GigaDevice(SH:603986) Changjiang Securities·2025-11-01 23:45Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Insights - The company achieved a revenue of 6.832 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 20.92%. The net profit attributable to the parent company was 1.083 billion yuan, up 34.04% year-on-year. In the third quarter of 2025, the company reported a revenue of 2.681 billion yuan, a year-on-year increase of 31.40% and a quarter-on-quarter increase of 19.64%. The net profit for the third quarter was 508 million yuan, reflecting a year-on-year increase of 61.13% and a quarter-on-quarter increase of 48.97% [5][11]. Summary by Sections Financial Performance - For the first three quarters of 2025, the company reported a revenue of 6.832 billion yuan and a net profit of 1.083 billion yuan. The third quarter alone saw revenues of 2.681 billion yuan and a net profit of 508 million yuan, with significant year-on-year and quarter-on-quarter growth [5][11]. Product and Market Position - The company maintains a strong position in the NOR Flash market, being the second largest globally. It continues to enhance its competitive edge in high-end consumer electronics while expanding into industrial, communication, and automotive applications. The company is set to achieve mass production of 45nm NOR Flash in 2025. The SLC NAND Flash is primarily based on a 24nm process, covering various applications. The self-developed DRAM products are widely applied across multiple sectors, with plans for LPDDR5 product development [11]. Growth Prospects - The company is expected to see continued growth, with projections for net profits of 1.598 billion yuan, 2.369 billion yuan, and 2.904 billion yuan for 2025, 2026, and 2027, respectively. The ongoing expansion in NOR Flash operations and the enhancement of the SLC NAND Flash process node are key drivers for this growth [11].