东海证券晨会纪要-20251031

Group 1: Company Overview - The report highlights that Zhaoyi Innovation (603986) is experiencing a short-term mismatch in storage supply and demand, which is difficult to alleviate, while the company's niche DRAM products are seeing both price and volume increases [5][6]. - In Q3 2025, Zhaoyi Innovation reported a revenue of 2.681 billion yuan, representing a year-over-year increase of 31.40% and a quarter-over-quarter increase of 19.64%. The net profit attributable to shareholders was 508 million yuan, with a year-over-year increase of 61.13% and a quarter-over-quarter increase of 48.97% [5][6]. - The company's gross margin for Q3 2025 was 40.72%, slightly down by 1.05 percentage points year-over-year but up by 3.71 percentage points quarter-over-quarter [5][6]. Group 2: Industry Insights - The global storage product supply-demand gap is expected to remain challenging in the short term, with significant price increases in storage chips benefiting Zhaoyi Innovation, leading to a favorable "price and volume increase" situation [6][8]. - Demand for DRAM products is recovering, particularly in sectors such as network communication, consumer electronics, and industrial security, driven by the rapid development of AI applications that require real-time data access and processing [6][7]. - TrendForce forecasts that prices for LPDDR4X and DDR5 products are expected to rise by over 10% in Q4 2025 due to increased stocking by terminal brand manufacturers to prevent supply disruptions [6][8]. Group 3: Future Outlook - Zhaoyi Innovation aims to capture one-third of the domestic niche DRAM market within a few years, positioning itself as a leading company in this sector [7]. - The company is confident in achieving over 50% year-over-year revenue growth in its DRAM product line, supported by successful new product introductions and promotions [7][8]. - The report projects the company's net profit attributable to shareholders for 2025, 2026, and 2027 to be 1.606 billion yuan, 2.046 billion yuan, and 2.594 billion yuan, respectively, with corresponding price-to-earnings ratios of 100.18, 78.63, and 62.03 [8].