聚辰股份(688123)：多元布局具备长期成长性

Core Viewpoint - The company demonstrates long-term growth potential driven by high-value products such as DDR5 SPD chips, automotive-grade EEPROM chips, and high-performance industrial-grade EEPROM chips, which have mitigated the impact of declining consumer electronics demand on traditional business performance [1][2]. Group 1: Business Performance - In H1 2025, the company's revenue reached 570 million yuan, representing a year-on-year increase of 11.7%, while net profit attributable to shareholders was 210 million yuan, up 43.5% year-on-year, with a gross margin of 60.3%, an increase of 5.6 percentage points [1]. - The growth in revenue and profit is primarily attributed to the increased shipment of high-value products, effectively countering the decline in traditional business performance due to reduced consumer electronics demand [1]. Group 2: DDR5 SPD Chip Market - The company holds a leading position in the DDR5 SPD chip market, which is essential for various applications including personal computers and AI servers, with the global market for DDR5 SPD chips expected to grow as new applications emerge [1]. - The company collaborates with Longsys Technology to enhance its market presence in the DDR5 SPD chip segment [1]. Group 3: Automotive Electronics - The company is the only domestic supplier capable of providing a full range of automotive-grade EEPROM chips and NOR Flash products, actively expanding into key overseas markets [2]. - The sales and revenue from automotive-grade EEPROM and NOR Flash products are rapidly increasing as the company gains recognition from mainstream customers [2]. Group 4: NOR Flash Product Development - The company has developed a comprehensive range of low-power SPI NOR Flash chips, with significant supply to various applications including AMOLED screens and security monitoring [3]. - As the company continues to enhance its product offerings and market promotion efforts, the NOR Flash business is expected to experience sustained growth [3]. Group 5: Profit Forecast and Valuation - Revenue projections for the company from 2025 to 2027 are 1.33 billion, 1.79 billion, and 2.19 billion yuan, with year-on-year growth rates of 29.7%, 34.0%, and 22.7% respectively [4]. - Net profit forecasts for the same period are 460 million, 640 million, and 760 million yuan, with year-on-year growth rates of 57.1%, 39.4%, and 20.0% respectively, indicating strong future performance [4].