兆易创新（603986）：多元化布局助力稳健经营，利基DRAM量价齐升

Investment Rating - The report maintains a "Recommended" investment rating for the company [1][6][11] Core Views - The company achieved a revenue of 4.15 billion yuan in the first half of 2025, representing a year-on-year growth of 15%, and a net profit of 575 million yuan, up 11.31% year-on-year, driven by policy incentives and market demand [3][6] - The company continues to focus on market share, successfully capturing opportunities across various sectors including storage, computing, mobile, automotive, and consumer electronics [6][7] - The niche DRAM market is experiencing improved supply dynamics, leading to increased volume and price for the company's products [6][7] Financial Performance Summary - In the first half of 2025, the company's overall gross margin was 37.21%, a decrease of 0.95 percentage points year-on-year, while the net margin was 14.16%, down 0.17 percentage points year-on-year [6] - The revenue structure for the first half of 2025 shows that storage chips generated 2.845 billion yuan, accounting for 68.55% of total revenue, while MCU revenue was 959 million yuan, contributing 23.11% [6][7] - The company expects net profits for 2025-2027 to be 1.449 billion yuan, 1.969 billion yuan, and 2.538 billion yuan respectively, with corresponding EPS of 2.18 yuan, 2.96 yuan, and 3.82 yuan [6][9] Market Dynamics - The report highlights that the demand for Flash products has increased significantly due to consumer subsidies and seasonal demand, particularly in the mobile and AI PC sectors [7] - The company is actively expanding its customized storage solutions in response to the growing AI demand, with successful client acquisition in various fields including AI mobile, automotive, and robotics [7] - The MCU segment continues to perform well, with significant revenue growth in the networking and automotive sectors [7] Valuation Metrics - The report provides projected P/E ratios for 2025-2027 of 69.2, 50.9, and 39.5 respectively, indicating a favorable valuation outlook based on the company's growth trajectory [6][9]