【私募调研记录】坤易投资调研聚辰股份

Core Insights - Kunyi Investment recently conducted research on a listed company, focusing on its business performance and growth potential in the SPD and EEPROM sectors [1] Group 1: Company Performance - Jucheng Co., Ltd. experienced rapid growth in SPD business sales revenue in the first half of 2025 compared to the same period last year, with significant increases in DDR5 SPD product sales and revenue, while DDR4 SPD products saw a decline [1] - The penetration rate of DDR5 memory modules in the server sector is expected to reach 40%-50% in 2024 and maintain around 95% by 2030 [1] - The company's R&D expenses in the second quarter amounted to 62 million yuan, reflecting a more than 50% quarter-on-quarter increase, primarily for new product development costs [1] Group 2: Market Position and Opportunities - Jucheng Co., Ltd. has become the global leader in open-loop voice coil motor driver chips, with some OIS chips already integrated into the mid-to-high-end smartphone market, representing a market space of approximately 2-3 billion yuan [1] - The automotive-grade EEPROM business saw over 100% year-on-year growth in product sales and revenue, successfully integrating with several leading global automotive electronics Tier 1 suppliers, with some new energy vehicles using more than 40 EEPROMs per vehicle, indicating a market size of about 400-600 million USD [1] - The company's projected sales revenue for the automotive-grade EEPROM business in 2024 is expected to be less than 100 million yuan [1]