强周期行业启示录！兆易创新：NORF lash细分市场打入全球前三，但内部人精准套现80亿

Core Insights - Changxin Storage is a prominent player in the domestic semiconductor industry, recognized as a leading IDM model enterprise and a leader in the DRAM storage sector, often referred to as "China's Samsung" [1] - The chairman of Changxin Technology, Zhu Yiming, is also the actual controller and chairman of GigaDevice (603986.SH) [2] - GigaDevice's performance in 2023 was poor, with total revenue of 5.761 billion, a year-on-year decline of 29.1%, and a net profit attributable to shareholders of only 161 million, down 92.2% [3] Storage Product Layout - GigaDevice has a comprehensive layout in storage products, including NOR Flash and microcontroller units (MCUs), with MCU revenue significantly increasing in 2021 and 2022 but declining to 1.317 billion in 2023, accounting for 22.9% of total revenue [4][5] - The company aims to replicate the growth path of niche DRAM products similar to that of NOR Flash [6] Financial Performance - In 2023, GigaDevice's storage chip sales revenue was 4.077 billion, making up 70.8% of total revenue, with a significant drop in average selling prices for both storage chips and MCUs [9][22] - The average selling price of storage chips fell from 2.14 yuan to 1.54 yuan, a decrease of 28.1%, while MCU prices dropped from 8.17 yuan to 4.58 yuan, a decline of 44.0% [22] - GigaDevice's gross margin decreased from 47.7% in 2022 to 34.4% in 2023, with gross profits from storage chips and MCUs declining by 590 million and 1.268 billion, respectively [51][52] Market Position and Strategy - GigaDevice's NOR Flash products achieved a market share of 95.4% in 2023, with a total shipment of 2.655 billion chips, positioning the company as the second-largest player globally in the serial NOR Flash segment [37][38] - The company has diversified its product offerings to include all three types of storage chips: DRAM, NAND Flash, and NOR Flash, with a focus on niche markets [35][83] - GigaDevice's strategy emphasizes differentiation in a highly competitive market dominated by major players, targeting smaller, specialized segments [83] Future Outlook - GigaDevice anticipates a recovery in demand and prices for DRAM and NAND in 2024, while prices for NOR and MCU products may continue to decline [58] - The company has set a revenue growth target of no less than 26.6% for 2024, aiming for approximately 7.3 billion in revenue [59] - The collaboration with Changxin Technology for DRAM foundry services is expected to enhance GigaDevice's market position, with projected procurement amounts doubling from 362 million in 2023 to 852 million in 2024 [68][87]