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Jiao Yin International Initiates 'Buy' Rating for Zhaoyi Innovation with Target Price of HKD 907

On July 20, Jiao Yin International released a research report, initiating a 'Buy' rating for Zhaoyi Innovation with a target price of HKD 907. The firm believes that the company is expected to achieve rapid growth in market share and profits during this round of market share redistribution, leveraging its experience in expanding its share in the NOR Flash sector. The deep cooperation with Changxin is a core support for the company's DRAM business. The firm forecasts Zhaoyi Innovation's total revenue for the next two years to be HKD 25.56 billion and HKD 33.98 billion, with gross profit margins estimated at 65.3% and 65.8%, respectively. The net profit attributable to shareholders is expected to be HKD 13.97 billion and HKD 16.58 billion, with basic EPS projected at HKD 21.02 and HKD 24.95. The company is one of the core targets in the mainland China's storage sector, and the firm is optimistic about its potential for market share growth in the wave of capacity replacement for niche DRAM and SLC NAND Flash.

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