Microchip (MCHP) FY 2025 Conference May 28, 2025 10:50 AM ET Speaker0 All right. Good morning, and, thank you for coming to T. D. Cowen's fifty third Annual TMT Conference. Really pleased to be joined by Rich and Eric from Microchip. Guys, thank you for participating in our conference. Speaker1 Thanks for having us. Speaker0 I think to start, maybe we could walk through an update on what Steve's vision is having come back into the CEO role and maybe an update on where we're at and some of the key points in ...

Group 1 - The core viewpoint of the news is that Zhaoyi Innovation Technology Group Co., Ltd. plans to issue H-shares and list on the Hong Kong Stock Exchange, aiming to raise funds for R&D, strategic investments, and global marketing network development [1] Group 2 - Zhaoyi Innovation, established in 2005 and headquartered in Beijing, operates in over 20 countries and regions, positioning itself as a leading fabless chip supplier with a focus on memory, microcontrollers, sensors, and analog products [3] - The company holds the second-largest market share in the global SPI NOR Flash market, with cumulative shipments exceeding 27 billion units, and ranks first among global fabless Flash suppliers [3] - Financial data shows that Zhaoyi Innovation achieved a revenue of 7.356 billion yuan in 2024, a year-on-year increase of 27.69%, and a net profit of 1.103 billion yuan, a staggering year-on-year growth of 584.21% [3] - In the first quarter of 2025, the company continued its growth trend with a revenue of 1.909 billion yuan and a net profit of 235 million yuan, representing year-on-year increases of 17.32% and 14.57%, respectively, with a stable gross margin of 37.44% [3] - In response to increasing global competition in the semiconductor industry, Zhaoyi Innovation aims to utilize the Hong Kong market to enhance its international capital access and strengthen its overseas market penetration [3] - The H-share issuance is intended to deepen the company's global strategic layout, accelerate overseas business expansion, and enhance its international brand image and core competitiveness [3]

2024年11月6日，证监会公布《上市公司监管指引第10号——市值管理》，鼓励董事会建立长效激励机制，充分运用股权激励、员工持股计划等工具，合理 拟定授予价格、激励对象范围、股票数量和业绩考核条件，强化管理层、员工与上市公司长期利益的一致性，激发管理层、员工提升上市公司价值的主动性 和积极性。 2021年8月，普冉股份在上交所科创板首发上市。上市至今未满5年，公司已接连实施4期股权激励计划。与此同时，1年限售期届满后，公司大股东及董监高 便紧锣密鼓地减持套现，近日又发布了新一轮的减持计划。 出品：新浪财经上市公司研究院 作者：澐 专题：A股上市公司"伪市值管理"疑云 股权激励计划覆盖七成员工 普冉股份的主营业务是非易失性存储器芯片及基于存储芯片的衍生芯片的设计与销售，目前主要产品包括：NOR Flash 和 EEPROM 两大类非易失性存储器 芯片、微控制器芯片以及模拟产品。 2021年8月，普冉股份在上交所科创板上市，中信证券担任其保荐机构（主承销商）。公司首次公开发行股票905.72万股，发行价格为148.90 元/股，募集资 金净额为12.46亿元；超募资金高达9亿元。 上市后，普冉股份累计使用超募资金 ...

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.

点击招商研究小程序查看PDF报告原文 事件： 德州仪器于4月23日发布2025年第一季度财报，25Q1公司营收40.69亿美元，同比+11.1%/环比+1.5%，净利润11.79亿美元，同比+6.7%/环 比-2.2%，工业市场广泛复苏，指引25Q2不受近期关税政策扰动，综合财报及电话会议信息，总结要点如下： 评论： 1、25Q1营收略超指引上限，EPS超指引预期。 25Q1公司营收40.69亿美元，同比+11.1%/环比+1.5%，略超指引上限（37.4-40.6亿美元）；毛利率56.84%，同比-0.4pct/环比-0.9pct；净 利润11.79亿美元，同比+6.7%/环比-2.2%。EPS为1.28美元，超指引预期（0.94-1.16美元）。25Q1库存为47亿美元，环比增加1.6亿美元，库 存周转天数为240天，环比减少1天。 2、25Q1模拟同环比均实现增长，工业市场广泛复苏。 1）分产品类型： 25Q1模拟产品收入为32.1亿美元，同比+13.2%/环比+1.1%；嵌入式处理业务部门收入6.47亿美元，同比-0.8%/环比+5. 5%；其他业务部门收入2.12亿美元，同比+22.5%/环比-3. ...