Giantec Semiconductor(SH:688123) Zhi Tong Cai Jing·2026-02-12 13:24Core Viewpoint - The storage industry is experiencing a vibrant ecosystem in the Hong Kong stock market, driven by the ongoing storage bull market and the influx of A+H listings, with companies like Juchen Technology and Lanke Technology successfully listing in Hong Kong [1] Group 1: Company Overview - Juchen Technology has been deeply engaged in the storage chip sector for over 16 years, evolving into a leading global designer of high-performance non-volatile storage chips [2] - The company has established three core business lines: storage chips, mixed-signal chips, and NFC chips [2] Group 2: Revenue Contribution - Storage chips are the company's primary revenue driver, contributing 88.5% of total revenue in the first three quarters of 2025, while mixed-signal chips and NFC chips contributed 8.9% and 2.6%, respectively [3] - The product matrix for storage chips includes modules supporting DDR2 to DDR5, high-reliability chips for automotive and industrial applications, and consumer electronics chips [3][4] Group 3: Market Position - Juchen Technology ranks first in China and third globally in the EEPROM market, with a projected global market share of approximately 14.0% in 2024 [4] - The company is the second-largest global supplier of DDR5 SPD chips, with a market share exceeding 40% in 2024 [4] Group 4: Financial Performance - Total revenue increased from 703 million RMB in 2023 to 1.028 billion RMB in 2024, with a year-on-year growth of 21.29% in the first three quarters of 2025 [5][6] - Adjusted net profit rose from 141 million RMB in 2023 to 298 million RMB in 2024, reflecting a growth rate of 110.7% [6] Group 5: Profitability and Efficiency - The company's gross 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 improved pricing power [6][8] - The adjusted net profit margin increased from 20.1% in 2023 to 32.3% in the first three quarters of 2025, indicating enhanced operational efficiency [6][8] Group 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 [9][10] - The demand for SPD chips is expected to significantly increase as AI servers require more memory modules, with DDR5 prices rising over 307% since September 2025 [11][12] Group 7: Future Outlook - Juchen Technology anticipates significant growth in DDR5 SPD chip demand in the second half of 2026, while also expanding its product line with VPD chips for next-generation storage devices [12] - The company faces challenges such as high customer concentration, with the largest customer accounting for 41.1% of revenue, and reliance on external suppliers for wafer manufacturing [14]