Investment Rating - The report assigns a "Buy" rating to the company, indicating a potential upside in the stock price [5][8]. Core Views - The company has shown strong performance in the first quarter of 2025, with revenue and net profit both recording double-digit growth despite a backdrop of declining global storage product prices. This performance is attributed to the company's position as a leader in the domestic storage sector and its expected benefits from the recovery of the semiconductor demand [5][8]. - The report anticipates a recovery in the storage and MCU (Microcontroller Unit) industries starting from the second quarter of 2025, which is expected to accelerate the company's earnings growth [5][8]. Summary by Sections Company Overview - The company operates in the electronics industry, with a stock price of 122.29 RMB as of May 16, 2025. The market capitalization is approximately 81.17 billion RMB, and the major shareholder is Zhu Yiming, holding 6.89% of shares [3]. Financial Performance - In Q1 2025, the company achieved revenue of 1.91 billion RMB, a year-over-year increase of 17.3%, and a net profit of 230 million RMB, reflecting a 14.5% increase year-over-year. The performance is notable given the overall decline in global storage market prices [8]. - The report projects net profits for 2025, 2026, and 2027 to be 1.58 billion RMB, 2.11 billion RMB, and 2.71 billion RMB, respectively, with year-over-year growth rates of 43%, 34%, and 28% [7][8]. Market Outlook - The global storage market is expected to see price increases starting in Q2 2025, driven by AI demand and capacity control by storage manufacturers. The company is positioned to benefit from this trend as a leading supplier of Nor Flash and niche DRAM products [8]. - The MCU industry is also expected to recover, with the company being the largest supplier of 32-bit MCUs in China, which is projected to experience rapid growth starting in 2025 [8]. Valuation Metrics - The current stock price corresponds to a PE ratio of 30 times for 2027, indicating a favorable valuation for potential investors [5][8].

Investment Rating - The report assigns a "Buy" rating to the company, indicating a potential upside in the stock price [5][8]. Core Views - The company has shown strong performance in the first quarter of 2025, with revenue and net profit both recording double-digit growth despite a backdrop of declining global storage product prices. This performance is attributed to the company's position as a leader in the domestic storage sector and its expected benefits from the recovery in the semiconductor demand [5][8]. - The report anticipates a continued recovery in the storage and MCU (Microcontroller Unit) industries starting from the second quarter of 2025, which is expected to accelerate the company's earnings growth [5][8]. Summary by Sections Company Overview - The company operates in the electronics industry, with a stock price of 122.29 RMB as of May 16, 2025. The stock has a 12-month high of 147.56 RMB and a low of 64.13 RMB. The total market capitalization is approximately 81.17 billion RMB [3]. Financial Performance - In Q1 2025, the company achieved revenue of 1.91 billion RMB, representing a year-over-year increase of 17.3% and a quarter-over-quarter increase of 11.9%. The net profit for the same period was 230 million RMB, with a year-over-year growth of 14.5% [8]. - The report projects net profits for 2025, 2026, and 2027 to be 1.58 billion RMB, 2.11 billion RMB, and 2.71 billion RMB, respectively, with year-over-year growth rates of 43%, 34%, and 28% [8]. Market Position and Outlook - The company is positioned as a leading player in the domestic storage market, benefiting from domestic import substitution and increasing semiconductor demand. The report highlights that the company is expected to maintain significant earnings elasticity as the industry recovers [5][8]. - The anticipated recovery in global storage prices due to AI demand and capacity control by manufacturers is expected to positively impact the company's performance [8]. Valuation Metrics - The current stock price corresponds to a price-to-earnings (P/E) ratio of 30 times for 2027, with projected P/E ratios of 52 times for 2024 and 39 times for 2025 [8].

Market Overview - The A-share market experienced a narrow fluctuation on May 19, with the Shanghai Composite Index closing flat, the Shenzhen Component Index down 0.08%, and the ChiNext Index down 0.33% [2][3] - Over 3,500 stocks in the market rose, with more than 100 stocks increasing by over 9% [5] Sector Performance - The chemical fiber sector showed strength, while the port shipping, real estate, and food processing manufacturing sectors had notable gains. Conversely, the robotics, liquor, small metals, and chemical pharmaceuticals sectors faced declines [5] - M&A concept stocks surged against the trend, with nearly 20 stocks, including Jinlihua Electric and Jiangtian Chemical, hitting the daily limit [6] Capital Flow - Main capital inflows were observed in the real estate, aerospace, and food and beverage sectors, while there were outflows from the automotive, consumer electronics, and internet services sectors [7] - Specific stocks such as Jincai Hulian, Midea Group, and Zhaoyi Innovation saw net inflows of 427 million, 379 million, and 351 million respectively [8] - In contrast, Hongbaoli, BYD, and Tongda Co. experienced net outflows of 817 million, 554 million, and 383 million respectively [9] Institutional Insights - Huatai Securities noted that the A-share market is in a weak stabilization phase of the inventory cycle, with continued capacity clearance. The market is expected to be in a state of "top and bottom" [10] - Zhongtai Securities highlighted the dividend attributes of bank stocks, recommending attention to major banks and quality city commercial banks due to improved cost-effectiveness of high dividends [10] - Huajin Securities emphasized that liquidity is loose and policies are proactive, suggesting a sustained strong oscillation in the A-share market [11]

| 排名 | 板块名称 | 主力资金净流入（亿元） | 主力资金净流入率(%) | | --- | --- | --- | --- | | – | 国防军工 | 4.28 | 1.02 | | 2 | 房地产 | 3.84 | 2.82 | | 3 | 环保 | 3.36 | 3.13 | | ব | 航运港口 | 3.30 | 1.80 | | 5 | 建筑工程 | 2.02 | 1.14 | | 排名 | 板块名称 | 主力资金净流出(亿元) | 主力资金净流出率(%) | | --- | --- | --- | --- | | 1 | 机械设备 | -22.91 | -2.34 | | 2 | 交运设备 | -21.95 | -2.76 | | 3 | 基础化工 | -19.62 | -2.88 | | ব | 电子 | -18.01 | -1.92 | | 5 | 计算机 | -14.34 | -1.93 | 星矿主力资金监控: 午后买入前十榜 (截止时间: 14时 15 分) 主力资金监控：机械设备板块净流出超22亿 | 排名 | 股票名称 | 主力资金净流入(亿元) | 主力资金净流入率(%) | ...

Market Performance - The market rebounded last week, with the China Securities Xinhua National Brand Index rising by 0.94% to 1666.03 points [1] - The Shanghai Composite Index increased by 0.76%, the Shenzhen Component Index by 0.52%, the ChiNext Index by 1.38%, and the CSI 300 Index by 1.12% [1] Strong Stock Performances - Notable strong performers in the brand index included BGI Genomics, which rose by 17.27%, and Yiling Pharmaceutical, which increased by 9.81% [1] - Other significant gainers included Stone Technology and Marubi Biological, which rose by 7.18% and 6.79%, respectively [1] Year-to-Date Stock Gains - Since the beginning of 2025, Marubi Biological has surged by 60.82%, leading the gains, followed by Shanghai Jahwa with a 46.72% increase and BGI Genomics with a 34.45% rise [2] - Other stocks with notable increases include Anji Technology, Xintai, and Weir Shares, each rising over 20% [2] Market Outlook - Institutions expect the market to refocus on domestic economic fundamentals, with a positive policy response anticipated [2][3] - The current market is viewed as being in a high cost-performance range, with significant policy support expected to stabilize the economy and market [2] Economic Data Focus - Attention is drawn to upcoming economic data, particularly export performance and the sustainability of the export supply chain recovery [3] - The prevailing market conditions are supported by policy measures and liquidity easing, which are expected to bolster the stability of the domestic economy and capital markets [3]

北京市朝阳区金和东路 20 号院正大中心 2 号楼 11-12 层 邮编：100022 电话：010-65876666 传真：010-65876666-6 北京中银律师事务所 致：兆易创新科技集团股份有限公司 北京中银律师事务所（下称"本所"）接受兆易创新科技集团股份有限公司 （下称"公司"）的委托，指派本所律师见证了公司于2025年5月16日召开的2024 年年度股东会（下称"本次股东会"），并依据《中华人民共和国公司法》《中 华人民共和国证券法》《上市公司股东会规则》等中国现行法律、法规和其他规 范性文件（以下统称"中国法律法规"）及《兆易创新科技集团股份有限公司章 程》（下称"《公司章程》"）的规定，就本次股东会的召集和召开程序、出席 会议人员资格、召集人资格、会议表决程序和表决结果等事宜（以下统称"程序 事宜"）出具本法律意见书。 为出具本法律意见书，本所律师审查了公司提供的与本次股东会相关的文件 和资料，同时听取了公司对有关事实的陈述和说明，列席了本次股东会。 公司承诺其所提供的文件及所作的陈述和说明是完整、真实和有效的，无任 何隐瞒、疏漏之处。 在本法律意见书中，本所律师根据本法律意见书出具日或以 ...

北京市朝阳区金和东路20号院正大中心2号楼11-12层 邮编：100022 电话：010-65876666 传真：010-65876666-6 北京中银律师事务所 关于兆易创新科技集团股份有限公司 未经本所书面同意，本法律意见书不得用于其他任何目的。 基于上述，根据中国法律法规的要求，按照律师行业公认的业务标准、道德 规范和勤勉尽责精神，本所谨出具法律意见如下： 一、本次股东会的召集和召开 致：兆易创新科技集团股份有限公司 北京中银律师事务所（下称"本所"）接受兆易创新科技集团股份有限公司 （下称"公司"）的委托，指派本所律师见证了公司于2025年5月16日召开的2024 年年度股东会（下称"本次股东会"），并依据《中华人民共和国公司法》《中 华人民共和国证券法》《上市公司股东会规则》等中国现行法律、法规和其他规 范性文件（以下统称"中国法律法规"）及《兆易创新科技集团股份有限公司章 程》（下称"《公司章程》"）的规定，就本次股东会的召集和召开程序、出席 会议人员资格、召集人资格、会议表决程序和表决结果等事宜（以下统称"程序 事宜"）出具本法律意见书。 为出具本法律意见书，本所律师审查了公司提供的与本次股东会 ...

证券代码：603986 证券简称：兆易创新 公告编号：2025-023 兆易创新科技集团股份有限公司 2024年年度股东会决议公告 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： 本次会议是否有否决议案：无 一、会议召开和出席情况 1. 公司在任董事9人，出席8人，董事杨小雯因公务原因未出席本次会议； 二、议案审议情况 (一)非累积投票议案 (一)股东大会召开的时间：2025 年 5 月 16 日 (二)股东大会召开的地点：北京市朝阳区安定路 5 号城奥大厦 6 层会议室 (三)出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： | 1、出席会议的股东和代理人人数 | 1,624 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 145,644,220 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | 21.9955 | | 份总数的比例（%） | | (四)表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况等。 本次股东会的表决方式符 ...

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 ...