国金证券：给予兆易创新买入评级

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].