GigaDevice(SH:603986) 远峰电子·2026-01-04 13:26Core Viewpoint - The storage market is entering an upward cycle, with the company experiencing growth in both volume and price of storage products, particularly in the Fabless chip sector, which is expected to benefit from increasing demand in various applications, including AI and automotive electronics [1][19]. Group 1: Company Overview - The company is a leading global Fabless chip supplier, established in 2005 and listed in 2016, focusing on a diverse range of products including Flash, niche DRAM, MCU, analog chips, and sensor chips [4][7]. - The company has achieved significant milestones, such as launching the first domestic SPI NOR Flash in 2008 and expanding its product line through acquisitions, enhancing its market position [4][7]. Group 2: Business Segments - The main business segments include storage chips, microcontrollers (MCUs), and sensor products, with storage chips being the largest revenue contributor, growing from 1.839 billion in 2018 to 5.194 billion in 2024 [9][10]. - The company has a comprehensive product line in NOR Flash, NAND Flash, and niche DRAM, with a focus on low voltage and low power consumption, catering to various applications such as industrial control and automotive electronics [7][9]. Group 3: Financial Performance - The company reported a revenue of 73.56 billion in 2024, with a year-on-year growth rate of 27.69%, and a net profit of 11.03 billion, reflecting a significant increase of 584.21% compared to the previous year [10][13]. - The gross margin has improved, reaching 38% in 2024, with a net profit margin of 16.17% in the first three quarters of 2025, indicating effective cost management and operational efficiency [13][10]. Group 4: Market Trends - The NOR Flash market is expected to grow significantly, driven by AI and automotive electronics, with projections indicating a market size of 4.2 billion by 2029, reflecting a compound annual growth rate of 8.4% [19][22]. - The company has rapidly increased its market share in the NOR Flash segment, becoming the second largest globally and the largest in mainland China, with a market share of 18.5% [22][19]. Group 5: Future Outlook - Revenue forecasts for 2025-2027 indicate continued growth, with total revenues expected to reach 94.23 billion, 119.46 billion, and 149.62 billion respectively, alongside net profits projected at 17.76 billion, 25.29 billion, and 31.68 billion [56][2]. - The company is well-positioned to capitalize on the growing demand for customized storage solutions, particularly in the context of AI applications and automotive electronics, which are expected to drive future growth [54][50].