GigaDevice(603986) 东海证券·2025-04-30 12:26Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported significant growth in both revenue and net profit for 2024, with revenue reaching 7.356 billion yuan (up 27.69% year-over-year) and net profit of 1.103 billion yuan (up 584.21% year-over-year) [6] - The company aims to maintain its market share, with a record product shipment of 4.362 billion units in 2024, representing a 39.72% year-over-year increase [6] - The company’s DRAM products saw a doubling in sales volume, while NOR Flash products continued to grow in various sectors, contributing to overall revenue growth [6] - The MCU product line achieved historical highs in both revenue and shipment, with significant contributions from the consumer and industrial markets [6] - The company is positioned to benefit from the expected growth in the NOR Flash market, projected to reach $2.699 billion in 2024, with a year-over-year growth of 19.74% [6] - The company plans to enhance its MCU product offerings, particularly in the automotive sector, with a planned investment of approximately 1.2 billion yuan for R&D and industrialization [7] Summary by Sections Financial Performance - In 2024, the company achieved total revenue of 7.356 billion yuan, with a gross margin of 38.00% [6] - For Q1 2025, revenue was 1.909 billion yuan, reflecting a year-over-year increase of 17.32% [6] - The company forecasts revenues of 9.416 billion yuan, 11.655 billion yuan, and 14.178 billion yuan for 2025, 2026, and 2027 respectively [7] Market Position - The company holds the second position globally in Serial NOR Flash market share as of 2024 [6] - The company’s DRAM products include DDR3L and DDR4, with significant growth in both product lines [6] - The MCU product line is a strategic focus, with the company ranked first in China for 32-bit Arm® general-purpose MCUs [6] Future Outlook - The company expects continued growth in its niche DRAM and MCU segments, with a long-term focus on domestic market expansion [7] - The projected PE ratios for 2025, 2026, and 2027 are 56.50, 43.80, and 35.89 respectively, indicating a favorable valuation outlook [7]