GigaDevice(SH:603986) Changjiang Securities·2025-09-23 14:42Investment Rating - The investment rating for the company is "Buy" and is maintained [8] Core Views - The company achieved a revenue of 4.15 billion yuan in the first half of 2025, representing a year-on-year increase of 15.00%, and a net profit attributable to shareholders of 575 million yuan, up 11.31% year-on-year [5][10] - In the second quarter of 2025, the company reported revenue of 2.24 billion yuan, a year-on-year increase of 13.09% and a quarter-on-quarter increase of 17.40%, with a net profit of 341 million yuan, reflecting a year-on-year increase of 9.17% and a quarter-on-quarter increase of 45.27% [5][10] - The company's comprehensive gross margin stood at 37.21% in the first half of 2025, driven by the recovery in consumer electronics and AI demand across various sectors [10] Summary by Sections Financial Performance - In the first half of 2025, the company reported a revenue of 4.15 billion yuan and a net profit of 575 million yuan, with a gross margin of 37.21% [5][10] - The second quarter of 2025 saw revenue of 2.24 billion yuan and a net profit of 341 million yuan, with a gross margin of 37.01% [10] Product Performance - The company's storage chips and MCU products saw revenue growth of approximately 9.2% and 20% year-on-year, respectively [10] - The company maintains a strong position in the NOR Flash market, ranking second globally, and is expanding its presence in industrial, communication, and automotive applications [10] Future Outlook - The company is expected to achieve net profits of 1.623 billion yuan, 2.182 billion yuan, and 2.724 billion yuan for the years 2025, 2026, and 2027, respectively, indicating a positive growth trajectory [10]