论半导体设计的确定性成长 20250505 摘要 • 国产模拟芯片在工业和汽车领域国产化率低（15%-20%和 10%- 15%），但高要求带来巨大成长空间，下游客户加速导入国内供应链，为 国内模拟芯片公司提供市场机会。 • 中国大陆模拟芯片市场规模约 50 亿美元，国产替代空间巨大（20-25 亿 美元），胜邦纳新、思瑞浦等龙头公司有望超预期增长，行业处于确定性 成长周期。 • SoC 设计链随终端产品创新而成长，2025 年一季度恒玄科技、乐鑫等公 司业绩优异，预计二季度继续增长，受益于 AI 玩具及 AI 眼镜等产品市场。 • 存储链核心在于兆易创新和澜起科技的表现，2025 年一季度业绩优秀， NOR Flash 放量和利基型 DRAM 涨价预示后续业绩确定性增长。 • 万企公司受益于 DDR5 渗透率提升和 DDR5 接口芯片技术升级，围绕 AI 算力持续布局，包括 PCIe AI 运算芯片和 MRDIM 相关产品，中长期受益 于 AI 发展。 • 展宇公司在定制化存储领域表现出色，适配端侧载体，提供高带宽、低功 耗和相对较低价格优势，伴随端侧 NPU 和 SoC 产品行业成长。 • 兆易创新短期受 ...

Summary of the Conference Call for Zhaoyi Innovation Company Overview - **Company**: Zhaoyi Innovation - **Industry**: Semiconductor, specifically focusing on Flash memory, DRAM, and MCU products Key Financial Performance - **Q1 2025 Revenue**: Increased by 17.3% year-on-year to 1.909 billion CNY, and up 11.9% quarter-on-quarter - **Net Profit**: Grew by 14.6% year-on-year to 230 million CNY - **Gross Margin**: 37.44%, a slight decrease of 0.7 percentage points due to intensified competition in low-end niche products [2][4] Business Segments Performance Flash Business - **Growth Drivers**: Benefited from national subsidy policies and increased demand for NOR Flash due to AI development - **Market Expansion**: Actively pursuing opportunities in AI glasses and AI PCs, while increasing penetration in the domestic server market and expanding into Europe and Japan [2][5][6] DRAM Business - **Market Conditions**: Intense competition in the niche DRAM market, but signs of marginal improvement since March 2025 as major overseas manufacturers exit the niche market, leading to price increases for some products - **Revenue Growth Expectation**: Anticipated significant growth in niche DRAM revenue, projected at around 40% [2][7][10] MCU Business - **Strong Q1 Performance**: Revenue driven by domestic subsidies and export demand from certain clients - **Strategic Focus**: Emphasizing large customer strategies in photovoltaic, industrial control, and white goods sectors, while leveraging opportunities from AI developments [2][8][9] Market Trends and Strategic Initiatives - **Niche DRAM Market**: Observing a shift as major players move towards advanced products like DDR5, with expectations of price recovery in the niche market due to reduced supply and low inventory levels [11][21] - **MCU and Analog Products**: Plans to enhance product offerings through internal development and acquisitions, focusing on power management and AI MCU applications [10][25] Future Outlook - **2025 Revenue Guidance**: The company expects continued growth across all product lines, driven by market recovery, new product launches, and increased market share [18] - **NOR Flash and AI Integration**: Anticipating robust growth in NOR Flash demand from AI applications, particularly in smart glasses and AI PCs, with a focus on increasing capacity requirements [28][29] Additional Insights - **Supply Chain Resilience**: The company has established dual headquarters and overseas supply chain partnerships to mitigate external risks, particularly in light of ongoing US-China trade tensions [4] - **Automotive Sector**: The company is expanding its automotive MCU product line, aiming for higher value per vehicle and targeting TIER One and OEM customers [15][16] Conclusion Zhaoyi Innovation is positioned to capitalize on growth opportunities in the semiconductor industry, particularly in Flash memory and MCU segments, while navigating competitive challenges in the DRAM market. The company's strategic initiatives and market expansion efforts are expected to drive significant revenue growth in 2025 and beyond.