Changjiang Securities: The performance of Zhaoyi Innovation in 2024 improved significantly, maintaining a "buy" rating.

The Yangtze River Securities research report pointed out that in 2024, Unisplendour Technology will achieve a net profit attributable to the parent of 1.103 billion yuan, a year-on-year increase of 584.21%; in the first quarter of 2025, it will achieve a net profit attributable to the parent of 235 million yuan, a year-on-year increase of 14.57% and a quarter-on-quarter decrease of 13.24%. The performance in 2024 has improved significantly. Consumer demand boosts + AI terminal storage capacity improvement, the company's first-quarter performance exceeded expectations. The company continues to expand the operating scale and market share of NOR Flash, further increasing the market share of SLC NAND Flash in the 24nm process node, continuously supplementing the product matrix of DRAM, and continuously exerting force in customized DRAM. The MCU is positioned as a "department store" and continues to break through to the automotive and household appliance markets. Optimistic about the certainty of growth under the continuous increase in production of multiple products, it is expected that the net profit attributable to the parent company for 2025-2027 will be 1.535 billion yuan, 2.396 billion yuan, and 3.259 billion yuan respectively, maintaining a "buy" rating.