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. ...

Investment Rating - The report maintains a "Strong Buy" rating for the company, expecting it to outperform the benchmark index by over 20% in the next six months [2][23]. Core Views - The company's revenue growth is driven by market share expansion and the rapid development of its "Storage+" products. Despite a slight year-on-year revenue increase of 1.19% in H1 2025, net profit saw a significant decline of 70.05% [2][8]. - The semiconductor storage market is expected to recover, benefiting the company from increased demand for memory and MCU products, while also capitalizing on domestic opportunities [2][8]. Financial Performance Summary - In H1 2025, the company achieved a revenue of 907 million, with a net profit of 41 million. The second quarter alone saw revenues of 500 million, marking a quarter-on-quarter increase of 23.16% [2]. - The financial projections for the company indicate a total revenue growth from 1,804 million in 2024 to 3,169 million by 2027, with a compound annual growth rate (CAGR) of 18.2% [2][9]. - The net profit is projected to grow from 292 million in 2024 to 467 million by 2027, reflecting a CAGR of 19.9% [2][9]. Product Development and Market Strategy - The company's "Storage+" series chips generated revenue of 233 million in H1 2025, showing a year-on-year growth of 35.62%. This product line is expected to enhance competitiveness in the camera module sector [2][8]. - The company is focusing on expanding its EEPROM applications in industrial control and automotive sectors, with significant revenue contributions from automotive electronics [2][8]. Valuation and Price Target - The report sets a target price of 98.22 yuan for the company's stock, based on a price-to-earnings (P/E) ratio of 45 times for 2025 [2][3].

据证券之星公开数据整理，近期普冉股份（688766）发布2025年中报。截至本报告期末，公司营业总收 入9.07亿元，同比上升1.19%，归母净利润4073.34万元，同比下降70.05%。按单季度数据看，第二季度 营业总收入5.0亿元，同比上升1.89%，第二季度归母净利润2226.76万元，同比下降74.13%。本报告期 普冉股份公司应收账款体量较大，当期应收账款占最新年报归母净利润比达144.7%。 本次财报公布的各项数据指标表现一般。其中，毛利率31.03%，同比减8.06%，净利率4.49%，同比减 70.4%，销售费用、管理费用、财务费用总计6758.03万元，三费占营收比7.45%，同比增73.92%，每股 净资产15.13元，同比减23.18%，每股经营性现金流-0.28元，同比增62.78%，每股收益0.36元，同比减 60.87% | 项目 | 2024年中报 | 2025年中报 | 同比增幅 | | --- | --- | --- | --- | | 营业总收入(元) | 8.96 Z | 9.07亿 | 1.19% | | 归母浄利润（元） | 1.36亿 | 4073.34万 | - ...

Core Viewpoint - The company expects a slight increase in revenue for the first half of 2025, but a decrease in net profit due to industry cycle changes, strategic investments, and cautious impairment provisions [1][2] Group 1: Company Performance - The company anticipates approximately 905 million yuan in revenue for the first half of 2025, representing a year-on-year increase of about 1% [1] - The net profit attributable to the parent company is projected to be 40 million yuan, showing a decline compared to the same period last year [1] - The company has experienced a decrease in the shipment volume of its main storage chip products due to a slowdown in the overall consumer market recovery [1][2] Group 2: Industry Trends - The global storage industry is expected to enter a strong recovery phase in the first half of 2024, with prices of mainstream large-capacity storage devices continuing to rise [1] - The niche storage market is also experiencing a brief upturn due to supply contraction and gradual demand recovery [1] - By 2025, the industry is moving towards a stable recovery phase, with the company adjusting its supply chain strategy to maintain a high inventory level [1] Group 3: Research and Development - The company continues to focus on new product development, resulting in a significant increase in R&D, management, and sales expenses, totaling an increase of approximately 60 million yuan compared to the same period last year [2] - The introduction of new products has not yet generated substantial revenue to offset the increase in expenses [2] - The company has recognized an increase in asset impairment losses of about 58 million yuan due to cautious inventory impairment provisions [2] Group 4: Future Outlook - The company expects improved operating performance in the second half of the year, driven by the traditional peak season for consumer electronics and the gradual optimization of the storage industry landscape [2] - The rollout of new products is anticipated to contribute positively to the company's performance as they reach mass production and delivery [2]

Core Viewpoint - The company expects a slight increase in revenue for the first half of 2025, but a significant decrease in net profit compared to the same period last year [1][2]. Group 1: Performance Forecast - The company anticipates achieving approximately 905 million yuan in revenue for the first half of 2025, representing an increase of about 8.98 million yuan or approximately 1.00% year-on-year [1]. - The expected net profit attributable to the parent company is around 40 million yuan, which is a decrease of approximately 95.98 million yuan or 70.58% compared to the same period last year [1][2]. - The expected net profit after deducting non-recurring gains and losses is about 26 million yuan, reflecting a decrease of approximately 125.44 million yuan or 82.83% year-on-year [1][2]. Group 2: Reasons for Performance Changes - The decline in the shipment volume of chip products compared to the same period last year has negatively impacted the company's performance, although the implementation of the "Storage+" strategy and the introduction of new MCU and Driver products have helped maintain overall revenue growth [2]. - The company has experienced a significant increase in research and development expenses, management expenses, and sales expenses, totaling an increase of approximately 60 million yuan compared to the previous year [2]. - The company has adopted a proactive supply chain strategy, leading to higher inventory levels and a decrease in inventory turnover rate, resulting in an increase in asset impairment losses of approximately 58 million yuan year-on-year [2]. - Government subsidies received during the reporting period have increased by approximately 15 million yuan compared to the first half of 2024, and investment income from strategic equity holdings has increased by about 18 million yuan, positively impacting non-recurring gains and losses [2].

Group 1 - The core viewpoint of the news is that Ruoyang Investment has conducted research on Fudan Microelectronics, highlighting the company's stable overall performance in 2023, with varying results across different product lines [1] - In the security and identification product line, the smart card business has seen a decline in revenue due to decreased demand for financial and social security cards, as well as intense competition [1] - NFC-related chips and RFID products have made progress in emerging fields, while the storage product line is experiencing low prices in consumer products [1] Group 2 - The MCU products are expanding successfully in automotive and white goods sectors, and the FPGA product line is benefiting from the high-reliability market, leading to sales growth [1] - The company is actively promoting higher integration heterogeneous fusion in FPGA development, creating a computing platform for various application scenarios [1] - New products are performing well in terms of pricing and gross margin, with cost reductions achieved through supply chain optimization and testing solutions [1] Group 3 - The company is focusing on inventory digestion and reducing inventory levels, with good credit status among accounts receivable customers [1] - Non-high-reliability products in RFID and security chip sectors are performing well, and the new management team is enhancing systematic design and optimizing research and development methodologies [1] - Progress has been made in supply chain construction, with some FPGA products expected to be supplied on domestic process platforms in the second half of the year [1] Group 4 - The management team is placing importance on investor relations, with plans for communication with investors after the new team is established [1]

Group 1 - The core point of the news is that Zhaoyi Innovation plans to issue H-shares for overseas listing on the Hong Kong Stock Exchange to enhance its global strategy and brand image, with a maximum issuance of 10% of the total share capital post-issuance [1] - The funds raised from the listing will be used to strengthen R&D capabilities, continue product and technology innovation, strategic investments and acquisitions, and global marketing and business network development [1] - Following the announcement, Zhaoyi Innovation's A-shares experienced a decline of over 6%, resulting in a total market capitalization of 78.6 billion yuan [1] Group 2 - In Q1 2024, Zhaoyi Innovation reported revenue of 1.909 billion yuan, a year-on-year increase of 17.32%, and a net profit attributable to shareholders of 235 million yuan, up 14.57% [2] - As of March 31, 2025, Zhaoyi Innovation had a strong cash reserve of 9.409 billion yuan in monetary funds and 100 million yuan in trading financial assets, with short-term borrowings of 970 million yuan and no long-term borrowings or payable bonds [2] Group 3 - Other semiconductor companies such as Jiangbolong, Naxinwei, and Jiehuate have also announced plans for listing in Hong Kong, indicating a trend of semiconductor firms seeking international expansion amid technological and geopolitical challenges [3] - The "A+H" listing model provides an efficient platform for international capital operations, allowing companies to access a more diversified international capital base [3] - According to CITIC Securities, a wave of A-share companies is expected to seek Hong Kong listings starting in the second half of 2025, with a significant increase in the number of companies disclosing plans for Hong Kong listings in April 2025 alone [3]

Investment Rating - The report maintains an "Accumulate" rating for the company [1][5]. Core Views - The company has shown strong operational performance in 2024 and Q1 2025, with a focus on basic storage and MCU products, and is gradually enhancing its diversified product lines [3][5]. - The revenue forecast for the company is adjusted to RMB 92.04 billion, RMB 111.44 billion, and RMB 134.90 billion for the years 2025, 2026, and 2027 respectively, with corresponding net profits of RMB 15.95 billion, RMB 20.41 billion, and RMB 25.27 billion [5][7]. Summary by Sections Financial Performance - In 2024, the company achieved a revenue of RMB 73.56 billion, a year-on-year increase of 27.69%, and a net profit of RMB 11.03 billion, up 584.21% year-on-year [8]. - For Q1 2025, the company reported revenue of RMB 19.09 billion, a year-on-year increase of 17.32%, and a net profit of RMB 2.35 billion, up 14.57% year-on-year [8]. Market Position and Product Development - The company has seen a significant increase in product shipments, reaching 4.362 billion units in 2024, a growth of 39.72% year-on-year [8]. - The NOR Flash products have continued to grow in various sectors including consumer electronics and automotive, while MCU products have also seen strong demand in industrial markets [8]. Future Outlook - The company is actively pursuing opportunities in AI applications and expanding its market presence in Europe and Japan [8]. - The report highlights the potential for further growth through diversified business lines and collaboration with major clients in various sectors [8].

Core Viewpoint - The company reported significant growth in revenue and net profit for 2024, driven by improved market demand and optimized product offerings [1][2] Financial Performance - In 2024, the company achieved revenue of 7.356 billion yuan, a year-on-year increase of 27.69%, and a net profit attributable to shareholders of 1.103 billion yuan, up 584.21% [1][2] - For Q1 2025, the company reported revenue of 1.909 billion yuan, a 17.32% year-on-year increase, and a net profit of 235 million yuan, growing by 14.57% [1][2] - The overall gross margin for 2024 was 38.00%, an increase of 3.58 percentage points year-on-year, while the net margin was 14.97%, up 12.17 percentage points [2] Market and Product Analysis - The recovery in downstream market demand led to increased customer orders and sales across various sectors, including consumer electronics, networking, and computing [2] - The revenue from storage chips reached 5.194 billion yuan in 2024, with a gross margin of approximately 40.27%, reflecting a 7.28 percentage point increase [3] - The MCU and analog products generated revenue of 1.706 billion yuan, with a gross margin of 36.50%, although this represented a decrease of 6.60 percentage points [3] - Sensor products achieved revenue of 448 million yuan, with a gross margin of 16.46%, showing a slight increase of 0.46 percentage points [3] Investment Outlook - The company is expected to see further performance recovery, with projected EPS for 2025-2027 at 2.26 yuan, 3.06 yuan, and 3.91 yuan respectively, indicating a positive growth trajectory [4] - The company's competitive position in the industry, along with its diversified product offerings, supports a favorable outlook for future performance [4]