价格展望：预计25Q3 DDR5、NAND温和上涨，DDR4涨幅8%~13%。 DRAM：DDR5温和上涨，DDR4受原厂加速减产影响涨幅超预期。1)DDR5：5月现货环比+2%，6月至 今低个位数涨幅。颗粒现货和合约价格保持温和上涨，4-5月DDR5 8Gb合约价上涨约2%，DDR5 16Gb 现货价上涨约7%。2)DDR4：5月现货环比+9%~+37%，6月至今涨幅达17%~37%。海外大厂聚焦高利润 率的DDR5、HBM，压缩DDR3/DDR4供给，TrendForce预计最后出货时间为2026年初。25Q2，随着原 厂加速退出DDR4供应、下游紧急拉货，5月DDR4 8/16Gb颗粒现货价格平均涨幅超30%。 NAND Flash：原厂减产效果已显现，价格温和上涨。5月NAND Flash(Wafer) TLC价格环比涨幅低个位 数，6月至今价格基本保持稳定。海外大厂自2024年12月以来陆续公告减产10%~15%，同时加快将产能 向200层以上产品迁移，进而减少低价产品的供应量，3月TLC价格转涨(涨幅6%~14%)、SSD同步上 涨，行业供需在25Q1加速平衡。需求方面，北美CSP厂商持续投入，带 ...

从细分龙头向综合型半导体平台跃迁！ 6 月 19 日，国内存储芯片龙头兆易创新递表港交所，拟 "A+H" 上市。 兆易创新 2024 年销量 43.62 亿颗芯片，收入 73.56 亿元，NOR Flash、SLC NAND Flash 等多项 产品国内市场排名第一，全球唯一在 NOR Flash、SLC NAND Flash 等领域均进全球前十的 IC 设计 公司，研发投入累计超 34 亿元，技术员工占比超七成。具体如下： 一、存储芯片龙头 "A+H" ： 一年卖43亿颗芯片 作为国内存储芯片设计领域的标杆企业，兆易创新于6月19日正式递表港交所，启动"A+H"双资本平台 布局。 这 家由清华校友朱一明于2005年创办的企业，已形成覆盖NOR Flash、SLC NAND Flash、利 基型DRAM、MCU及传感器芯片的全产品矩阵。根据弗若斯特沙利文数据，2024年兆易创新在NOR Flash（全球第二、国内第一）、SLC NAND Flash（全球第六、国内第一）、MCU（全球第八、国内 第二）等领域均跻身全球前列，成为国内唯一在四大细分市场均进入全球前十的IC设计公司。 以下文章来源于芯榜 ，作者芯榜 ...

全球存储器龙头三星有意退出MLC储存型快闪存储器（NAND Flash）市场，通知客户只接单到6月，并 通过涨价要客户知难而退，「不要来下单」，业界急寻新供应商，引爆新一波抢货潮。值此NAND报价 向上之际，三星停供将引动市况更热，群联、威刚、创见等NAND族群受惠。 业界指出，三星去年下半年就酝酿规划退出MLC NAND市场，原先时间点是今年下半年，如今提前停 产，将剩余手中库存销货完毕后就不再制造，使需要MLC规格NAND Flash的客户开始紧急寻求握有大 量库存的模块厂支持。 业界表示，现在NAND Flash规格主流虽正朝QLC方向推进，但MLC规格稳定性高，工规、物联网、电 视甚至车用等利基型高毛利应用仍大量采用MLC NAND，市场规模仍大，三星为最大供应商，停供将 导致下游很紧张。 根据了解，NAND Flash单元将数据储存在一个存储单元中，每个单元能够储存多个信息，不同类型的 NAND Flash，如SLC、MLC、TLC和QLC，其最大差别在于存储器芯片的储存信息单元量不同，SLC 规格的稳定性最高，但容量密度最低，现阶段消费性及企业级市场已开始往TLC、QLC推进。 韩媒The Ele ...

Core Viewpoint - The trend of semiconductor companies from A-shares listing in Hong Kong continues to rise, with Zhaoyi Innovation officially announcing its plan to issue H-shares and list on the Hong Kong Stock Exchange after nearly nine years of being listed in A-shares [1]. Group 1: Company Overview - Zhaoyi Innovation, a leading storage chip company, has a market capitalization exceeding 70 billion yuan and plans to issue H-shares not exceeding 10% of the total share capital post-issue, with an option for underwriters to exercise an additional 15% [1]. - The company has a strong financial position, with cash and cash equivalents of 9.409 billion yuan and short-term borrowings of only 970 million yuan, indicating a robust liquidity situation [1]. Group 2: Business Performance - In 2024, Zhaoyi Innovation achieved a revenue of 7.356 billion yuan, representing a year-on-year growth of 27.69%, and a net profit of 1.103 billion yuan, a significant increase of 584.21% [2]. - The company’s revenue for Q1 2025 was 1.909 billion yuan, up 17.32% year-on-year, with a net profit of 235 million yuan, reflecting a growth of 14.57% [2]. Group 3: Business Segmentation - The main revenue source for Zhaoyi Innovation is the storage chip business, which generated 5.194 billion yuan in 2024, accounting for 70.6% of total revenue [3]. - The MCU and analog chip business contributed 1.706 billion yuan, representing 23.2% of total revenue, while the sensor business accounted for 448 million yuan, or 6.1% [3]. Group 4: Market Trends - The global semiconductor industry revenue reached 626 billion USD in 2024, a year-on-year increase of 18.1%, with expectations to grow to 705 billion USD in 2025 [3]. - The storage chip market is projected to grow at a compound annual growth rate (CAGR) of 9.17% from 2023 to 2028, particularly in NOR Flash products [4]. Group 5: Market Reactions - Following the announcement of the Hong Kong IPO, Zhaoyi Innovation's stock experienced volatility, with a drop of over 7% on May 21, and a total market value loss exceeding 7 billion yuan by May 23 [5]. - The company’s management indicated that while there may be short-term price discrepancies between A-shares and H-shares, the long-term performance driven by sustained growth remains the focus [5].

Core Viewpoint - The domestic semiconductor industry is at a critical stage of achieving large-scale self-replacement and accelerating global layout, with companies like Zhaoyi Innovation planning to issue H-shares and list on the Hong Kong Stock Exchange to enhance their international brand image and competitiveness [1][9]. Group 1: Company Overview - Zhaoyi Innovation, established in April 2005 and headquartered in Beijing, is a leading Fabless chip supplier, primarily engaged in the research, technical support, and sales of memory, microcontrollers, and sensors [2]. - The company has a diverse product portfolio, including NOR Flash, niche DRAM, SLC NAND Flash, touch chips, and fingerprint recognition chips, focusing on high performance and low power consumption [2]. Group 2: Market Position and Growth - Zhaoyi Innovation is projected to maintain a global market share of 2nd place in Serial NOR Flash in 2024, with significant growth in DRAM products, achieving over 100% year-on-year revenue and shipment growth [2]. - The company reported a revenue of 73.56 billion yuan in 2024, with a growth rate of 27.69%, and a net profit of 11.03 billion yuan, reflecting a staggering increase of 584.21% [4]. Group 3: Strategic Initiatives - The company plans to invest approximately 1.2 billion yuan in automotive MCU chip research and industrialization, indicating a strategic focus on automotive electronics as a key growth driver [5]. - Zhaoyi Innovation aims to leverage opportunities in emerging markets such as embodied intelligence and AI, collaborating with leading robotics companies to enhance its product offerings [5]. Group 4: Financial Health - As of March 31, 2025, Zhaoyi Innovation reported cash reserves of 9.409 billion yuan and no long-term debt, indicating a strong financial position to support its global expansion and R&D efforts [6]. - The company emphasizes the importance of enhancing its R&D capabilities and global marketing through the funds raised from its H-share issuance [6]. Group 5: Industry Trends - The semiconductor industry is experiencing a shift from "domestic substitution" to "global competition," driven by the rapid growth of AI and electric vehicle markets, necessitating significant capital investment for R&D [9]. - The trend of domestic semiconductor companies listing in Hong Kong reflects a strategic move to access international capital markets and enhance their competitive edge [8][9].

对于赴港上市的目的，兆易创新表示："为深化全球化战略布局，加快海外业务发展，提升公司国际化 品牌形象，进一步提升公司核心竞争力。"同时，兆易创新在第五届董事会第三次会议决议公告中透 露，公司本次发行H股股票所得的募集资金在扣除发行费用后，将用于增强公司研发能力并持续迭代产 品和技术创新、战略及产业等相关投资与并购、全球营销与业务网络建设及其他事项。 事实上，随着AI、智能汽车等领域的快速发展，半导体行业的全球化竞争日益激烈，头部厂商积极实 施全球化战略布局。港股市场因其成熟的国际化资本环境，成为企业出海的重要"跳板"。2025 年以 来，已有紫光股份、江波龙、杰华特等30余家硬科技企业披露拟赴港IPO。从融资目的上看，多家A股 上市公司希望借助港股的融资能力，加速国际化进程。 中信证券研报称，2024年四季度开始大量A股上市公司寻求A+H两地上市，并且趋势在不断增强，仅 2025年4月单月披露港股上市计划的公司数量及市值总和就已超过2025年一季度，A股公司的港股发行 潮预计将发生在2025年下半年。 A股上市公司筹划赴港上市再添一例。5月20日，兆易创新（603986.SH）披露，公司拟发行境外上市外 资股 ...

电子 | 证券研究报告 — 调整盈利预测 2025 年 5 月 8 日 603986.SH 资料来源：公司公告， Wind ，中银证券 以 2025 年 5 月 7 日收市价为标准 相关研究报告 《兆易创新》20241106 《兆易创新》20240821 《兆易创新》20240423 中银国际证券股份有限公司 具备证券投资咨询业务资格 电子：半导体 证券分析师：苏凌瑶 增持 原评级：增持 市场价格:人民币 130.35 板块评级:强于大市 股价表现 (%) 今年 至今 1 个月 3 个月 12 个月 绝对 26.6 25.1 (5.9) 55.1 相对上证综指 24.1 17.1 (7.1) 48.9 发行股数 (百万) 664.06 流通股 (百万) 662.99 (21%) (2%) 17% 36% 55% 74% May-24 Jun-24 Jul-24 Aug-24 Sep-24 Oct-24 Nov-24 Dec-24 Jan-25 Mar-25 Apr-25 May-25 兆易创新 上证综指 | 流通股 (百万) | 662.99 | | --- | --- | | 总市值 (人民币 百万) | ...