Group 1: SSD Interface and VPD Chip Demand - The evolution of SSD interface technology has transitioned from PATA and SATA to PCIe and NVMe, with SATA becoming a bottleneck as NAND flash technology advanced [1] - The introduction of VPD chips with temperature sensing capabilities is essential for dynamic thermal management and operational monitoring of SSD modules under high load scenarios [1] - VPD chip communication interfaces are evolving from traditional I2C to faster and more stable I3C, significantly enhancing data transmission efficiency and reliability [1] Group 2: DDR5 SPD Market Growth - The demand for DDR5 SPD chips is driven by the urgent need for computational power in AI model training and inference, with AI servers typically requiring over 20 DDR5 memory modules, about twice that of traditional servers [2] - The potential replacement of LPDDR5X onboard memory with LPCAMM2 memory modules is expected to further boost market demand for DDR5 SPD chips [2] - The company has nearly two decades of experience in producing DDR memory module SPD chips and has established a significant technological advantage in the DDR2/3/4/5 SPD chip market [2] Group 3: Automotive EEPROM Market Share - The company has become the only domestic supplier of mature, series-produced automotive-grade EEPROM chips, capitalizing on the "chip shortage" in the automotive electronics sector from 2020 to 2022 [3] - The company has successfully expanded into key overseas markets, including Europe, the US, Japan, South Korea, and ASEAN, increasing its market share by supplying automotive-grade EEPROM chips to leading Tier 1 automotive electronics suppliers [3] - The company is also addressing the demand for automotive-grade NOR Flash chips by providing combined product solutions, successfully integrating these chips into mainstream automotive brands [3] Group 4: Financial Projections - The company is projected to achieve revenues of 1.38 billion, 1.80 billion, and 2.32 billion yuan from 2025 to 2027, with net profits of 451 million, 626 million, and 860 million yuan respectively [4]

证券研究报告：电子 | 公司点评报告 股票投资评级 买入 |维持 个股表现 2024-09 2024-12 2025-02 2025-05 2025-07 2025-09 0% 21% 42% 63% 84% 105% 126% 147% 168% 189% 聚辰股份 电子 资料来源：聚源，中邮证券研究所 公司基本情况 | 最新收盘价（元） | 131.96 | | --- | --- | | 总股本/流通股本（亿股）1.58 | / 1.58 | | 总市值/流通市值（亿元）209 | / 209 | | 52 周内最高/最低价 | 131.96 / 47.23 | | 资产负债率(%) | 6.2% | | 市盈率 | 71.72 | | 第一大股东 | 上海天壕科技有限公司 | 研究所 分析师:吴文吉 SAC 登记编号:S1340523050004 Email:wuwenji@cnpsec.com 聚辰股份(688123) VPD 驱动新增长 l 投资要点 SSD 接口升级驱动 VPD 芯片的需求与技术迭代。SSD 接口技术经 历了从 PATA、SATA 到 PCIe 和 NVMe 的演变，早期的 SA ...

截至6月30日，聚辰股份股东户数1.19万，较上期增加4.80%；人均流通股13329股，较上期减少4.57%。 2025年1月-6月，聚辰股份实现营业收入5.75亿元，同比增长11.69%；归母净利润2.05亿元，同比增长 43.50%。 分红方面，聚辰股份A股上市后累计派现2.99亿元。近三年，累计派现1.86亿元。 今年以来聚辰股份已经2次登上龙虎榜，最近一次登上龙虎榜为9月24日。 资料显示，聚辰半导体股份有限公司位于上海市浦东新区张东路1761号10幢，成立日期2009年11月13 日，上市日期2019年12月23日，公司主营业务涉及集成电路产品的研发设计和销售,并提供应用解决方 案和技术支持服务。主营业务收入构成为：芯片销售100.00%。 聚辰股份所属申万行业为：电子-半导体-数字芯片设计。所属概念板块包括：中芯国际概念、龙虎榜热 门、存储概念、电子烟、无线耳机等。 9月25日，聚辰股份盘中上涨2.00%，截至09:38，报130.88元/股，成交4.01亿元，换手率1.97%，总市值 207.15亿元。 资金流向方面，主力资金净流入981.81万元，特大单买入7649.85万元，占比19.07 ...

证券日报网讯 9月24日晚间，聚辰股份发布公告称，公司股票于2025年9月22日、9月23日和9月24日连 续3个交易日内收盘价格涨幅偏离值累计超过30%，属于股票交易异常波动。经公司自查并向控股股 东、实际控制人及其一致行动人函证确认，截至本公告披露之日，公司生产经营活动一切正常，不存在 应当披露而未披露的重大事项，公司控股股东、实际控制人及其一致行动人不存在涉及上市公司的应当 披露而未披露的重大事项，此前披露的信息亦不存在需要更正或补充的情形。 （编辑 姚尧） ...

聚辰半导体股份有限公司 股票交易异常波动公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 重要内容提示： 公司股票于 2025 年 9 月 22 日、9 月 23 日和 9 月 24 日连续 3 个交易日 内收盘价格涨幅偏离值累计超过 30%，根据《上海证券交易所交易规则》、《上海 证券交易所科创板股票异常交易实时监控细则》的有关规定，属于股票交易异常 波动。 经公司自查并向控股股东、实际控制人及其一致行动人函证确认，截至 本公告披露之日，公司生产经营活动一切正常，不存在应当披露而未披露的重大 事项，公司控股股东、实际控制人及其一致行动人不存在涉及上市公司的应当披 露而未披露的重大事项，此前披露的信息亦不存在需要更正或补充的情形。 公司于 2025 年 9 月 20 日披露了《聚辰股份 2025 年限制性股票激励计 划（草案）》，该限制性股票激励计划草案尚需公司股东大会审议通过后方可实施； 公司控股股东之一致行动人武汉珞珈梧桐新兴产业投资基金合伙企业（有限合伙） 于 2025 年 9 月 11 日披露了《聚辰股份股东减 ...

聚辰股份公告，公司股票于2025年9月22日、9月23日和9月24日连续3个交易日内收盘价格涨幅偏离值累 计超过30%，根据《上海证券交易所交易规则》、《上海证券交易所科创板股票异常交易实时监控细 则》的有关规定，属于股票交易异常波动。公司控股股东之一致行动人武汉珞珈梧桐新兴产业投资基金 合伙企业（有限合伙）于2025年9月11日披露了《聚辰股份股东减持股份计划公告》，计划自2025年10 月10日至2026年1月9日期间通过大宗交易和集中竞价方式合计减持公司2.61%的股份。 ...

Market Overview - On September 22, the A-share market experienced a significant rally, with all three major indices rising and trading volume surpassing 2 trillion yuan, led by a 6% increase in the precious metals sector [1] - Over 2,100 stocks saw gains, with 73 stocks hitting the daily limit up, prompting investor optimism about a potential bull market [1] Stock Performance - Notable stocks with substantial price increases include: - Changying Precision (300115) at 37.72 yuan, up 20.01% - Yutu (301086) at 79.30 yuan, up 20.01% - Henghe Precision (300539) at 48.48 yuan, up 20.00% - Baiao Intelligent (300836) at 56.41 yuan, up 20.00% - Weichuang Electric (688698) at 86.51 yuan, up 14.10% [2] Institutional Investment Insights - The market saw significant institutional buying, with 12 stocks receiving net purchases exceeding 10 million yuan, led by Juchen Co. with a net buy of 359 million yuan [2][3] - The importance of understanding institutional behavior is emphasized, as it can provide insights into market trends beyond mere stock price movements [5][7] Investment Strategy - A principle of focusing on data-driven decisions rather than emotional reactions is highlighted, suggesting that stock price fluctuations are merely surface indicators [5][9] - The strategy includes three key approaches: 1. Avoiding distractions from short-term market trends 2. Not panicking due to price volatility 3. Not being swayed by high or low price perceptions [5][9] Sector Analysis - The electronic and mechanical equipment sectors are noted for their strong performance, with a significant number of stocks reaching historical highs [5][8] - Continuous monitoring of institutional buying patterns is recommended, as these can indicate future opportunities despite market volatility [7][8]

Group 1 - The DRAM market is experiencing significant price increases due to the discontinuation of older process DRAM products by manufacturers, with expectations of a 20%-50% quarter-on-quarter price increase in Q4 2025 [1][3] - Nanya Technology's contract price surged by 70% in Q3 2025 and is expected to rise by another 50% in Q4 2025, while Winbond's prices increased by 60% in Q3 2025 and are projected to rise by 20% in Q4 2025 [1][3] - The market is facing a supply-demand imbalance as major manufacturers exit the niche DRAM market, leading to continued price increases throughout the year [1][4] Group 2 - The NAND flash market is seeing rising prices driven by increased capital expenditures from domestic internet companies, with Alibaba investing 38.6 billion yuan in AI and cloud infrastructure in Q2 2025 [2] - The demand for enterprise-level storage applications is expected to grow significantly due to the acceleration of AI applications, with a potential price increase in the storage market anticipated in Q4 2025 [2] - The NOR Flash market is also expected to see price increases in Q4 2025 due to healthy supply-demand dynamics, with double-digit percentage increases likely [4] Group 3 - The niche storage market is experiencing price increases due to structural shortages, with companies like Winbond, Nanya Technology, and Macronix showing consistent revenue growth since 2025 [4] - Customized storage solutions are gaining traction, with companies that have a first-mover advantage likely to benefit from the industry wave [4] Group 4 - Investment recommendations include focusing on niche storage companies such as Zhaoyi Innovation, Puran, and Jucheng, as well as module manufacturers and storage supporting chip companies [5]

Group 1 - The A-share market shows strong performance in storage chip concept stocks, with Tongfu Microelectronics (002156) hitting the daily limit, and several other companies like Jingyi Equipment, Saiteng Co., Jiangbolong, and Jucheng Co. rising over 7% [1] - Notable stock performances include: - Tongfu Microelectronics (002156) up 10% to 37.72, with a market cap of 57.2 billion and a year-to-date increase of 27.87% - Jingyi Equipment (688652) up 7.93% to 94.00, with a market cap of 15.8 billion and a year-to-date increase of 91.80% - Saiteng Co. (603283) up 7.67% to 52.25, with a market cap of 14.6 billion and a year-to-date increase of 6.59% [2] - Other companies with significant gains include Jiangbolong (301308) up 7.55% to 155.20, Jucheng Co. (688123) up 7.11% to 128.53, and Yake Technology (002409) up 6.45% to 71.41 [1][2] Group 2 - The overall trend indicates a bullish sentiment in the storage chip sector, with multiple stocks experiencing substantial increases in both daily performance and year-to-date metrics [1][2] - The market capitalization of the highlighted companies varies significantly, with Jiangbolong leading at 65.1 billion, followed by Tongfu Microelectronics at 57.2 billion, and Jucheng Co. at 20.3 billion [2]

Group 1 - The storage chip sector showed significant activity at the beginning of trading on September 24, with notable stocks reaching new highs and experiencing substantial gains [1] - Jingyi Equipment hit a new high during the trading session, indicating strong market interest [1] - Tongfu Microelectronics reached the daily limit increase, reflecting positive investor sentiment [1] Group 2 - Other companies in the sector, such as Xingfu Electronics, Weida Nano, Saiteng Co., Jiangfeng Electronics, and Juchen Co., also experienced upward movement in their stock prices [1]