半导体 分析师：邹臣 登记编码：S0730523100001 zouchen@ccnew.com 021-50581991 11733 利基型 DRAM 量价齐升，定制化存储市 场拓展顺利 ——兆易创新(603986)中报点评 相关报告 《兆易创新(603986)季报点评：端侧 AI 带动 利基存储需求增长，利基 DRAM 供给格局改 善》 2025-04-29 联系人：李智 | | | 市场数据(2025-08-25) | 收盘价(元) | 157.80 | | --- | --- | | 一年内最高/最低(元) | 163.50/63.95 | | 沪深 300 指数 | 4,469.22 | | 市净率(倍) | 6.08 | | 流通市值(亿元) | 1,047.34 | | 基础数据(2025-06-30) | | | 每股净资产(元) | 25.96 | | --- | --- | | 每股经营现金流(元) | 1.44 | | 毛利率(%) | 37.21 | | 净资产收益率_摊薄(%) | 3.34 | | 资产负债率(%) | 11.94 | | 总股本/流通股(万股) | 66,403. ...

证券之星消息，根据市场公开信息及8月25日披露的机构调研信息，长信基金近期对4家上市公司进行了调研，相关名单如下： 1）稳健医疗 （长信基金参与公司业绩说明会&线上调研） 调研纪要：全棉时代第二季度实现13%同比增长，7-8月销售增速回升，坚持四大战略推动业务发展。医疗板块成长空间大，将围绕三大战略展 开，重点提升产品结构和生产效率，推进海外供应链建设。棉柔巾业务增长持续好于大盘，下半年将推出多款新品，加强渠道建设。GRI上半年 受中美关税战影响，但供应链已全面恢复，预计下半年趋势向好。高端敷料、手术室耗材、健康个护业务增速较高，传统敷料业务保持稳定。全 棉时代上半年毛利率提升，下半年将继续优化商品组合和渠道结构，提升利润率。线下门店将聚焦高质量开店，提升同店同比，优化会员服务。 所得税率上升主要因业务结构变化和全棉时代子公司迁址导致。 2）兆易创新 调研纪要：兆易创新在2024年二季度各业务线增长情况良好，NOR Flash高个位数增长，利基型DRAM增长超50%，MCU接近20%，模拟芯片基数 低环比成长较高，传感器芯片增长约10%。预计第三季度环比增长，全年需求上涨，利基型DRAM供应偏紧缺至全年。下半 ...

证券之星消息，根据市场公开信息及8月25日披露的机构调研信息，诺德基金近期对4家上市公司进行了调研，相关名单如下： 1)兆易创新 调研纪要：兆易创新（603986）在2024年二季度各业务线增长情况良好，NOR Flash高个位数增长，利基型DRAM增长超50%，MCU接近20%，模 拟芯片基数低环比成长较高，传感器芯片增长约10%。预计第三季度环比增长，全年需求上涨，利基型DRAM供应偏紧缺至全年。下半年利基型 DRAM营收显著增长，合约价格上涨，第三季度继续上涨。公司毛利率整体平稳，未来Flash温和涨价，DRAM毛利率提升，整体毛利率保持稳 定。NOR Flash需求端电子产品代码量上升，供应端晶圆制造产能紧张，供给短缺将持续较长时间。看好定制化存储技术在产品性能的优势，未 来更多行业和客户选择该方案，具备先发优势和技术迭代。MCU增长点在工业控制、光储充、白电等高门槛国产化替代方向，新产品收入贡献提 升。DDR48Gb收入贡献全年有望达DRAM收入三分之一，LPDDR4小容量产品全年收入占比可能提升到两位数。公司研发投入大，市场空间弹性 大，目标是实现与标准接口利基存储可比的营收规模。具备先发优势和与 ...

1)星网锐捷（002396）(西部利得基金管理有限公司参与公司特定对象调研&电话会议) 调研纪要：星网锐捷在通讯板块重点发力光通信，德明通讯深耕美国车联网市场，升腾资讯在金融行业和信创领域深耕。政府希望公司在AI方面 有亮点并提供机会，公司围绕ICT基础设施与I应用方案战略，福建省国资委有市值管理要求。德明通讯2025年上半年营收7亿多，增长较大，光通 讯与国内运营商合作，产品结构调整使毛利率上升。金融信创推进至2028年，升腾资讯将抓住市场机会。2023-2024年组织架构调整已完成，2025 年起费用影响向好，海外业务毛利增加，费用率控制较好。各板块毛利率可能波动，I领域将继续保持投入。公司积极探索外延式增长机会，需企 业文化和市场目标契合。 2)兆易创新 调研纪要：兆易创新（603986）在2024年二季度各业务线增长情况良好，NOR Flash高个位数增长，利基型DRAM增长超50%，MCU接近20%，模 拟芯片基数低环比成长较高，传感器芯片增长约10%。预计第三季度环比增长，全年需求上涨，利基型DRAM供应偏紧缺至全年。下半年利基型 DRAM营收显著增长，合约价格上涨，第三季度继续上涨。公司毛利率整 ...

Group 1: Galaxy Fund Research Insights - Galaxy Fund recently conducted research on six listed companies, focusing on their strategies to cope with market challenges and growth opportunities [1][2][3][4][5][6]. Group 2: Company-Specific Highlights - **Weixing New Materials (002372)**: The company is addressing industry demand pressure by enhancing product quality, accelerating business transformation, and implementing cost-saving measures. It has achieved channel penetration in Jiangsu, Zhejiang, and Shanghai, with plans for gradual expansion in other regions. The company anticipates a decline in product prices year-on-year in the first half of 2025, but a recovery in prices quarter-on-quarter is expected. The overall market demand remains weak, and the company aims for steady growth through new product combinations and a water ecosystem strategy [1]. - **Zhaoyi Innovation (603986)**: The company reported strong growth across its business lines in Q2 2024, with NOR Flash experiencing high single-digit growth and niche DRAM growing over 50%. The company expects significant revenue growth in niche DRAM in the second half of the year, driven by tight supply and rising contract prices. Overall gross margins are expected to remain stable, with a focus on customized storage technology and expanding into the automotive MCU market [2]. - **Tebao Bio**: The company is exploring combination therapies for hepatitis B treatment, focusing on optimizing drug strategies. It aims to enhance disease management through a comprehensive treatment network and is collaborating with Ligos for advanced solutions. New technologies like siRNA are entering clinical application stages, with a focus on optimizing combination therapy strategies [3]. - **Baili Tianheng**: The company is advancing its clinical trials for multiple cancer treatments in collaboration with BMS. It has submitted an IND application for its first nuclear medicine candidate and is progressing with several drug candidates in clinical trials. The company aims to become a leading player in oncology treatment within five years [4]. - **Stanley (002588)**: The company achieved steady growth in the first half of the year, with revenue reaching 6.391 billion yuan, a year-on-year increase of 12.66%. The compound fertilizer sales increased by 200,410 tons, up 9.68% year-on-year. Profit growth in Q2 was attributed to improved performance in new materials and better pricing strategies [5]. - **Reliable Co. (301009)**: The company experienced a decline in profits in Q2 due to promotional activities. It plans to expand its institutional and specialty channel business while launching its own brand. The company aims to increase its market share in baby care products despite facing intense competition [6].

证券之星消息，根据市场公开信息及8月25日披露的机构调研信息，长安基金近期对6家上市公司进行了调研，相关名单如下： 1)英杰电气（300820）(长安基金管理有限公司参与公司特定对象调研) 调研纪要：锐捷网络上半年数据中心产品收入增长主要来自互联网客户，占比超过90%，400G产品占比超60%。下半年云端算力基础设施需求依 旧旺盛，互联网行业基于智算的资本开支预计继续加大。2T规格产品主要为200G+400G组合，支持大规模GPU集群互联。Scaleup网络在国内发展 迅速，公司参与高通量以太网联盟，推出面向智算场景的产品方案。上半年海外业务收入11.45亿元，同比增长48%，主要面向SMB市场，合作伙 伴数量增长到2620家。Q2交付未受影响，Q3订单多为年初框采合同，预计新签订单增速可能下降。国内互联网大厂对国产化无明确时间表，国产 12.8T芯片可以满足大部分数据中心场景需求。公司与国产GPU厂商有产品适配和技术交流，但商业化部署需时间。上半年费用总额同比减少，预 计全年费用同比持续下降。园区网络业务受宏观经济影响明显，2024年行业整体呈现下滑趋势，公司层面在Q2略有复苏。数据中心产品毛利率较 低(1 ...

公 司 报 告 电子 兆易创新(603986.SH) 多元化布局助力稳健经营，利基DRAM量价齐升 推荐 ( 维持) 股价:150.88元 主要数据 | 行业 | 电子 | | --- | --- | | 公司网址 | www.gigadevice.com | | 大股东/持股 | 朱一明/6.89% | | 实际控制人 | 朱一明 | | 总股本(百万股) | 664 | | 流通A股(百万股) | 664 | | 流通B/H股(百万股) | | | 总市值(亿元) | 1,002 | | 流通A股市值(亿元) | 1,001 | | 每股净资产(元) | 25.96 | | 资产负债率(%) | 11.9 | 行情走势图 证券分析师 | 杨钟 | 投资咨询资格编号 | | --- | --- | | | S1060525080001 | | | yangzhong035@pingan.com.cn | | 徐碧云 | 投资咨询资格编号 | | | S1060523070002 | XUBIYUN372@pingan.com.cn 事项： 公司发布2025年半年度报告，实现营业收入41.50亿元，同比增长1 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][6]. Core Views - The company reported a revenue of 4.15 billion yuan for the first half of 2025, representing a year-on-year growth of 15.00%, and a net profit attributable to shareholders of 575 million yuan, up 11.31% year-on-year [2][5]. - The company's business segments are progressing smoothly, with significant growth in various fields such as automotive, consumer electronics, storage and computing, and mobile devices, driven by government subsidies and AI development [5][6]. - The company maintains a market share-centered strategy, effectively capturing market opportunities, and has seen rapid revenue and sales growth across multiple sectors [5][6]. Summary by Relevant Sections Financial Performance - In Q2 2025, the company achieved a revenue of 2.24 billion yuan, a year-on-year increase of 13.09% and a quarter-on-quarter increase of 17.40%. The net profit for Q2 was 341 million yuan, up 9.17% year-on-year and 45.27% quarter-on-quarter [5][6]. - The gross margin for Q2 was 37.01%, showing a slight decline year-on-year and quarter-on-quarter, while the net profit margin improved quarter-on-quarter to 15.53% [5][6]. Business Segments - The company's main business includes storage, MCU, sensors, and analog chips, with storage chips accounting for 68.55% of revenue and MCU contributing 23.11% [5][6]. - Storage revenue for the first half of 2025 was 2.84 billion yuan, growing approximately 9.2% year-on-year, with NOR Flash and niche DRAM showing significant growth [5][6]. - The MCU segment saw nearly 20% year-on-year growth, with strong performance in the networking, consumer, and automotive sectors [5][6]. Market Outlook - The supply situation in the niche DRAM market has improved, leading to a rise in both volume and price, with the company expected to benefit from this trend [6]. - The company is projected to have earnings per share of 2.27 yuan and 3.04 yuan for 2025 and 2026, respectively, with corresponding PE ratios of 66 times and 50 times [6][7].

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Viewpoints - The company is a domestic leader in storage and MCU sectors, benefiting from a platform-based layout that supports growth [4] - The company's revenue is projected to grow significantly, with earnings per share expected to reach 2.27 CNY, 3.04 CNY, and 3.88 CNY for 2025, 2026, and 2027 respectively, corresponding to valuation multiples of 52.88x, 39.56x, and 30.96x [4] Summary by Relevant Sections Company Overview - The company, founded in 2005 and listed in 2016, operates under a fabless model and has diversified its product offerings from NOR Flash to include storage, control, sensing, and analog products, achieving a leading position in the domestic market [4][12] - From 2015 to 2024, the company's revenue grew from 1.189 billion CNY to 7.356 billion CNY, with a compound annual growth rate (CAGR) of 22.45%, and net profit increased from 158 million CNY to 1.103 billion CNY, with a CAGR of 24.11% [4][26] Storage Business - The global semiconductor storage market is expanding due to the growth of edge AI and the automotive sector, with the company positioned to benefit from this trend [4][43] - The company has a comprehensive layout in specialized storage, being the only domestic integrated circuit design company ranked in the global top ten for NOR Flash, SLC NAND Flash, niche DRAM, and MCU [4][12] MCU Business - The company is a leader in the domestic 32-bit MCU market, with projected revenue of approximately 231 million USD from MCU sales in 2024, ranking eighth globally [4] - The company has launched high-performance automotive-grade MCU products, enhancing its presence in the automotive electronics sector [4] Financial Performance - In 2024, the company achieved a revenue of 7.356 billion CNY, a year-on-year increase of 27.69%, and a net profit of 1.103 billion CNY, a year-on-year increase of 584.21% [27] - The revenue structure shows that storage chips accounted for 70.6% of total revenue, while microcontrollers contributed 23.2% [30] Research and Development - The company has significantly increased its R&D investment, with expenses rising from 208 million CNY in 2018 to 1.122 billion CNY in 2024, representing a CAGR of 32.43% [37] - As of the end of 2024, the company holds 1,059 authorized patents, reflecting its commitment to innovation and technology leadership [37]

Group 1 - The core viewpoint is that the semiconductor materials and equipment sector is experiencing fluctuations, with the STAR Market Semiconductor Materials and Equipment Index down by 0.6% as of 10:22, while individual stocks show mixed performance [1] - The STAR Market Semiconductor ETF (588170) has seen a recent decline of 0.73%, with the latest price at 1.09 yuan, but has accumulated a 6.69% increase over the past week as of July 29, 2025 [1] - The liquidity of the STAR Market Semiconductor ETF is notable, with a turnover of 5.25% and a transaction volume of 21.34 million yuan, while the average daily transaction volume over the past week reached 87.06 million yuan [1] Group 2 - Xiangcai Securities indicates that major players like Samsung, SK Hynix, and Micron plan to exit the niche DRAM market, leading to a reversal in supply and demand dynamics, with prices expected to remain at mid-to-high levels in 2025 and 2026 [2] - The demand for DRAM is showing signs of weak recovery in sectors such as smartphones, PCs, IoT, and industrial control, alongside a trend towards domestic substitution, which is expected to drive prices upward for domestic storage manufacturers [2] - The STAR Market Semiconductor ETF (588170) tracks the STAR Market Semiconductor Materials and Equipment Index, focusing on semiconductor equipment (59%) and materials (25%), which are critical areas for domestic substitution and are benefiting from the expansion of semiconductor demand driven by the AI revolution [2]