GigaDevice(SH:603986) Xin Lang Cai Jing·2025-07-30 10:25Core Viewpoint - The company, Zhaoyi Innovation Co., Ltd., has established itself as a leading player in the domestic storage and MCU markets, benefiting from a platform-based layout that supports its growth [1] Group 1: Company Overview - Zhaoyi Innovation was founded in 2005 and listed on the Shanghai Stock Exchange in 2016, adopting a fabless production model [1] - The company has diversified its product structure from its initial focus on NOR Flash to include "storage + control + sensing + analog" across four major business areas, achieving a leading position in the storage and MCU sectors [1] - From 2015 to 2024, the company's revenue is projected to grow from 1.189 billion yuan to 7.356 billion yuan, with a compound annual growth rate (CAGR) of 22.45%, while net profit is expected to rise from 158 million yuan to 1.103 billion yuan, with a CAGR of 24.11% [1] Group 2: Storage Business - The global semiconductor storage market is expanding due to the growth of edge AI and the "three transformations" in the automotive sector, which increases demand for storage products [2] - Zhaoyi Innovation has a rich layout in specialized storage, forming three major product lines: "NOR + DRAM + NAND," and is the only domestic integrated circuit design company ranked in the global top ten for NOR Flash, SLC NAND Flash, niche DRAM, and MCU [2] - The exit of overseas giants from niche storage areas presents growth opportunities for domestic manufacturers like Zhaoyi [2] Group 3: MCU Business - Zhaoyi Innovation is recognized as the domestic leader in 32-bit MCUs, with projected MCU revenue of approximately 231 million USD in 2024, ranking eighth globally and first in mainland China [3] - By the end of 2024, the company has successfully mass-produced 63 product series and over 700 MCU products, covering high-performance, mainstream, entry-level, low-power, wireless, automotive, and specialized products [3] - The company has launched a new generation of automotive-grade MCUs with high-performance M7 cores, designed for various electrification applications in vehicles [3] - A new investment project for automotive electronic chip R&D and industrialization, with a total planned investment of approximately 1.2 billion yuan, aims to enhance the company's high-end MCU product development capabilities [3]