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]

Core Viewpoint - The semiconductor design leader, Zhaoyi Innovation, has shown significant recovery in performance due to market demand rebound and increased customer inventory, achieving substantial revenue and profit growth in 2024 and Q1 2025 [2][4][5]. Financial Performance - In 2024, Zhaoyi Innovation reported revenue of 7.36 billion yuan, a year-on-year increase of 27.7%, and a net profit of 1.1 billion yuan, up 584.2% [2][4]. - For Q1 2025, the company achieved revenue of 1.91 billion yuan, a 17.3% increase year-on-year, with a net profit of 235 million yuan, up 14.6% [2][5]. - The total product shipment reached a record high of 4.362 billion units in 2024, representing a year-on-year growth of 39.72% [2][9]. Market Position and Product Development - Zhaoyi Innovation is the world's leading fabless Flash supplier and ranks second globally in Serial NOR Flash market share [7][8]. - The company has a strong presence in the MCU market, being the top 32-bit Arm MCU supplier in China and ranking tenth globally in MCU revenue for the first half of 2024 [8]. - The company has seen significant growth in its product lines, with storage chips, MCUs, and sensor products showing respective production increases of 42.69%, 205.14%, and 54.05% in 2024 [9]. Research and Development - Zhaoyi Innovation has consistently invested in R&D, with expenditures nearing 1 billion yuan annually from 2022 to 2024, and 292 million yuan in Q1 2025, reflecting a 1.68% increase [9][10]. - As of the end of 2024, the company employed 1,481 R&D personnel, accounting for 70.96% of its workforce, and held 1,059 authorized patents [9]. Shareholder Interest - Notably, prominent investor Ge Weidong has been a significant shareholder since 2018, currently holding 18.72 million shares, making him the third-largest shareholder as of Q1 2025 [3][6].

1)利基型存储和MCU加速国产替代：此次中美关税事件，将加速推动国内企业进行供应链国产替代，基于外部的不安全性，即便海外产品在某些 方面有优势，也难以对冲对供应不安全性的担忧，更别说兆易在NorFlash、MCU、利基DRAM等领域本身技术就领先于竞争对手。此外在利基 DRAM领域，由于三星、美光、海力士等头部公司为了加速向新制程节点的HBM、DDR5、LPDDR5等产品迁移，放弃或减少利基型产品的生 产，有望带来行业竞争格局的变化和国内厂商份额提升的机会。 2)AI驱动端侧存储升级：Deepseek加快了AI推理和应用的脚步，我们看好不久的将来端侧AI有望大规模爆发，包括AI耳机、AI手机、AI眼镜、 AIPC、AI智能家居等，这将有效带动端侧存储的升级。公司在端侧存储领域有较完善的产品线布局，产品包括NORFlash、利基型DRAM和 SLCNANDFlash三大品类，有望核心受益。 国金证券股份有限公司樊志远,邵广雨近期对兆易创新（603986）进行研究并发布了研究报告《一季度淡季不淡，营收与利润持续增长》，给予兆 易创新买入评级。 兆易创新 业绩简评 4月25日公司发布24年年报和25年一季报，202 ...