GigaDevice(SH:603986) Xin Lang Cai Jing·2025-08-27 02:37Core Insights - The company is experiencing continuous operational improvement, driven by enhanced DRAM supply, leading to simultaneous growth in volume and price. In H1 2025, the company achieved revenue of 4.15 billion yuan, a year-on-year increase of 15.0%, and a net profit attributable to shareholders of 575 million yuan, up 11.31% year-on-year [1] Storage Segment - Revenue from the storage segment grew by 9.23% year-on-year, with significant growth in NOR Flash and niche DRAM products. In H1 2025, storage revenue reached 2.845 billion yuan, with a gross margin of 38.50%. The demand in the consumer sector increased notably due to government subsidies and seasonal factors [1][2] - The company launched a dual-voltage SPI NOR Flash product tailored for 1.2V SoC applications, enhancing its strategic positioning in embedded storage solutions for emerging fields such as IoT and AI [2] - The niche DRAM market is experiencing a supply-demand imbalance as major overseas manufacturers exit, resulting in increased volume and price for the company's niche DRAM products. The revenue contribution from DDR4 products is rising significantly [2] MCU Segment - The MCU business achieved revenue of 959 million yuan in H1 2025, reflecting a year-on-year growth of 19.11% with a gross margin of 37.31%. The consumer and industrial markets remain the largest revenue sources [3] - The company is expanding its product lineup, including the introduction of the GD32C231 series entry-level MCU, targeting applications in small appliances and automotive battery management systems [3] Sensor Segment - Sensor revenue remained relatively stable, reaching 193 million yuan in H1 2025, with a year-on-year increase of 0.53% and a gross margin of 38.98%. The company has launched a capacitive multi-touch control chip and has successfully passed E911 testing for its pressure sensors [4] Analog Segment - The analog chip revenue saw significant growth, exceeding a 4.5-fold increase year-on-year, aided by the acquisition of Suzhou Saichip. The integration of resources and technology is yielding positive results [4] Financial Projections - Revenue projections for 2025-2027 are 9.355 billion yuan, 11.518 billion yuan, and 13.526 billion yuan, representing year-on-year growth rates of 27.2%, 23.1%, and 17.4% respectively. Net profit projections are 1.455 billion yuan, 1.908 billion yuan, and 2.434 billion yuan, with corresponding growth rates of 31.9%, 31.2%, and 27.6% [5][6]