Group 1: SSD Interface and VPD Chip Demand - The evolution of SSD interface technology has transitioned from PATA and SATA to PCIe and NVMe, with SATA becoming a bottleneck as NAND flash technology advanced [1] - The introduction of VPD chips with temperature sensing capabilities is essential for dynamic thermal management and operational monitoring of SSD modules under high load scenarios [1] - VPD chip communication interfaces are evolving from traditional I2C to faster and more stable I3C, significantly enhancing data transmission efficiency and reliability [1] Group 2: DDR5 SPD Market Growth - The demand for DDR5 SPD chips is driven by the urgent need for computational power in AI model training and inference, with AI servers typically requiring over 20 DDR5 memory modules, about twice that of traditional servers [2] - The potential replacement of LPDDR5X onboard memory with LPCAMM2 memory modules is expected to further boost market demand for DDR5 SPD chips [2] - The company has nearly two decades of experience in producing DDR memory module SPD chips and has established a significant technological advantage in the DDR2/3/4/5 SPD chip market [2] Group 3: Automotive EEPROM Market Share - The company has become the only domestic supplier of mature, series-produced automotive-grade EEPROM chips, capitalizing on the "chip shortage" in the automotive electronics sector from 2020 to 2022 [3] - The company has successfully expanded into key overseas markets, including Europe, the US, Japan, South Korea, and ASEAN, increasing its market share by supplying automotive-grade EEPROM chips to leading Tier 1 automotive electronics suppliers [3] - The company is also addressing the demand for automotive-grade NOR Flash chips by providing combined product solutions, successfully integrating these chips into mainstream automotive brands [3] Group 4: Financial Projections - The company is projected to achieve revenues of 1.38 billion, 1.80 billion, and 2.32 billion yuan from 2025 to 2027, with net profits of 451 million, 626 million, and 860 million yuan respectively [4]

证券研究报告：电子 | 公司点评报告 股票投资评级 买入 |维持 个股表现 2024-09 2024-12 2025-02 2025-05 2025-07 2025-09 0% 21% 42% 63% 84% 105% 126% 147% 168% 189% 聚辰股份 电子 资料来源：聚源，中邮证券研究所 公司基本情况 | 最新收盘价（元） | 131.96 | | --- | --- | | 总股本/流通股本（亿股）1.58 | / 1.58 | | 总市值/流通市值（亿元）209 | / 209 | | 52 周内最高/最低价 | 131.96 / 47.23 | | 资产负债率(%) | 6.2% | | 市盈率 | 71.72 | | 第一大股东 | 上海天壕科技有限公司 | 研究所 分析师:吴文吉 SAC 登记编号:S1340523050004 Email:wuwenji@cnpsec.com 聚辰股份(688123) VPD 驱动新增长 l 投资要点 SSD 接口升级驱动 VPD 芯片的需求与技术迭代。SSD 接口技术经 历了从 PATA、SATA 到 PCIe 和 NVMe 的演变，早期的 SA ...

Core Insights - The company has made significant progress in automotive electronics and industrial equipment, addressing investor concerns about business structure and product upgrades [1][2] - The revenue from automotive-grade storage chips has exceeded 10% of total revenue, indicating successful product structure optimization [1] Group 1: Business Performance - The company has successfully leveraged opportunities in AI integration into smart terminal devices, with WLCSP EEPROM chips being widely adopted in major AI eyewear products [1] - Sales and revenue of automotive-grade storage chips and high-performance industrial-grade storage chips have experienced rapid growth compared to the same period last year [1] Group 2: R&D Investment - In the first half of 2025, the company invested 103 million yuan in R&D, with Q2 investment reaching 62 million yuan, a more than 50% increase quarter-on-quarter, marking the highest level for the same period historically [2] - The R&D investments have led to tangible market results, including the successful integration of automotive-grade NOR Flash chips in mainstream automotive visual perception and smart cockpit systems [2] Group 3: Future Strategy - The company plans to develop next-generation storage chips with improved performance, lower power consumption, and higher reliability, adapting to market changes and new technology trends [2] - The company aims to enhance its product layout through both internal development and external acquisitions, ensuring a balanced and risk-resistant business structure for sustainable long-term growth [2]