Giantec Semiconductor(SH:688123) 智通财经网·2026-02-12 13:24Core Viewpoint - The Hong Kong stock market is experiencing a vibrant ecosystem in the storage industry, driven by the ongoing storage bull market and the surge of A+H share listings, with several companies, including Jucheng Technology, successfully listing and others preparing for IPOs [1][2]. Company Overview - Jucheng Technology, established in 2009, has become a leading global designer of high-performance non-volatile storage chips, with three core business lines: storage chips, mixed-signal chips, and NFC chips [1][2]. Revenue Contribution - In the first three quarters of 2025, storage chips accounted for 88.5% of the company's revenue, mixed-signal chips contributed 8.9%, and NFC chips and others made up 2.6% [2][4]. Market Position - Jucheng Technology is the top supplier of EEPROM chips in China and the third globally, with a projected global market share of approximately 14.0% in 2024. It is also the second-largest supplier of DDR5 SPD chips globally, with a market share exceeding 40% in 2024 [3][4]. Financial Performance - The company's total revenue grew from 703 million RMB in 2023 to 1.028 billion RMB in 2024, with a revenue of approximately 933 million RMB in the first three quarters of 2025, reflecting a year-on-year growth of 21.29% [3][4]. - Adjusted net profit increased from 141 million RMB in 2023 to 298 million RMB in 2024, with a net profit of 301 million RMB in the first three quarters of 2025, showing a growth rate of 25.9% [5][6]. Profitability Improvement - The gross profit margin improved from 46.6% in 2023 to 59.8% in the first three quarters of 2025, driven by a higher proportion of high-value products and enhanced pricing power [5][6]. Market Dynamics - The current storage "super bull market" is driven by the AI computing revolution, leading to a structural supply-demand imbalance, particularly for high-bandwidth memory (HBM) and DDR5, which are critical for AI servers [8][9]. - The demand for SPD chips is expected to significantly increase as AI servers require more DDR5 memory modules, with prices for DDR5 components rising sharply [9][10]. Future Outlook - Jucheng Technology anticipates a significant increase in DDR5 SPD chip demand in the third and fourth quarters of 2026, alongside the introduction of new product lines such as VPD chips for next-generation storage devices [10][11]. - The company is well-positioned to benefit from the ongoing storage super cycle, with its core growth logic centered on the dual drivers of DDR5 technology iteration and AI demand explosion [11].