格隆汇2月13日丨聚辰股份(688123.SH)公布2025年度业绩快报，报告期内，公司各下游应用市场需求结 构分化明显，部分产品线的市场销售情况呈现较大幅度波动。受益于近年来持续完善在高附加值市场的 产品布局，并不断加强对新产品的推广、销售及综合服务力度，公司DDR5SPD芯片、汽车级EEPROM 芯片和高性能工业级EEPROM芯片的出货量较上年同期实现快速增长，光学防抖式（OIS）摄像头马达 驱动芯片搭载在主流智能手机品牌的多款中高端机型实现商用，产品销售结构得到进一步优化，带动公 司综合毛利率较上年同期增加2.46个百分点，较好缓解了部分下游应用市场需求波动带来的影响，成为 公司收入规模扩张和盈利能力提升的重要驱动力。公司全年实现营业收入12.21亿元，归属于母公司所 有者的净利润为3.63亿元，分别较上年同期增长18.73%和25.01%，均创历史同期最好成绩。 与此同时，公司持续提升研发水平，全年研发投入达20,899.53万元，同比增长19.01%，为历史同期最 高水平。报告期内，公司凭借领先的研发能力，与牵头制定行业标准及产品规范的全球领先存储厂商合 作，率先推出配套下一代高性能存储设备的VPD ...

Group 1 - The core viewpoint is that Juchen Technology has submitted its mainboard listing application to the Hong Kong Stock Exchange, aiming to create an A+H dual financing platform to seize opportunities in the storage industry, which may enhance the company's valuation expectations and liquidity attention [1] - The CEO indicated that the demand for DDR5 SPD chips is in a ramp-up phase, with significant volume expected in Q3 and Q4 of 2026, and the company is collaborating with Samsung Electronics to advance VPD chip design verification, expanding into the AI server and high-performance computing markets [1] Group 2 - The company's performance continues to grow, with operating revenue of 933 million yuan for the first three quarters of 2025, a year-on-year increase of 21.29%, and an adjusted net profit of 301 million yuan, up 25.9% year-on-year [2] - There is a structural improvement in profitability, with gross margin rising from 46.6% in 2023 to 59.8% in the first three quarters of 2025, and net margin increasing from 20.1% to 32.3% during the same period [2] - Growth drivers are primarily from the demand for SPD chips driven by servers and AI infrastructure, as well as the trend of domestic production of automotive-grade chips, although there is a concentration risk with the top five customers accounting for 59.3% of revenue in the first three quarters of 2025 [2] Group 3 - In the recent stock performance, Juchen Technology's stock price fluctuated by 0.48% over the last seven trading days, with a closing price of 149.22 yuan on February 12, 2026, reflecting a single-day increase of 0.72% [3] - The stock has seen a cumulative increase of 18.83% year-to-date, with a current price-to-earnings ratio (TTM) of 59.23, indicating market attention on the high prosperity cycle of storage chips [3] Group 4 - Industry analysis suggests that Juchen Technology benefits from the DDR5 technology iteration and the explosion of AI demand during the storage super cycle, with the SPD chip business being a core growth engine [4] - However, institutions like Goldman Sachs warn that rising storage prices may suppress consumer electronics demand, predicting a potential decline of 6%-10% in global smartphone shipments in 2026, which could pressure some of the company's consumer electronics chip business [4]

随着存储牛市的持续演进与A+H股上市热潮的澎湃涌动，港股市场正迅速汇聚起一片生机盎然的存储产业生态。 其中，来自A股的兆易创新(03986)、澜起科技(06809)已相继成功在港挂牌，佰维存储(688525.SH)、江波龙(301308.SZ)等公司也已递表，欲加速布 局"A+H"双融资平台。 同时，包括力积存储、芯天下、宏芯宇电子、星辰天合等存储产业链上的一批新兴力量也纷纷向港交所递交招股书，寻求首次公开亮相。 截至目前，这股奔赴香江的资本热忱并未停歇。智通财经观察到，A股的聚辰股份(688123.SH)已于2月6日正式向港交所主板递交上市申请，中金公司担任独 家保荐人。聚辰股份的递表，为这场持续升温的产业聚合再添新的注脚。 三大维度共同作用推动业绩持续稳健成长 聚辰股份自2009年成立至今，已在存储芯片领域深耕超过十六年，并逐步发展成为全球领先的高性能非易失性存储芯片设计企业。目前，聚辰股份已构建起 三大核心业务线：存储类芯片、混合信号类芯片，以及NFC芯片与其他产品。 其一是存储模组配套芯片：核心产品为SPD芯片，全面支持从DDR2到DDR5全系列内存模组，是AI服务器与高性能计算内存系统的关键部件。 ...

Core Viewpoint - The storage industry is experiencing a vibrant ecosystem in the Hong Kong stock market, driven by the ongoing storage bull market and the influx of A+H listings, with companies like Juchen Technology and Lanke Technology successfully listing in Hong Kong [1] Group 1: Company Overview - Juchen Technology has been deeply engaged in the storage chip sector for over 16 years, evolving into a leading global designer of high-performance non-volatile storage chips [2] - The company has established three core business lines: storage chips, mixed-signal chips, and NFC chips [2] Group 2: Revenue Contribution - Storage chips are the company's primary revenue driver, contributing 88.5% of total revenue in the first three quarters of 2025, while mixed-signal chips and NFC chips contributed 8.9% and 2.6%, respectively [3] - The product matrix for storage chips includes modules supporting DDR2 to DDR5, high-reliability chips for automotive and industrial applications, and consumer electronics chips [3][4] Group 3: Market Position - Juchen Technology ranks first in China and third globally in the EEPROM market, with a projected global market share of approximately 14.0% in 2024 [4] - The company is the second-largest global supplier of DDR5 SPD chips, with a market share exceeding 40% in 2024 [4] Group 4: Financial Performance - Total revenue increased from 703 million RMB in 2023 to 1.028 billion RMB in 2024, with a year-on-year growth of 21.29% in the first three quarters of 2025 [5][6] - Adjusted net profit rose from 141 million RMB in 2023 to 298 million RMB in 2024, reflecting a growth rate of 110.7% [6] Group 5: Profitability and Efficiency - The company's gross margin improved from 46.6% in 2023 to 59.8% in the first three quarters of 2025, driven by a higher proportion of high-value products and improved pricing power [6][8] - The adjusted net profit margin increased from 20.1% in 2023 to 32.3% in the first three quarters of 2025, indicating enhanced operational efficiency [6][8] Group 6: Market Dynamics - The current storage "super bull market" is driven by the AI computing revolution, leading to a structural supply-demand imbalance, particularly for high-bandwidth memory (HBM) and DDR5 [9][10] - The demand for SPD chips is expected to significantly increase as AI servers require more memory modules, with DDR5 prices rising over 307% since September 2025 [11][12] Group 7: Future Outlook - Juchen Technology anticipates significant growth in DDR5 SPD chip demand in the second half of 2026, while also expanding its product line with VPD chips for next-generation storage devices [12] - The company faces challenges such as high customer concentration, with the largest customer accounting for 41.1% of revenue, and reliance on external suppliers for wafer manufacturing [14]

Core Viewpoint - The storage industry is experiencing a vibrant growth phase, with companies like Juchen Technology and others successfully listing on the Hong Kong Stock Exchange, indicating a strong interest in the A+H dual financing platform [2] Group 1: Company Overview - Juchen Technology has been focused on the storage chip sector for over 16 years, evolving into a leading global designer of high-performance non-volatile storage chips [3] - The company has established three core business lines: storage chips, mixed-signal chips, and NFC chips, with storage chips being the primary revenue driver, contributing 88.5% of total revenue in the first three quarters of 2025 [3][4] Group 2: Market Position - Juchen Technology holds a leading market position in several segments, being the top supplier of EEPROM in China and the third globally, with a projected global market share of approximately 14% in 2024 [4] - The company is also the second-largest global supplier of DDR5 SPD chips, with a market share exceeding 40% in 2024 [4] Group 3: Financial Performance - The company's total revenue grew from 703.477 million RMB in 2023 to 1,028.277 million RMB in 2024, with a revenue of approximately 933.81 million RMB in the first three quarters of 2025, reflecting a year-on-year growth of 21.29% [5][6] - Adjusted net profit increased from 141.34 million RMB in 2023 to 297.735 million RMB in 2024, marking a growth rate of 110.7% [7][8] Group 4: Growth Drivers - Revenue growth is driven by three main factors: the accelerated adoption of servers, personal computers, and AI infrastructure, leading to increased demand for SPD chips; the rise in demand for automotive-grade chips due to smart transportation development; and the expansion of industrial control applications [6] - The ongoing "super bull market" in storage is primarily driven by the AI computing revolution, which has created a structural supply-demand imbalance, particularly for high-bandwidth memory (HBM) and DDR5 [10][11] Group 5: Future Outlook - Juchen Technology's SPD chips are expected to be the core engine of growth during this high prosperity cycle, with significant demand anticipated in the third and fourth quarters of 2026 [11] - The company is also expanding its product line with the introduction of VPD chips, which are critical for next-generation enterprise SSD modules and CXL memory expansion modules [11] Group 6: Challenges - The company faces potential risks, including high customer concentration, with the largest customer accounting for 41.1% of revenue, which may impact negotiation power and revenue stability [13] - Supply chain risks are also a concern, as the company relies heavily on external wafer manufacturing, with 85.8% of procurement coming from the top five suppliers [14]

我是芯片超人花姐，入行20年，有50W+芯片行业粉丝。 有很多不方便公开发公众号的， 关于芯片买卖、关于资 源链接等， 我会分享在朋友圈 。 扫码加我本人微信 作者 | ZeR0 来源 | 芯东西（ID：aichip001） 芯东西1月30日报道，1月26日，上海高性能非易失性存储（NVM）芯片设计公司 聚辰股份 正式 递表港交所。 根据弗若斯特沙利文的资料，按2023年及2024年收入计，聚辰股份是 全球第三、 中国第一大 EEPROM供应商 ，以及 全球第二大DDR5 SPD芯片供应商 。 全球能够大规模提供配套DDR5存储器模组的SPD芯片供应商仅有 2家 。按2024年收入计，聚辰股 份拥有全球DDR5 SPD芯片市场超过 40% 的份额，且拥有全球EEPROM市场 14.0% 的份额。 在消费电子EEPROM板块，该公司在摄像头模组EEPROM及液晶面板EEPROM市场亦分别以 40.3%和21.8%的份额排名 全球第一 。 聚辰股份成立于2009年11月，致力于满足AI时代高速迭代与扩容的存储需求，研发及供应 SPD芯 片、EEPROM、NORFlash 等关键存储类芯片 、 摄像头马达驱动芯片等 ...

芯东西1月30日报道，1月26日，上海高性能非易失性存储（NVM）芯片设计公司聚辰股份正式递表港交所。 聚辰股份成立于2009年11月，致力于满足AI时代高速迭代与扩容的存储需求，研发及供应SPD芯片、EEPROM、NORFlash等关键存储类芯 片、摄像头马达驱动芯片等混合信号类芯片以及NFC芯片及配套解决方案，并持续推进VPD芯片的认证工作。 同时，该公司正在推动闭环式及光学防抖式摄像头马达驱动芯片等高端产品的规模化量产交付，并逐步切入边缘AI等快速增长的新兴市场。 其产品组合现已覆盖AI基础设施、汽车电子、工业控制、消费电子等存储应用场景，已得到全球内存模组巨头、中国及境外知名汽车企业、 主流智能手机厂商等下游终端客户的广泛应用。 根据弗若斯特沙利文的资料，按2023年及2024年收入计，聚辰股份是全球第三、中国第一大EEPROM供应商，以及全球第二大DDR5 SPD芯 片供应商。 全球能够大规模提供配套DDR5存储器模组的SPD芯片供应商仅有2家。按2024年收入计，聚辰股份拥有全球DDR5 SPD芯片市场超过40%的份 额，且拥有全球EEPROM市场14.0%的份额。 在开环摄像头马达驱动芯片市场中 ...

Group 1 - The company, Juchen Semiconductor Co., Ltd., has officially submitted its application to the Hong Kong Stock Exchange, with CICC as the joint sponsor [2] - Juchen Semiconductor is a leading global designer of high-performance non-volatile storage chips, focusing on meeting the storage demands of the AI era with products such as SPD chips, EEPROM, NOR Flash, and mixed-signal chips [2] - According to Frost & Sullivan, Juchen Semiconductor is the number one EEPROM supplier in China and the second largest DDR5 SPD chip supplier globally by revenue for 2023 and 2024 [2][3] Group 2 - The company has a strong R&D capability and market position in various product segments, being the third largest EEPROM supplier globally and the first in China for 2023 and 2024 [3] - Juchen Semiconductor has established deep cooperation with a leading global memory interconnect chip supplier for DDR5 memory interface solutions, positioning itself as a core supplier for major memory companies [3] - The company is set to become the only Chinese supplier offering a full range of automotive-grade EEPROM chips by the end of 2025 [3] Group 3 - Juchen Semiconductor is actively expanding its product lines, including the development of VPD chips for next-generation high-performance storage devices, collaborating with leading storage manufacturers [4] - The company's automotive-grade storage chips meet AEC-Q100 A1-A2 standards and are widely used in various automotive systems, including visual perception and intelligent cockpit applications [4] - The deep cooperation model established by the company creates natural customer barriers and long-term binding advantages, as automotive-grade certification typically requires a lengthy verification process [4]

Core Insights - The report from GF Securities highlights the significant growth potential in the AI storage sector driven by advancements in AI models and capital expenditures (CAPEX) [1] - AI-driven storage prices are on the rise, leading to improved gross margins for manufacturers, with DRAM and NAND architecture upgrades creating new equipment demand [1] - The storage foundry model is poised for transformative opportunities within the industry, with new interface chips like MRDIMM and VPD opening up additional market space [1] Group 1: AI and Storage Growth - Storage serves as the "tokens" for AI, with inference driving rapid growth in AI storage [2] - AI servers utilize storage types such as HBM, DRAM, and SSD, characterized by decreasing performance, increasing capacity, and lowering costs [2] - The demand for storage capacity is expected to surge to hundreds of exabytes (EB) due to the rapid growth in AI inference requirements [2] Group 2: Market Opportunities - The eSSD market for AI and storage servers is expanding due to the increasing demand for high bandwidth and large capacity driven by long-context inference and RAG databases [2] - MRDIMM is anticipated to enhance large model inference by providing deterministic gains and optimizing CPU-GPU memory orchestration [2] - The DDR5 SPD market is rapidly developing, driven by higher specifications and prices compared to the DDR4 generation, while SSD upgrades are expected to create growth opportunities for VPD [2] Group 3: CXL Technology Impact - CXL technology facilitates storage pooling, significantly enhancing computational efficiency and providing a total cost of ownership (TCO) advantage in KVCache-intensive inference [3] - Companies like NVIDIA and Alibaba Cloud are investing in CXL capabilities to improve inference throughput and performance [3] - The CXL protocol is increasingly penetrating the AI sector, driving demand for chips and positioning CXL interconnect technology as a key player in AI applications [3]

Investment Rating - The industry investment rating is "Buy" with a previous rating of "Buy" as well [2]. Core Viewpoints - The storage sector is crucial for AI inference, driving rapid growth in storage demand, particularly for HBM, DRAM, and SSD, characterized by decreasing costs and increasing capacities [5][13]. - AI-driven storage demand is expected to surge, with projections indicating a need for hundreds of exabytes (EB) of storage capacity in the near future [5][24]. - The report emphasizes the broad space within the industry chain, highlighting opportunities in eSSD, MRDIMM, SPD, and VPD chips, as well as CXL storage pooling [5][79]. Summary by Sections 1. Storage as Tokens for AI Inference - AI servers utilize various storage types, including HBM, DRAM, and SSD, with a focus on high bandwidth and large capacity to support efficient data processing [13][17]. - The demand for SSD and HDD is projected to grow significantly, with estimates suggesting a requirement of 49 EB for ten Google-level inference applications by 2026 [24]. 2. AI-Driven Storage Demand Growth - eSSD is identified as a core demand area for AI and storage servers, with increasing needs for high bandwidth and large capacity due to long-context inference and RAG databases [25][26]. - The market for AI server eSSD is expected to expand, with theoretical maximum capacities of 59 EB, 89 EB, and 120 EB for 2024, 2025, and 2026 respectively [27][34]. 3. MRDIMM Applications - MRDIMM is anticipated to enhance performance in large model inference, providing significant bandwidth improvements and capacity expansions [38][39]. 4. SPD and VPD Chip Opportunities - The transition to DDR5 memory modules presents growth opportunities for SPD and VPD chips, driven by increased specifications and demand [45][46]. 5. CXL Storage Pooling - CXL technology facilitates storage pooling, enhancing computational efficiency and enabling better resource allocation for AI applications [53][54]. - The report notes significant TCO advantages in KV Cache performance when utilizing CXL in high-concurrency, long-context workloads [56][59]. 6. Investment Recommendations - The report suggests focusing on storage industry chain-related entities, as AI-driven storage prices are expected to rise, leading to improved profit margins for manufacturers [79].