聚辰股份（688123）：SPD & Automotive EEPROM 销售保持强劲

SPD & AutomotiveEEPROMSalesRemainedBuoyant Rating (Maintain):BUYTarget price (RMB):104.70 Huatai Research Quarterly Results Review 15 May 2025│China (Mainland) Semiconductor AnalystXIE ChunshengSAC No. S0570519080006SFC No. BQZ938xiechunsheng@htsc.com+(86) 21 2987 2036 For1Q25,GiantecSemiconductor’s(Giantec)revenue/attributablenetprofit(NP)/recurring attributable NPwereRMB261/99/81mn (+5.60/94.71/22.34%yoy,+0.72/26.07/26.76%qoq). Bothrevenue and profitfor 1Q25hit historical highs forthequarter.Amid divergent downstream demandsince2025, shipments of DDR5SPD, automotive/industrial EEPROM, and NOR Flash grew rapidly yoy,effectivelyoffsettingrevenuepressurefromdecliningsalesofsmartphoneEEPROM,open-loop voice coil motor (VCM) driver chip, and smart card chips. As a result,1Q25 revenuesawmildqoqand yoy growth. In addition, Giantec’s gains fromreducingholdingand fair-value changes ofHua Hong Semiconductorsharesjumpedyoy (1Q25 net investmentgains: RMB19mn).For2025, we expect SPDand automotive EEPROM to continuerapidgrowth,and new productssuch asNOR Flash and OISVCMdriversto contribute increments. Maintain BUY. Key data 1Q25: optimizedproductmixoffsetsdemand volatilityAmidlukewarmdemandfromthemobilephone marketin 1Q25, r evenue growthwas primarily driven by: 1) yoy growthofSPDproductsales onrising DDR5penetration; and 2)robustyoy growthinautomotive EEPROMsales volume oncontinuedmarket-sharegains. Withhigherrevenuecontributionsfromtheseproducts,thecompany’soverallGPMfor1Q25was60.29%(+5.67ppyoy,+5.62ppqoq). Meanwhile, the company maintainedsoundexpensecontrol, withR&D expensesfor 1Q25upby5.26% yoytoRMB41mnbuttheR&D expenseratiodownslightly by 0.05pp yoy to 15.72%.Excluding the impact of non-recurringitemssuch asgains fromreducingholding ofHua Hong Semiconductorshares,the1Q25recurring NPMwas30.98% (+4.24ppyoy, +6.36ppqoq). Source:Wind 2025:SPD todriveevenuegrowth,fasterexpansion inautofieldWe expect DDR5 SPD and automotive/industrial EEPROM to remain the key drivers of revenue expansion and profitability improvement in 2025, while NORFlash revenue growthmaydepend on market expansion. By product: 1) SPD: Weexpect rising DDR5 adoptiononserver/PC upgrade demand,while prices mayremainrelatively stable. 2) Automotive EEPROM: With full coverage of A1 andlower-grade products, some projects that entered verification last yearshouldcontributeincrementsthisyear,inourview.Givenafavorablecompetitivelandscape,we projectsegmentprices andtheGPM toremain stable.3) NORFlash: Revenue in 2024 mainly came from consumer-electronics applications suchas e-cigarettes. Going forward, we expect expansion into higher-value marketssuch as auto electronics and industrial control,and costs mayfurther improveasshipmentsincrease. 4)VCMdrivers: High-end products such as closed-loop andopticalimage stabilizationdriversmayachieveshipments in mid-rangetohigh-endand flagship smartphones. Investmentadvice:target priceofRMB104.7,maintainBUYWe expect DDR5 SPD and automotive/industrial EEPROMto maintain rapid growth,andmaintainour2025/2026/2027attributableNPforecastsatRMB471/648/870mn.Given insipiddemandfrommobile phones, e-cigarettes, andother consumer electronics, we value the stock at 35x 2025E PE, vs its peers’median of 48x on Wind consensus, for our target price of RMB104.70. MaintainBUY. Risks: lower DDR5 penetration than we expect; intensified market competition;slow new product promotion. Source: Wind, Huatai Research Source: Wind, Huatai Research Full financials Disclaimers Analyst CertificationI/We, XIE Chunsheng, hereby certify that the views expressed in this report accurately reflect the personal views of the anal yst(s)about the subject securities or issuers; and no part of thecompensation of the analyst(s) was, is, or will be, directly or indirectly,related to the inclusion of specific recommendations or views in this report. General Disclaimers and DisclosuresThis research report has been prepared by Huatai Financial Hold ings (Hong Kong) Limited (hereinafter referred to as“HFHL”).The information herein is strictly confidential to the recipient. This report is intended for HFHL, its clients and associatedcompanies. Any other person shall not be deemed a client of the Company merely from his or her receipt of this report. This report is based on information deemed reliable and publicly available by HFHL, but HFHL and its associated company(ies)(collectively, hereinafter“Huatai”)makes no guarantee as to the accuracy orcompleteness of such information. The opinions, assessments and projections contained herein only reflect the views and judgments at the issuance date. Huataimay issue research reports that contain inconsistent views, assessments and projections with those set out herein at differenttimes. The prices, values and investment returns of the securities or investment instruments referred to herein may fluctuate.Past performance is not a guide to future performance, future returns are not guaranteed, and a loss