Sou Hu Cai Jing·2025-08-26 00:12Group 1: Zhaoyi Innovation - Zhaoyi Innovation reported good growth across all business lines in Q2 2024, with NOR Flash experiencing high single-digit growth, niche DRAM growing over 50%, MCU close to 20%, and sensor chips growing about 10% [1] - The company expects sequential growth in Q3, with annual demand increasing and a tight supply for niche DRAM expected to last throughout the year. Significant revenue growth for niche DRAM is anticipated in the second half, along with rising contract prices [1] - Overall gross margin remains stable, with moderate price increases for Flash and improved DRAM margins. The demand for NOR Flash is driven by an increase in electronic product code volume, while supply is constrained by tight wafer manufacturing capacity [1] - The company is optimistic about customized storage technology's advantages in product performance, anticipating more industries and clients will choose this solution, leveraging first-mover advantages and technological iterations [1] - MCU growth is expected in industrial control, energy storage, and high-barrier domestic replacement sectors, with new product revenue contributions increasing. DDR4 8Gb is projected to contribute one-third of DRAM revenue for the year [1] - The company has significant R&D investments and a large market potential, aiming to achieve revenue comparable to standard interface niche storage. Strong relationships with strategic suppliers ensure capacity and process advantages [1] - The stable niche market and production cuts by leading manufacturers present growth opportunities, with plans to launch the LPDDR5 product line within two years. The automotive MCU market is also promising, with multi-core products and AI MCU applications being developed [1] - The 45nm NOR Flash capacity is expected to ramp up, contributing 15% to revenue by year-end, with a complete product line expected by 2026 and a significant cost advantage due to a 20% reduction in chip area [1] Group 2: Liangxin Co., Ltd. - Liangxin's data center business is divided into three segments: internet enterprises, operators, and standalone projects, with market share concentrated in HVDC and UPS [2] - The growth rate of the new energy business may slow in the second half of the year, but the company will continue to focus on digital energy and infrastructure sectors [2] - Overseas clients have technical upgrade demands, and existing suppliers face capacity bottlenecks, with Liangxin maintaining good cooperation with overseas clients [2] - The gross margin for overseas business slightly decreased compared to the same period last year [2] - The new energy business unit includes significant shares from solar, energy storage, and wind energy, along with rapidly growing segments such as electric vehicles, charging piles, and box-type substations, as well as layouts in nuclear power and hydrogen energy [2]