GigaDevice(SH:603986) Xin Lang Cai Jing·2025-08-26 12:35Group 1 - The company reported a revenue of 4.15 billion yuan for H1 2025, representing a year-over-year increase of 15.0%, and a net profit attributable to shareholders of 575 million yuan, up 11.31% year-over-year [1] - In Q2 2025, the company achieved a revenue of 2.24 billion yuan, reflecting a year-over-year growth of 13.09% and a quarter-over-quarter increase of 17.40%, with a net profit of 341 million yuan, which is a 9.17% year-over-year increase and a 45.27% quarter-over-quarter increase [1] - The improvement in supply dynamics and product structure optimization have led to a recovery in the profitability of the DRAM business, with major manufacturers gradually exiting the niche DRAM market, resulting in tighter supply and rising prices since March [1] Group 2 - The NOR Flash business is benefiting from a recovery in demand across four key sectors: consumer electronics, computing, industrial, and automotive electronics, with expectations of a moderate price increase due to the dual drivers of recovering demand and tight supply [2] - The MCU business has seen significant year-over-year growth driven by government subsidy policies and downstream inventory demand, particularly in the consumer electronics and network communication sectors [2] - The company forecasts net profits attributable to shareholders of 1.45 billion yuan and 1.61 billion yuan for 2025 and 2026, respectively, with corresponding price-to-earnings ratios of 72x and 65x, maintaining a "buy" rating with a valuation of 65x for 2026 [2]