兆易创新（603986）：持续受益存储涨价，推进端侧AI布局

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 257.40 CNY [4][12][7] Core Insights - The company is expected to benefit from a tight supply of niche storage, with projected revenue growth of 27.7% in 2024 and 28.5% in 2025. The earnings per share (EPS) forecasts for 2025, 2026, and 2027 are 2.47 CNY, 3.96 CNY, and 5.00 CNY respectively [4][11][12] - The company is actively advancing its DRAM product lineup, with new products expected to launch in 2026, and is also focusing on customized storage solutions for edge AI applications [11][12] - The NOR Flash segment is anticipated to grow due to increased demand from edge AI, with the industry CAGR revised from 5-7% to 8% [11] Financial Summary - Revenue projections for 2023A to 2027E are as follows: 5,761 million CNY, 7,356 million CNY, 9,452 million CNY, 12,461 million CNY, and 15,871 million CNY, reflecting a growth rate of -29.1% in 2023, followed by positive growth in subsequent years [6] - Operating profit is expected to rise significantly from 120 million CNY in 2023A to 3,585 million CNY in 2027E, with a remarkable growth rate of 832.8% in 2024 [6] - The net profit attributable to the parent company is projected to increase from 161 million CNY in 2023A to 3,340 million CNY in 2027E, with a growth rate of 584.2% in 2024 [6] - The company’s gross margin is expected to improve from 34.4% in 2023A to 44.2% in 2027E, while the net margin is projected to stabilize around 21% by 2027E [6]