兆易创新_2026 年（预测）特色 DRAM 持续放量并拓展产品；目标价上调至 257 元；买入

20 November 2025 | 7:36PM HKT Equity Research Gigadevice (603986.SS): Specialty DRAM continuous ramp up in 2026E with product expansion; TP raised to Rmb257; Buy We remain constructive on Gigadevice's specialty DRAM ramp-up and long-term opportunities in customized DRAM applications. We raise our Gigadevice target price by 14% to Rmb257 on both higher EPS (NI +64% CAGR in 2025-27E) and P/E multiple, supported by (1) strong specialty DRAM business in 2026E on rising demand from AI infrastructure and tight su ...