（文章来源：证券日报） 证券日报网讯 2月27日，兆易创新在互动平台回答投资者提问时表示，在业务合作方面，公司已披露 2026年上半年度日常关联交易预计额度公告，公司从长鑫科技集团股份有限公司及其控股子公司采购代 工生产的DRAM相关产品，2026年上半年度预计交易额度为2.21亿美元，折合人民币约15.47亿元。 ...

Investment Rating - The report maintains an "Accumulate" rating for the company [2][4][6] Core Views - The company is expected to achieve steady revenue and net profit growth in 2025, driven by the ongoing niche storage cycle and advancements in AI storage solutions [4][9] - The report highlights the company's proactive approach in customizing storage products for edge AI applications, positioning it well for future growth [9] Financial Summary - The company is projected to generate revenues of approximately RMB 92.03 billion, RMB 120.41 billion, and RMB 160.16 billion for the years 2025, 2026, and 2027, respectively [6][8] - The expected net profits for the same years are RMB 16.10 billion, RMB 28.35 billion, and RMB 36.18 billion, indicating significant growth rates of 46.1% and 76.0% for 2025 and 2026, respectively [6][8] - The report anticipates a price-to-earnings (P/E) ratio of 130.4, 74.1, and 58.1 for the years 2025, 2026, and 2027, respectively, reflecting a positive outlook on the company's valuation [6][8] Market Performance - The company's stock has shown strong performance, with absolute returns of 27.9%, 39.3%, and 121.3% over the past month, three months, and twelve months, respectively [3][4] - Relative to the Shanghai Composite Index, the company outperformed with returns of 25.5%, 34.0%, and 93.0% over the same periods [3][4] Industry Outlook - The report indicates a favorable market environment for niche storage products, with significant price increases observed in DDR4 memory products, which are expected to continue into 2026 [9] - The demand for customized storage solutions is anticipated to grow, particularly in sectors such as PC, servers, and automotive electronics, benefiting the company [9]

Core Viewpoint - The company, Zhaoyi Innovation, has announced a series of significant updates including a performance forecast for 2025, capital increases for subsidiaries, procurement of DRAM products, and the launch of a new high-performance MCU series. Group 1: Performance Forecast - Zhaoyi Innovation expects a net profit attributable to shareholders of approximately 1.61 billion yuan for 2025, representing a year-on-year increase of about 46% [1] - The net profit, excluding non-recurring gains and losses, is projected to be around 1.423 billion yuan, reflecting a year-on-year growth of approximately 38% [1] - The company anticipates total revenue of about 9.203 billion yuan for 2025, which indicates a year-on-year increase of approximately 25% [1] Group 2: Reasons for Performance Changes - The revenue growth is attributed to multiple synergistic effects from technological advancements, industry optimization, and effective strategic implementation [1] - The acceleration of AI computing power construction has significantly boosted demand, particularly benefiting the company's products in the PC, server, and automotive electronics sectors [1] - The storage industry is experiencing a steady upward cycle, with improved supply-demand dynamics driving both price and volume increases [1] Group 3: Capital Increase and Investments - The company plans to use 500 million yuan of A-share fundraising to increase capital in its wholly-owned subsidiary and subsidiaries, specifically for the "DRAM Chip R&D and Industrialization Project" [2] - After the capital increase, the registered capital of Zhuhai Xinchun will change from 100 million yuan to 150 million yuan, while the registered capital of Hefei Xinchun and Xi'an Xinchun will increase to 40 million yuan and 70 million yuan, respectively [2] Group 4: Procurement and Strategic Partnerships - In the first half of 2026, the company expects to procure DRAM products from Changxin Technology Group and its subsidiaries, with an estimated transaction amount of 221 million USD, equivalent to about 1.547 billion yuan [3] - Changxin Group is recognized as a rare IDM enterprise in the domestic DRAM storage market, and this partnership is crucial for the company's niche DRAM business [3] - The collaboration aims to optimize resource allocation and enhance the company's core competitiveness and industry position [3] Group 5: New Product Launch - The company has officially launched the new GD32H7 series of high-performance MCUs, which includes the GD32H789/779 series and the GD32H78E/77E series with integrated EtherCAT slave controllers [3] - These microcontrollers are designed for applications in servo control, variable frequency drives, digital power, portable electronics, smart homes, and firefighting, setting a new performance benchmark [3]

Core Viewpoint - Unisoc has initiated the listing guidance for the Beijing Stock Exchange at the beginning of 2026, marking a significant step in its capital market journey after years of development and transformation from a foreign entity to a domestic player in the semiconductor industry [1][11]. Group 1: Company Background and Development - Unisoc originated from Infineon's storage R&D department in Xi'an in 2004, evolving through foreign investment, acquisition, and integration into the Unisoc system [3]. - The company has seen a shift in its shareholder structure, with significant investments from state-owned capital and industry capital, reflecting a strong "national team" presence [3][9]. - After years of losses, Unisoc achieved a profit of 5.683 million yuan in the first half of 2025, marking a turning point for the company ahead of its IPO [3][6]. Group 2: Financial Performance - In 2024, Unisoc reported revenues of 1.21 billion yuan, a year-on-year increase of 32.42%, while net losses narrowed to 24 million yuan, a reduction of 87.74% compared to the previous year [5]. - The company’s R&D expenses decreased by 22.34% year-on-year, indicating a strategic adjustment in response to market demand [5]. - In the first half of 2025, Unisoc's revenue reached 750 million yuan, with net profit increasing by over 139.54% year-on-year [6]. Group 3: Market Position and Challenges - Unisoc's business focuses on integrated circuit design, particularly in the memory sector, with products aimed at communications, IoT, and AI markets [5]. - The company is heavily reliant on the semiconductor industry's cyclical nature, which has led to significant fluctuations in its performance [5][12]. - The upcoming IPO process will be scrutinized for the sustainability of its profitability and the impact of industry cycles on its operations [12]. Group 4: Listing Strategy - Unisoc's choice to list on the Beijing Stock Exchange aligns with the current trend of domestic memory chip companies seeking capital market access [11]. - The company’s "specialized, refined, distinctive, and innovative" attributes, along with a significant R&D investment ratio, make it a suitable candidate for this market [12]. - However, the company faces challenges such as the need for audited financial reports and the uncertainty surrounding the commercialization of its AI-related products [12].

Core Viewpoint - The article discusses the development journey of Unisoc, a semiconductor company that originated from Infineon's storage R&D department in Xi'an, China, and highlights its transition from foreign investment to local integration, culminating in a significant shift in its ownership structure towards state-owned enterprises and industry capital [1][5]. Group 1: Company Development - Unisoc was established in 2004, evolving from a foreign semiconductor entity to a local company, with significant investments from state-owned and industry capital [1][5]. - The company has experienced a narrowing of net profits over the years, finally achieving a profit of 5.683 million yuan in the first half of 2025, marking a pivotal moment before its IPO [1][4]. - The development of Unisoc serves as a microcosm for observing trends in the semiconductor industry, reflecting the broader shifts in technology and market dynamics [1]. Group 2: Financial Performance - In 2024, Unisoc reported revenues of 1.21 billion yuan, a year-on-year increase of 32.42%, while net losses narrowed to 24 million yuan, a reduction of 87.74% compared to the previous year [3][4]. - The company's R&D expenses decreased by 22.34% year-on-year, indicating a strategic adjustment based on market demand [3]. - The improvement in financial performance is attributed to a recovery in the storage market, enhanced market expansion efforts, and better product pricing and sales [4]. Group 3: Ownership Structure - The current ownership structure of Unisoc features a significant presence of state-owned enterprises, with Beijing Unisoc Storage Technology Co., Ltd. holding 59.63% of the shares [7]. - The top ten shareholders include various state-owned funds and industry capital, reflecting a strong "national team" influence in the company's capital structure [7]. Group 4: Market Position and IPO Plans - Unisoc's IPO journey aligns with the timing of its industry transformation, having completed a shareholding reform in 2023 and planning to list on the Beijing Stock Exchange in 2026 [9]. - The choice of the Beijing Stock Exchange is strategic, as it caters to innovative small and medium enterprises, which aligns with Unisoc's focus on specialized and new technologies [9]. - However, the company faces challenges in maintaining profitability and stability, particularly due to the cyclical nature of the DRAM industry and uncertainties in the commercialization of AI-related products [9].