Huatai Securities: Maintains "buy" rating for Zhaoyi Innovation, advancing in multiple fields simultaneously.

Huaxin Securities research report pointed out that in the first half of 2025, Zhaoxin Innovation's net profit attributable to shareholders was 575 million yuan, an increase of 11.31% year-on-year, corresponding to a net profit of 341 million yuan for the second quarter of 2025, an increase of 9.17% year-on-year, and a 45.27% increase quarter-on-quarter. Benefiting from the implementation of consumer subsidy policies in countries, consumer terminal demand is steadily increasing, while the development of AI continues to drive demand growth in the fields of PCs, servers, automotive electronics, and others. In terms of Flash products, in the first half of 2025, driven by factors such as consumer country subsidies and the second quarter consumer peak season, demand in the consumer sector has grown significantly. Additionally, the continuous upgrade of mobile phone screens, AIPC, and NORFlash storage capacity in servers has also boosted the growth of Flash business revenue. In terms of sensor chips, the company continues to deepen its presence in the mobile phone market, with revenue maintaining relative stability year-on-year. In terms of analog chips, the company's original analog chip revenue achieved a growth rate of over 4.5 times year-on-year, combined with the impact of acquiring Suzhou SAIC Chip, resulting in a significant increase in analog chip revenue year-on-year. The company's "buy" rating is maintained.