金融界5月8日消息，上证指数低开高走，中华交易服务半导体芯片行业指数 (中华半导体芯片，990001) 下跌0.58%，报8834.95点，成交额314.44亿元。 数据统计显示，中华交易服务半导体芯片行业指数近一个月上涨12.38%，近三个月上涨1.16%，年至今 上涨5.84%。 据了解，中华半导体芯片为证券价格指数，旨在追踪沪深市场半导体芯片行业上市公司的整体表现，相 关公司经营范围涵盖半导体芯片材料、设备、设计、制造、封装和测试。该指数以2011年12月30日为基 日，以2000.0点为基点。 从指数持仓来看，中华交易服务半导体芯片行业指数十大权重分别为：中芯国际（9.44%）、寒武纪 （7.74%）、北方华创（7.54%）、海光信息（7.16%）、韦尔股份（5.9%）、澜起科技（4.69%）、兆 易创新（4.47%）、中微公司（4.37%）、长电科技（2.59%）、紫光国微（2.37%）。 从中华交易服务半导体芯片行业指数持仓的市场板块来看，上海证券交易所占比77.30%、深圳证券交 易所占比22.70%。 从中华交易服务半导体芯片行业指数持仓样本的行业来看，集成电路占比70.34%、半导体材料与设 ...

电子 | 证券研究报告 — 调整盈利预测 2025 年 5 月 8 日 603986.SH 资料来源：公司公告， Wind ，中银证券 以 2025 年 5 月 7 日收市价为标准 相关研究报告 《兆易创新》20241106 《兆易创新》20240821 《兆易创新》20240423 中银国际证券股份有限公司 具备证券投资咨询业务资格 电子：半导体 证券分析师：苏凌瑶 增持 原评级：增持 市场价格:人民币 130.35 板块评级:强于大市 股价表现 (%) 今年 至今 1 个月 3 个月 12 个月 绝对 26.6 25.1 (5.9) 55.1 相对上证综指 24.1 17.1 (7.1) 48.9 发行股数 (百万) 664.06 流通股 (百万) 662.99 (21%) (2%) 17% 36% 55% 74% May-24 Jun-24 Jul-24 Aug-24 Sep-24 Oct-24 Nov-24 Dec-24 Jan-25 Mar-25 Apr-25 May-25 兆易创新 上证综指 | 流通股 (百万) | 662.99 | | --- | --- | | 总市值 (人民币 百万) | ...

传感器PC 应用拓展，外延收购拓宽模拟产品线。24 年公司传感器营收4.48亿元(YoY+27.20%)，毛利率 16.46% (YoY+0.46pct) ，其中手机市场份额持续增长，PC 领域进一步拓展：推出两款PC 指纹识别解决 方案并进入微软AVL 准入供应商名单。此外，公司外延收购苏州赛芯以加强电池管理和锂电保护等领 域技术储备，模拟产品线持续丰富。 投资建议：我们看好公司逐步构建的存储/MCU/传感器+模拟全面解决方案德多维增长空间，根据24 年 及1Q25 情况略调整费用率，预计25-27 公司归母净利润15.73//20.49/24.62 亿元（前值16.27/20.47 亿 元），当前股价对应PE 倍数为55/42/35 倍，维持"优于大市"评级。 风险提示：下游需求不及预期；新产品开发不及预期；国际关系恶化等。 1Q25 营收实现同环比增长。公司主要产品包括存储器、微控制器和传感器；其中存储器分为SPI NOR、SLC NAND 和DRAM，微控制器包括ARM 核和RISC-V 开源内核MCU，传感器包括触控和指纹 识别芯片。受益于行业回暖，公司24 年实现营收73.56 亿元(YoY+27 ...

首先是毛利率与净利率双双下滑，好在降幅不大：一季度毛利率为37.44%，同比下降1.88个百分点；净利率12.56%，同比微降0.22个百分点。 作者：周源/华尔街见闻 兆易创新今年一季度业绩看上去很美，但应收账款和有息负债同比增幅较大，显示未来业绩增长可能承压。但供应链人士告诉华尔街见闻，这种可能性不 大，"兆易创新业务质地不错，就国内来说，属于第一梯队。" 2022-2023年，兆易创新业绩经历两年下滑态势：2022年利润下滑12.16%至20.53亿元，2023年净利润暴跌92.15%至区区1.61亿元。 这种惨相，在2024年得以扭转，并在2025年第一季度，继续了2024年的业绩景气度。但2024年盈利水平仅为2022年的53.72%，好在经营现金流和净现比指 标非常健康。 2024年和2025年一季度，兆易创新经营现金流分别为20.32亿元和3.36亿元（这个指标有点小问题，后文会提），均超同期净利润，净现比（经营现金流/净 利润）分别为1.84和1.43；在兆易创新利润最高的2021年，净现比仅0.97。 财报显示，兆易创新在今年Q1实现营业总收入19.09亿元，同比增长17.32%；归母净利润 ...

证券代码：603986 证券简称：兆易创新 公告编号：2025-021 兆易创新科技集团股份有限公司 关于 2020 年股票期权与限制性股票激励计划 限制性股票第四期解除限售暨上市公告 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、准确性和完整性依法承担法律责任。 重要内容提示： 本次股票上市类型为股权激励股份；股票认购方式为网下，上市股数为 728,707股。 3. 2021 年 1 月 14 日，公司第三届董事会第二十一次会议和第三届监事会 第十九次会议审议通过了《关于向激励对象授予股票期权与限制性股票的议案》。 公司独立董事对此发表了独立意见，认为激励对象主体资格确认办法合法有效， 确定的授予日符合相关规定。 4. 2021 年 5 月 25 日，公司第三届董事会第二十五次会议和第三届监事会 第二十三次会议审议通过了《关于调整 2020 年股票期权与限制性股票激励计划 相关事项的议案》，公司独立董事就相关议案发表了独立意见，律师出具法律意 见书。 5. 2021 年 10 月 26 日，公司第三届董事会第三十次会议和第三届监事会第 二十八次会议审议 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported significant growth in both revenue and net profit for 2024, with revenue reaching 7.356 billion yuan (up 27.69% year-over-year) and net profit of 1.103 billion yuan (up 584.21% year-over-year) [6] - The company aims to maintain its market share, with a record product shipment of 4.362 billion units in 2024, representing a 39.72% year-over-year increase [6] - The company’s DRAM products saw a doubling in sales volume, while NOR Flash products continued to grow in various sectors, contributing to overall revenue growth [6] - The MCU product line achieved historical highs in both revenue and shipment, with significant contributions from the consumer and industrial markets [6] - The company is positioned to benefit from the expected growth in the NOR Flash market, projected to reach $2.699 billion in 2024, with a year-over-year growth of 19.74% [6] - The company plans to enhance its MCU product offerings, particularly in the automotive sector, with a planned investment of approximately 1.2 billion yuan for R&D and industrialization [7] Summary by Sections Financial Performance - In 2024, the company achieved total revenue of 7.356 billion yuan, with a gross margin of 38.00% [6] - For Q1 2025, revenue was 1.909 billion yuan, reflecting a year-over-year increase of 17.32% [6] - The company forecasts revenues of 9.416 billion yuan, 11.655 billion yuan, and 14.178 billion yuan for 2025, 2026, and 2027 respectively [7] Market Position - The company holds the second position globally in Serial NOR Flash market share as of 2024 [6] - The company’s DRAM products include DDR3L and DDR4, with significant growth in both product lines [6] - The MCU product line is a strategic focus, with the company ranked first in China for 32-bit Arm® general-purpose MCUs [6] Future Outlook - The company expects continued growth in its niche DRAM and MCU segments, with a long-term focus on domestic market expansion [7] - The projected PE ratios for 2025, 2026, and 2027 are 56.50, 43.80, and 35.89 respectively, indicating a favorable valuation outlook [7]

Core Viewpoint - The company reported significant growth in revenue and net profit for 2024, driven by increased demand in various sectors, including consumer electronics, networking, and computing [1][2]. Financial Performance - The company achieved a total revenue of 7.356 billion (YoY +27.69%) and a net profit attributable to shareholders of 1.103 billion (YoY +584.21%) for the year 2024 [1][2]. - In Q1 2025, the company reported revenue of 1.909 billion (YoY +17.32%, QoQ +11.88%) and a net profit of 0.235 billion (YoY +14.57%, QoQ -13.24%) [1][2]. Market Demand and Product Performance - The demand in the downstream market has been recovering, leading to steady performance improvements [2]. - The company achieved a record shipment volume of 4.362 billion units in 2024, with significant growth in NOR Flash products across various sectors [2]. - The company's self-branded DRAM products saw multiple-fold growth in revenue and shipment volume, increasing market share [2]. - MCU products also experienced good growth in revenue and shipment volume, reaching historical highs due to demand from energy and optical modules [2]. Business Development and Future Outlook - The company is enhancing its DRAM product lineup, with plans to introduce LPDDR5 in the second half of 2025 [3]. - In the NOR Flash market, the company ranks second globally and aims to expand its presence in industrial and automotive sectors while exploring overseas markets [3]. - The company has successfully mass-produced over 700 MCU products and plans to invest approximately 1.2 billion in automotive MCU chip development [3]. - The company will focus on integrating its analog product business with Suzhou Saixin to enhance profitability and market coverage [3]. Investment Recommendations - Based on financial data, the company adjusted its profit forecast for 2025-2027, estimating net profits of 1.542 billion, 2.089 billion, and 2.581 billion respectively [4]. - The company is assigned a target price of 150.8 based on a 65x PE ratio for 2025, maintaining a strong buy rating [4].

金十数据4月29日讯，兆易创新高管在业绩说明会上表示，2025年一季度末至二季度初，利基型DRAM 的部分产品出现了需求回暖和价格上扬的情况。随着行业头部厂商的减产，供给已经有所减少，利基型 产品的供需正在走向相对平衡，甚至部分产品已经呈现出需求略多于供给的局面，预计这个状态会在短 期持续。预计未来利基型产品与主流型产品的价格波动关联性会有所降低、甚至逐渐脱钩。 兆易创新：利基型内存部分产品需求回暖 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown strong revenue growth, with a 2024 revenue of 7.36 billion yuan, representing a year-over-year increase of 27.69%. The net profit for the same year reached 1.103 billion yuan, a significant increase of 584.21% year-over-year. In Q1 2025, the company achieved a revenue of 1.909 billion yuan, up 17.32% year-over-year and 11.88% quarter-over-quarter, with a net profit of 235 million yuan, reflecting a year-over-year increase of 14.57% [4][5] - The company is benefiting from the recovery in downstream market demand, with significant growth in revenue and sales across various sectors including consumer electronics, networking, and computing. The company is also poised to benefit from trends in AI and electric vehicle intelligence [4][5] Financial Summary and Valuation Indicators - The company is projected to achieve revenues of 9.478 billion yuan in 2025 and 11.664 billion yuan in 2026, with corresponding net profits of 1.692 billion yuan and 2.155 billion yuan respectively. The projected P/E ratios for 2025 and 2026 are 44 and 35 times respectively [7][9] - The gross margin is expected to improve to 41.2% in 2025 and 41.3% in 2026, while the net profit margin is projected to be 17.9% and 18.5% for the same years [7][9] - The company’s ROE is expected to rise to 9.2% in 2025 and 10.5% in 2026, indicating improved profitability [7][9]

Group 1 - The company Zhaoyi Innovation reached the daily limit increase in stock price, indicating strong market interest and investor confidence [1] - The trading volume exceeded 5.1 billion yuan, reflecting significant liquidity and active trading in the stock [1]