GigaDevice(SH:603986) HUAXI Securities·2025-08-29 11:18Investment Rating - The report maintains an "Accumulate" rating for the company [5]. Core Views - The company reported a revenue of 4.15 billion yuan for the first half of 2025, representing a year-on-year increase of 15%, and a net profit attributable to shareholders of 575 million yuan, up 11% year-on-year [1]. - In Q2 2025, the company achieved a revenue of 2.24 billion yuan, a quarter-on-quarter increase of 17%, and a net profit of 341 million yuan, up 45% quarter-on-quarter [1]. - The company's multiple product lines are experiencing breakthroughs, driven by policy benefits and market demand, particularly in consumer electronics and AI-related sectors [2]. - The company is expected to benefit from price stabilization and recovery in niche storage products due to supply-side production halts [2]. - Long-term prospects are positive as the company's new customized storage products align with technological advancements in storage [2]. Financial Summary - The company’s projected revenues for 2025-2027 are 9.36 billion, 11.55 billion, and 13.75 billion yuan, reflecting year-on-year growth rates of 27.2%, 23.4%, and 19.0% respectively [3]. - The projected net profits for the same period are 1.53 billion, 1.95 billion, and 2.45 billion yuan, with year-on-year growth rates of 38.9%, 27.3%, and 25.4% respectively [3]. - Earnings per share (EPS) are expected to be 2.31, 2.94, and 3.68 yuan for 2025, 2026, and 2027 respectively [3]. - The company’s price-to-earnings (PE) ratios are projected to be 53X, 42X, and 33X for the years 2025, 2026, and 2027 respectively [3].