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].

东芯股份：3月18日进行路演，民生证券、西部利得 基金等多家机构参与 证券之星消息，2025年3月21日东芯股份(688110)发布公告称公司于2025年3月18日进行路演，民生证 券、西部利得基金、富国基金、融通基金、海富通基金、兴业基金参与。 具体内容如下： 问：公司的MCP产品主要针对哪些下游终端？ 答：公司MCP系列产品具有NND Flash和DDR多种容量组合，Flash和DDR均为低电压的设计，核心 电压1.8V可满足目前移动互联网和物联网对低功耗的需求。其中，DDR包含LPDDR1、LPDDR2和 LPDDR4x等不同规格，为用户提供更加灵活和丰富的选择。MCP通过将低功耗DRM和NND Flash进行合 封，简化走线设计，节省组装空间，降低整体系统成本，提高整体集成度和可靠性，适用于PCB布板空间 狭小的应用。公司MCP产品凭借设计优势已在多个知名主控平台通过认证，被广泛应用于功能手机、 MIFI、通讯模块等产品。 问：公司对于AI相关终端有哪些规划？ 答：我们高度关注I端侧应用发展趋势，并与上下游合作伙伴积极探索相关终端产品与公司产品协同 配合的机会。 问：SLC NAND替代NOR的趋势主 ...