长城证券：予兆易创新“增持”评级，存储周期上行带动业绩持续向好

Core Viewpoint - The report from Great Wall Securities indicates that Zhaoyi Innovation's non-net profit for Q3 2025 increased by 55% quarter-on-quarter, driven by an upward cycle in the storage sector, with DRAM prices and volumes both rising significantly [1] Company Summary - Zhaoyi Innovation is a leading domestic company in the design of memory, microcontrollers, and sensor chips, ranking among the top globally in NOR Flash, SLC NAND Flash, niche DRAM, and MCU sectors [1] - The growth of AI technology is propelling the storage industry into an upward cycle, providing significant growth potential for the company [1] Financial Projections - The projected net profits attributable to shareholders for Zhaoyi Innovation from 2025 to 2027 are expected to be 1.727 billion, 2.452 billion, and 3.350 billion yuan respectively, with corresponding price-to-earnings ratios of 74, 52, and 38 times [1]