GigaDevice(SH:603986) GOLDEN SUN SECURITIES·2026-01-23 06:24Investment Rating - The report maintains a "Buy" rating for the company [5]. Core Insights - The company is expected to achieve a revenue of 9.203 billion yuan in 2025, representing a year-on-year growth of 25%. The net profit attributable to shareholders is projected to be 1.61 billion yuan, a 46% increase year-on-year [1][3]. - The growth in performance is primarily driven by the accelerated demand for AI computing power, benefiting the company’s products in PC, server, and automotive electronics sectors. The storage industry cycle is steadily improving, leading to a rise in both price and volume of products [1][3]. - The company has a significant advantage in the customized storage sector, with ongoing projects expected to yield results starting in 2026 [3]. Financial Projections - The company is projected to achieve revenues of 9.203 billion yuan in 2025, 12.424 billion yuan in 2026, and 15.530 billion yuan in 2027, with year-on-year growth rates of 25.1%, 35%, and 25% respectively [3]. - The net profit attributable to shareholders is expected to be 1.611 billion yuan in 2025, 3.145 billion yuan in 2026, and 3.914 billion yuan in 2027, with growth rates of 46.1%, 95.2%, and 24.4% respectively [3]. - The current stock price corresponds to a P/E ratio of 130 for 2025, 67 for 2026, and 54 for 2027 [3].