GigaDevice(SH:603986) Xin Lang Cai Jing·2025-08-27 02:37Core Insights - The company reported a total revenue of 4.15 billion yuan for the first half of 2025, representing a year-on-year growth of 15.00% [1] - The net profit attributable to shareholders was 575 million yuan, with a year-on-year increase of 11.31% [1] - The revenue from storage chips reached 2.845 billion yuan, showing a growth rate of 9.2% year-on-year [1] Group 1: Storage Chip Performance - The demand-supply dynamics have improved, leading to a rise in both volume and price for niche DRAM products [1] - The NOR category benefited from national subsidies and increased AI terminal capacity, driving revenue growth [1] - The company’s niche DRAM products saw a significant increase in gross margin due to an optimized product structure and successful customer integration of new DDR4 8Gb products [1] Group 2: MCU and Emerging Fields - The MCU segment achieved a revenue of 959 million yuan in the first half of 2025, with a year-on-year growth of 20% primarily driven by the network communication sector [2] - The company is expanding into emerging fields such as AI data centers, photovoltaic inverters, energy storage, charging piles, and electric vehicles [2] - The company launched MCU and AFE solutions covering power control, energy storage systems, and edge AI applications [3] Group 3: Future Projections - Revenue forecasts for 2025-2027 are projected to be 9.373 billion, 11.534 billion, and 13.847 billion yuan, with year-on-year growth rates of 27.42%, 23.05%, and 20.05% respectively [3] - Net profit attributable to shareholders is expected to reach 1.530 billion, 2.010 billion, and 2.567 billion yuan for the same period, with growth rates of 38.74%, 31.37%, and 27.75% respectively [3] - The projected price-to-earnings ratios for 2025-2027 are 66X, 50X, and 39X, maintaining a "buy" rating [3]