聚辰股份(688123)：SPD及汽车EEPROM保持景气

Core Viewpoint - The company achieved record revenue and profit in Q1 2025, driven by strong demand for DDR5 SPD, automotive-grade EEPROM, and NOR Flash products, despite a decline in smartphone-related sales [1][2] Financial Performance - Q1 2025 revenue reached 261 million yuan, a year-over-year increase of 5.60% and a quarter-over-quarter increase of 0.72% [1] - Net profit attributable to shareholders was 99 million yuan, reflecting a year-over-year growth of 94.71% and a quarter-over-quarter growth of 26.07% [1] - Non-recurring net profit was 81 million yuan, with a year-over-year increase of 22.34% and a quarter-over-quarter increase of 26.76% [1] - The company's gross margin in Q1 2025 was 60.29%, up 5.67 percentage points year-over-year and 5.62 percentage points quarter-over-quarter [2] Product Performance - The increase in revenue was primarily due to the rising penetration of DDR5 and the growing market share of automotive EEPROM, which saw significant year-over-year sales growth [2][3] - The company expects continued growth in DDR5 SPD and automotive EEPROM, with NOR Flash revenue growth dependent on market expansion [3] Investment Outlook - The target price is set at 104.7 yuan, maintaining a "buy" rating based on expected growth in DDR5 SPD and automotive/industrial EEPROM [4] - Projected net profits for 2025, 2026, and 2027 are 471 million yuan, 648 million yuan, and 870 million yuan, respectively [4]