兆易创新(603986):利基型DRAM量价齐升,定制化存储市场拓展顺利-中报点评

<p style="margin-bottom: 0px; margin-top: 0px; color: rgb(108, 107, 107); font-family: 微软雅黑; font-size: 14px; font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-variant-position: normal; font-variant-emoji: normal; line-height: 25.2px; text-wrap-mode: wrap;">&nbsp; &nbsp; #核心观点：1、消费及AI市场需求推动公司业绩持续稳健增长，政策红利与市场需求双重驱动，产品在存储与计算、手机、汽车、消费等多领域实现收入和销量同比快速增长。2、25Q2毛利率为37.01%，同比下降1.14%，环比下降0.43%；净利率为15.53%，同比下降0.22%，环比提升2.97%。3、25H1研发支出合计6.86亿元，同比增长7.7%。4、存储芯片25H1营收同比增长约9.2%，NOR Flash及利基型DRAM实现同比较快增长。5、利基型DRAM产品25H1量价齐升，毛利率季度环比改善明显，DDR4产品占比提升。6、定制化存储在AI手机、AI PC、汽车、机器人等客户拓展进展顺利。7、MCU产品营收同比增长接近20%，AI算法及解决方案提升检测准确率，支持智能语音对话等功能，为人形机器人提供全链条芯片级支持，与多家头部具身智能企业合作。</p><p style="margin-bottom: 0px; margin-top: 0px; color: rgb(108, 107, 107); font-family: 微软雅黑; font-size: 14px; font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-variant-position: normal; font-variant-emoji: normal; line-height: 25.2px; text-wrap-mode: wrap;">&nbsp;&nbsp;&nbsp;&nbsp;</p><p style="margin-bottom: 0px; margin-top: 0px; color: rgb(108, 107, 107); font-family: 微软雅黑; font-size: 14px; font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-variant-position: normal; font-variant-emoji: normal; line-height: 25.2px; text-wrap-mode: wrap;">&nbsp;&nbsp;&nbsp;&nbsp;#盈利预测与评级：预计公司25-27年营收为91.61/110.44/131.92亿元，25-27年归母净利润为15.08/19.93/24.60亿元，对应的EPS为2.27/3.00/3.70元，维持“买入”评级。</p><p style="margin-bottom: 0px; margin-top: 0px; color: rgb(108, 107, 107); font-family: 微软雅黑; font-size: 14px; font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-variant-position: normal; font-variant-emoji: normal; line-height: 25.2px; text-wrap-mode: wrap;">&nbsp;&nbsp;&nbsp;&nbsp;</p><p style="margin-bottom: 0px; margin-top: 0px; color: rgb(108, 107, 107); font-family: 微软雅黑; font-size: 14px; font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-variant-position: normal; font-variant-emoji: normal; line-height: 25.2px; text-wrap-mode: wrap;">&nbsp;&nbsp;&nbsp;&nbsp;#风险提示：行业竞争加剧风险；下游需求复苏不及预期风险；新产品研发进展不及预期风险；新产品市场拓展不及预期风险。</p><p style="margin-bottom: 0px; margin-top: 0px; color: rgb(108, 107, 107); font-family: 微软雅黑; font-size: 14px; font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-variant-position: normal; font-variant-emoji: normal; line-height: 25.2px; text-wrap-mode: wrap;">&nbsp;&nbsp;&nbsp;&nbsp;</p><p style="margin-bottom: 0px; margin-top: 0px; color: rgb(108, 107, 107); font-family: 微软雅黑; font-size: 14px; font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-variant-position: normal; font-variant-emoji: normal; line-height: 25.2px; text-wrap-mode: wrap;">&nbsp;&nbsp;&nbsp;&nbsp;本报告摘要不保证其100%准确性，如有疑问，请阅读正文文件。</p><p><br/></p>