兆易创新：Q2业绩改善明显，持续受益存储周期上行

Investment Rating - The report maintains a "Buy" rating for the company, with a target price based on expected earnings growth and market conditions [3]. Core Insights - The company reported a significant improvement in Q2 performance, with revenue of 3.609 billion yuan, a year-on-year increase of 21.69%, and a net profit of approximately 517 million yuan, up 53.88% year-on-year [2][3]. - The company continues to benefit from the recovery in the storage cycle, with a notable increase in demand from downstream markets, particularly in consumer electronics and networking [2][3]. - The company has enhanced its market position in the Serial NOR Flash segment, achieving a global market share ranking of second in 2023 [2]. Financial Performance Summary - For the first half of 2024, the company achieved revenue of 3.609 billion yuan, with a year-on-year growth of 21.69%, and a net profit of approximately 517 million yuan, reflecting a year-on-year increase of 53.88% [2][3]. - The company forecasts revenues of 7.341 billion yuan, 9.667 billion yuan, and 11.726 billion yuan for 2024, 2025, and 2026 respectively, with year-on-year growth rates of 27.4%, 31.7%, and 21.3% [3][4]. - The projected net profits for the same years are 1.147 billion yuan, 1.651 billion yuan, and 2.113 billion yuan, with corresponding year-on-year growth rates of 612.0%, 43.9%, and 28.0% [3][4]. Market Position and Product Development - The company is the leading supplier of 32-bit Arm® general-purpose MCUs in China, with a diverse product line that includes low-power, value, and high-performance series [2]. - The company is actively expanding its presence in the DRAM market, focusing on niche products and has introduced DDR4 and DDR3L products to cater to consumer electronics and industrial applications [2][3]. - The NOR Flash market is projected to grow from approximately 2.69 billion USD in 2024 to 3.6 billion USD by 2029, with a CAGR of 6%, indicating a favorable market environment for the company [2].