GigaDevice(SH:603986) Bank of China Securities·2025-05-08 07:09Investment Rating - The report maintains an "Accumulate" rating for the company [1][5]. Core Views - The company has shown strong operational performance in 2024 and Q1 2025, with a focus on basic storage and MCU products, and is gradually enhancing its diversified product lines [3][5]. - The revenue forecast for the company is adjusted to RMB 92.04 billion, RMB 111.44 billion, and RMB 134.90 billion for the years 2025, 2026, and 2027 respectively, with corresponding net profits of RMB 15.95 billion, RMB 20.41 billion, and RMB 25.27 billion [5][7]. Summary by Sections Financial Performance - In 2024, the company achieved a revenue of RMB 73.56 billion, a year-on-year increase of 27.69%, and a net profit of RMB 11.03 billion, up 584.21% year-on-year [8]. - For Q1 2025, the company reported revenue of RMB 19.09 billion, a year-on-year increase of 17.32%, and a net profit of RMB 2.35 billion, up 14.57% year-on-year [8]. Market Position and Product Development - The company has seen a significant increase in product shipments, reaching 4.362 billion units in 2024, a growth of 39.72% year-on-year [8]. - The NOR Flash products have continued to grow in various sectors including consumer electronics and automotive, while MCU products have also seen strong demand in industrial markets [8]. Future Outlook - The company is actively pursuing opportunities in AI applications and expanding its market presence in Europe and Japan [8]. - The report highlights the potential for further growth through diversified business lines and collaboration with major clients in various sectors [8].