【私募调研记录】石锋资产调研东芯股份

Group 1 - The core viewpoint of the news is that Dongxin Co., Ltd. is experiencing continuous improvement in revenue and gross profit, driven by recovering market demand and price increases in SLC NAND Flash and NOR Flash products [1] - Dongxin's second-quarter performance growth is primarily attributed to the contribution from SLC NAND products, benefiting from strong demand in the domestic operator bidding market [1] - The company is actively expanding its product offerings in the automotive sector, having passed EC-Q100 verification for automotive-grade products, which are now in mass production across multiple vehicle models [1] Group 2 - Dongxin is focusing on the development of Wi-Fi 7 wireless communication chips, with expected revenue contributions starting in 2026 [1] - The company is experiencing a strong demand for smart wearable devices, particularly in the TWS earphones, feature phones, and smart wristbands/watches segments [1] - Dongxin's R&D personnel and expenses are expected to continue growing, although the year-on-year growth rate is anticipated to slow down [1] Group 3 - Dongxin is a joint venture partner of Lishuan Technology, with governance participation, while procurement, sales, and R&D are managed by Lishuan's original management team [1] - The 7G100 series products are based on Dongxin's self-developed TrueGPU architecture, showcasing commercial potential and market competitiveness [1] - Lishuan Technology is undergoing continuous financing efforts, including both debt and equity financing [1]