兆易创新深度报告：存储+MCU国内龙头，端侧AI与国产替代共驱增长（附下载）

Core Insights - The company is a leading global Fabless chip supplier with a diversified layout in "sensing, storage, computing, control, and connectivity" [1][6] - The company has a comprehensive product line including Flash, niche DRAM, MCUs, analog chips, and sensor chips, with significant advancements in various technologies over the years [1][6] - The company has seen a recovery in demand, leading to substantial growth in revenue and profit in 2024 and 2025 [2][10] Company Overview - Founded in 2005 and listed in 2016, the company has established itself as a top player in the Fabless chip sector [1][6] - The company launched the first domestic SPI NOR Flash in 2008, breaking the overseas monopoly [1][6] - The acquisition of Shanghai Silan Micro in 2019 marked the company's entry into the sensor market, and the acquisition of Suzhou Saixin in 2024 strengthened its analog chip business [1][6] Main Business Segments - The company has a strong focus on storage chips, covering NOR Flash, NAND Flash, and niche DRAM, with a market share of 18.05% in NOR Flash as of 2024 [2][7] - The company is the first in China to offer a complete product line of SPI NOR Flash with capacities from 512Kb to 2Gb [7] - The NAND products are primarily SLC NAND, used in industrial control, automotive electronics, and communication devices [7] Financial Performance - The company experienced revenue of 81.50 billion, 81.30 billion, and 57.61 billion yuan from 2021 to 2023, with a notable recovery in 2024, achieving 73.56 billion yuan [10] - The net profit for 2024 was 11.03 billion yuan, reflecting a significant increase of 584.21% year-on-year [10] - In the first three quarters of 2025, the company reported revenue of 68.32 billion yuan, a year-on-year growth of 20.92% [10] Market Trends - The NOR Flash market is expanding due to the rise of edge AI, with an expected market size of 4.2 billion USD by 2029 [4][11] - The global NOR Flash market was valued at 2.2 billion yuan in 2023 and is projected to grow to 2.8 billion USD in 2024, with a year-on-year growth rate of 27% [11] - The exit of major international players from the SLC NAND market has created opportunities for domestic manufacturers [12][13] Competitive Landscape - The top three manufacturers dominate over 60% of the NOR Flash market, with the company rising to the second position globally and first in mainland China with an 18.5% market share [12] - The competitive landscape is shifting as major international companies withdraw from the NOR Flash market, allowing local firms to gain market share [12][13] - The company is well-positioned to benefit from the growing demand in automotive electronics and AI-driven applications [5][12]