兆易创新（603986）：周期上行存储产品量价齐升，多元布局打开增量空间

Investment Rating - The report assigns a "Buy" rating to the company, indicating an expected investment return exceeding 15% compared to the CSI 300 index [12]. Core Insights - The company has demonstrated significant revenue growth, with a 20.92% year-over-year increase in the first three quarters of 2025, reaching 6.832 billion yuan. The third quarter alone saw a 31.4% year-over-year growth, marking a record high for quarterly revenue [7][9]. - The company's profitability has also improved, with a net profit of 1.083 billion yuan in the first three quarters of 2025, reflecting a 30.18% year-over-year increase. The gross margin for the third quarter rose to 40.72%, a 3.7 percentage point increase from the previous quarter [7][9]. - The report highlights the company's strategic focus on customized storage solutions and MCU (Microcontroller Unit) products, which are expected to drive future growth in sectors such as AI, automotive electronics, and industrial applications [9][8]. Financial Projections - Revenue projections for the company are as follows: - 2023: 5,760.82 million yuan - 2024: 7,355.98 million yuan - 2025: 9,378.87 million yuan - 2026: 11,464.73 million yuan - 2027: 13,824.17 million yuan [2]. - Net profit forecasts are: - 2023: 161.14 million yuan - 2024: 1,102.54 million yuan - 2025: 1,541.28 million yuan - 2026: 2,009.27 million yuan - 2027: 2,504.44 million yuan [2]. - Earnings per share (EPS) estimates are: - 2023: 0.24 yuan - 2024: 1.65 yuan - 2025: 2.31 yuan - 2026: 3.01 yuan - 2027: 3.75 yuan [2]. Market Position and Competitive Landscape - The company is positioned as a leading player in the niche storage market, benefiting from the exit of major overseas competitors and the rising demand driven by AI applications [9][8]. - The report emphasizes the company's ongoing development of customized storage solutions, which are expected to meet the growing needs of edge AI applications, enhancing its competitive edge in the semiconductor industry [9][8].