研报掘金丨财信证券：首予兆易创新“买入”评级 多元布局打开增量空间

Core Viewpoint - Zhaoyi Innovation is a leading comprehensive chip design company in China, focusing on the research and sales of memory, microcontrollers, sensors, and analog chips, forming a full product layout of "storage + control + sensing + interconnection" [1] Industry Summary - The exit of overseas giants from niche markets and the strong demand in the storage industry driven by AI are expected to benefit Zhaoyi Innovation as a global leader in niche storage [1] - The company is advancing new businesses such as customized storage and automotive-grade MCUs, which will leverage the growing demand in edge AI and automotive electronics [1] - The synergistic effect of the company's diversified product matrix is anticipated to enhance its benefits from downstream market growth and the wave of semiconductor localization [1] Financial Projections - The projected net profit attributable to the parent company for 2025, 2026, and 2027 is expected to be 1.541 billion, 2.009 billion, and 2.504 billion yuan respectively [1] - The expected earnings per share (EPS) for the same years are projected to be 2.31 yuan, 3.01 yuan, and 3.75 yuan respectively [1] - Corresponding price-to-earnings (PE) ratios are forecasted to be 88X, 67X, and 54X for 2025, 2026, and 2027 respectively [1]