兆易创新（603986）：得益于存储产品涨价的拉动，公司Q3毛利率显著提升

Investment Rating - The report maintains a "Recommended" investment rating for the company [1][12]. Core Insights - The company achieved a revenue of 6.832 billion yuan in the first three quarters of 2025, representing a year-on-year growth of 20.92%. The net profit attributable to shareholders was 1.083 billion yuan, up 30.18% year-on-year [4][7]. - The gross margin for Q3 was significantly boosted by price increases in storage products, with a gross margin of 40.72% and a net margin of 19.27% for the quarter [7][8]. - The company is expected to exceed its initial target of 50% year-on-year growth in its niche DRAM business for 2025, with significant growth in the second half of the year [7][8]. Financial Performance Summary - Revenue and Profitability: The company forecasts revenues of 7.356 billion yuan for 2024, 9.354 billion yuan for 2025, and 12.519 billion yuan for 2026, with corresponding net profits of 1.585 billion yuan, 2.612 billion yuan, and 3.291 billion yuan respectively [6][9]. - Margins: The gross margin is projected to improve from 38.0% in 2024 to 40.8% in 2026, while the net margin is expected to rise from 15.0% to 20.9% over the same period [10]. - Earnings Per Share (EPS): The EPS is expected to increase from 1.65 yuan in 2024 to 4.93 yuan in 2027 [10][11]. Market Position and Strategy - The company is diversifying its product offerings across various sectors, including consumer electronics, automotive, and industrial applications, which is expected to drive revenue growth [7][8]. - The company is focusing on building long-term strategic partnerships with high-quality clients, particularly in the TV, industrial, and AI-related sectors [8]. Valuation Metrics - The price-to-earnings (P/E) ratio is projected to decrease from 137.5 in 2024 to 46.1 in 2027, indicating an improving valuation as earnings grow [10]. - The price-to-book (P/B) ratio is expected to decline from 9.2 in 2024 to 6.6 in 2027, reflecting a more attractive valuation over time [10].