year increase of 29%, driven by DRAM market recovery and product competitiveness [3] - The MCU business generated 8.05 billion yuan in revenue, a year-on-year increase of 4%, with over 600 product models covering multiple process nodes [3] - The sensor business achieved revenue of 1.92 billion yuan, a year-on-year increase of 9%, with the subsidiary Silan Microelectronics turning a profit in H1 2024 [3] Market Strategy - The company prioritizes market share expansion, with a focus on DRAM, MCU, and sensor segments, leveraging product competitiveness and cost control [3] - The company has optimized its DRAM product lines, covering DDR3 and DDR4, and expanded applications in network communication, TV, and automotive sectors [3] - In the Flash segment, the company has achieved full coverage of automotive-grade products and expanded into industrial and network communication markets [3]

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][3] Core Views - The company achieved significant year-on-year growth in revenue and net profit for the first half of 2024, with revenue reaching 3.609 billion yuan, up 21.69% YOY, and net profit of 517 million yuan, up 53.88% YOY. The second quarter alone saw revenue of 1.982 billion yuan, up 21.99% YOY and 21.78% QOQ, with net profit of 312 million yuan, up 67.95% YOY and 52.46% QOQ. The forecast for net profit for 2024-2026 has been slightly adjusted downwards due to market recovery not meeting expectations, with projected figures of 1.138 billion, 1.586 billion, and 2.073 billion yuan respectively [3][4] Financial Performance Summary - In 2024H1, the company reported a revenue of 3.609 billion yuan, a 21.69% increase YOY, and a net profit of 517 million yuan, a 53.88% increase YOY. The second quarter saw a revenue of 1.982 billion yuan, a 21.99% increase YOY, and a net profit of 312 million yuan, a 67.95% increase YOY [3] - The company’s revenue and net profit projections for 2024E, 2025E, and 2026E are 7.544 billion yuan, 9.301 billion yuan, and 11.819 billion yuan respectively, with corresponding net profits of 1.138 billion yuan, 1.586 billion yuan, and 2.073 billion yuan [6][10] - The company’s gross margin is projected to improve from 35.4% in 2024E to 38.5% in 2026E, while net margin is expected to rise from 15.1% to 17.5% over the same period [6][11] Market and Product Insights - The company has seen a recovery in demand for its Flash products, with significant growth in overall shipment volume and revenue in the consumer and networking markets during 2024H1. The self-branded DRAM products have also expanded their market presence, with increased customer transactions and sales in various applications [4] - In the MCU segment, the company launched new low-power, value, and high-performance product lines, contributing to revenue growth in consumer and industrial markets. The automotive sector has seen substantial growth, with the company’s automotive MCU products being adopted by several leading manufacturers [5]

分析师：邹臣 登记编码：S0730523100001 zouchen@ccnew.com 021-50581991 半导体 DRAM 市场拓展顺利，MCU 不断丰 富产品矩阵 ——兆易创新(603986)中报点评 | --- | --- | --- | |---------------------|---------------------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| | 证券研究报告 | - 中报点评 | 买入 ( 维持 ) | | 市场数据 | (2024-08-21) | 发布日期： 2024 年 08 月 22 日 | | 收盘价 ( 元 ) | 73.99 | 事件 ...

本报告仅供 Choice 东方财富 使用，请勿传阅。 2024 年 08 月 22 日 兆易创新(603986.SH) 一、二季度经营环比持续改善，平台化 能力厚积薄发 事件： 公司发布 2024 年半年度报告，上半年营收 36.09 亿元，同比增长 21.69%；归母净利润 5.17 亿元，同比增长 53.88%；归母扣非净 利润 4.73 亿元，同比增长 71.87%。 存储产品能力平台化，汽车、网通、TV 等多领域均有看点 根据公告内容，上半年存储产品线：1）FLASH：围绕大容量、高 性能、低功耗/低电压、小封装、高安全、高可靠、车规级等技术 需求，持续丰富产品矩阵、提升技术能级；SPI NOR 车规产品 2Mb~2Gb 容量全线铺齐，55nm 工艺节点全系量产并迭代制程；NAND 38nm 和 24nm 全面量产，24nm 为主，覆盖 1Gb~8Gb；2）DRAM： DDR4、DDR3L 产品，在网络通信、电视、机顶盒、工业、智慧家庭 等领域广泛应用，已覆盖网络通信、TV 等主要客户群。汽车市场 方面，公司车规闪存产品出货量保持良好增长。 MCU 产品矩阵持续丰富，光伏、工控、光模块等需求较好 根据 ...

投资评级:增持(维持) 核心观点 | --- | --- | |------------------------|------------| | | | | 基本数据 | | | | 2024-08-21 | | 收盘价 ( 元 ) | 73.99 | | 流通股本 ( 亿股 ) | 6.65 | | 每股净资产 ( 元 ) | 23.44 | | 总股本 ( 亿股 ) | 6.66 | | 最近 12 月市场表现 | | -37% -25% -14% -3% 8% 19% 兆易创新 沪深300 半导体 分析师 张益敏 SAC 证书编号：S0160522070002 zhangym02@ctsec.com 分析师 吴姣晨 SAC 证书编号：S0160522090001 wujc01@ctsec.com 相关报告 1. 《各产品线边际改善，端侧 AI 引领 容量高需求》 2024-06-12 2. 《存储价格有望触底，产品多元静待 复苏》 2023-06-14 3. 《国家存储器龙头初长成》 2018- 04-17 自研 DRAM 拓客效果明显，二季度表现亮眼 证券研究报告 ❖ 事件： 2024 年上半年，公司 ...

Investment Rating - The report maintains a "Recommended" rating for the company, indicating expected strong performance relative to the market over the next six months [4][10]. Core Insights - The company has shown significant recovery in profitability, with a 21.69% year-on-year increase in revenue to 3.609 billion yuan and a 53.88% increase in net profit to 517 million yuan for the first half of 2024 [4][5]. - The demand in downstream markets, particularly in consumer and network communication sectors, has improved, leading to increased sales of storage chips [5][6]. - The company has successfully expanded its product matrix in microcontrollers, with a notable increase in revenue contributions from both consumer and industrial markets [8][10]. Summary by Sections Financial Performance - For the first half of 2024, the company achieved revenue of 3.609 billion yuan, up 21.69% year-on-year, and a net profit of 517 million yuan, up 53.88% year-on-year [4][5]. - The gross margin and net margin for the first half of 2024 were 38.16% and 14.33%, respectively [5]. - The second quarter of 2024 saw revenue of 1.982 billion yuan, a year-on-year increase of 21.99%, and a net profit of 312 million yuan, up 67.95% year-on-year [5]. Business Segments - The storage chip business generated 2.605 billion yuan in revenue, a 29.41% increase year-on-year [5][6]. - The microcontroller business achieved revenue of 805 million yuan, up 4.34% year-on-year, while the sensor business brought in 192 million yuan, up 8.76% year-on-year [5][8]. - The company has expanded its NOR Flash product offerings, which have been recognized for their low power consumption and have been certified for automotive applications [6][8]. Future Projections - The company expects earnings per share (EPS) to be 1.79 yuan in 2024, 2.41 yuan in 2025, and 3.05 yuan in 2026, reflecting a positive growth outlook [10][11]. - The projected price-to-earnings (P/E) ratios for 2024, 2025, and 2026 are 41.2, 30.7, and 24.2, respectively, indicating a favorable valuation trend [10][11].

证券代码：603986 证券简称：兆易创新 公告编号：2024-071 兆易创新科技集团股份有限公司 关于公司控股股东、实际控制人、董事长提议 公司回购股份的公告 三、 提议的内容 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"）于 2024 年 8 月 21 日 收到公司控股股东、实际控制人、董事长朱一明先生《关于提议兆易创新科技 集团股份有限公司回购公司股份的函》，具体内容如下： 一、 提议人的基本情况及提议时间 1. 提议人：公司控股股东、实际控制人、董事长朱一明先生 2. 提议时间：2024 年 8 月 21 日 二、 提议人提议回购股份的原因和目的 朱一明先生基于对公司未来持续发展的信心和对公司长期价值的认可，为 了维护广大投资者利益，增强投资者对公司的投资信心，促进公司长远、稳定、 可持续发展，结合公司经营情况及财务状况等因素，提议公司通过集中竞价交 易方式进行股份回购，回购完毕后将依法进行注销并减少公司注册资本。 7. 回购期限：自股东会审议通过本次回购股份方案之日 ...