603986.SH GigaDevice: NOR Flash + MCU dual engine

Snapshot

Price

CNY 95

Mkt cap

CNY 63.0B

Revenue

CNY 7.3B

MCU revenue mix momentum

0.28

As-of 2026-09-25 (weekly refresh; equities aligned to §A. Missing series are N/A/null. Not investment advice.)

Thesis

GigaDevice Domestic NOR Flash leader with fast-growing MCU—benefits from IoT/auto/AI edge storage; different layer vs CXMT DRAM and Montage interfaces. Cycle recovery + MCU localization is the core thesis.

Business

Model: memory and MCU fabless sales. Flagships: SPI NOR; 32-bit/ARM MCUs; niche DRAM. Edge: broad portfolio, cost/channel; automotive qual progress. Strategy: expand MCU/niche DRAM; raise auto/industrial mix.

Value chain

Memory/MCU fabless; upstream foundry; downstream consumer/industrial/auto. Diversified customers; risks: NOR pricing cycle, MCU competition, foundry capacity, inventory swings.

Valuation

Valuation snapshot (multi-lens)

Valuation snapshot (multi-lens)

Metric	Value	Note
TTM PE	N/A	未接入具名行情源；TTM 盈利≤0 或未核验时不填造倍数
PB	N/A	待最新净资产与市值核验
股息率	N/A	待分红公告 / IR
现价语境	约 95	603986.SH · 以包内 kpi_snapshot 时点为准

Valuation · ~3y

Interactive chart available in the reader.

Semi cyclical multiple; PE swings with NOR pricing and MCU growth—high beta in recovery.

~3y valuation/return series (PE, PB, dividend yield, trailing 1Y ann. return; reconstructed from public market data):

Valuation · ~3y

Interactive chart available in the reader.

~3y share price (quarterly close, split-adjusted approx.; market data reconstruction):

Share price · ~3y

Interactive chart available in the reader.

Financial trend (~24 months)

Illustrative 8Q with YoY/QoQ (reconstructed from public disclosures; not audit-line):

Revenue · last 8Q

Interactive chart available in the reader.

Gross margin · last 8Q

Interactive chart available in the reader.

Net income · last 8Q

Interactive chart available in the reader.

Financial health (§A.7)

Financial health (OCF / debt / liquidity / audit)

Financial health (OCF / debt / liquidity / audit)

Item	Value	Note
财务健康总评	见最新披露	以 OCF 与负债率为准
经营现金流	见中报 / 季报	与净利润匹配度
资产负债率	见最新资产负债表	有息负债 vs 现金
流动性	见流动比率	货币资金与短债
审计意见	无保留（常规预期）	半年报未经审计

Financial health (§A.7)

Overall: neutral—cycle trough pressure; cash still adequate—watch inventory digestion and NOR pricing.

Operations

Volume: NOR/MCU shipments; price: ASP/mix; cost: foundry and R&D.

Key financial points

Key financial points

Item	Value	YoY	Note
FY2024 营收	约 73 亿	+28%	MCU 拉动
NOR Flash	龙头份额	周期复苏	价格敏感
MCU	高增	国产替代	毛利率改善中
DRAM 利基	补充品类	小基数	协同渠道

Competition

Market share vs peers (illustrative estimate):

Market share trend · last 8Q

Interactive chart available in the reader.

Peer market share comparison (latest est.)

Interactive chart available in the reader.

Peer strengths/weaknesses:

Peer comparison

Peer comparison

Company	Position	Margin	Strength	Weakness
兆易	NOR+MCU	38%	品类全	周期 beta
华邦/旺宏	NOR	中	台系规模	MCU 弱
ST	MCU 全球	45%+	车规	NOR 非主业
长鑫	DRAM	—	规模 DRAM	品类不同

Management

Core management (24m)

Core management (24m)

Role	Name	Since	24m change
董事长	朱一明	长期	创始人稳定
总经理	经营团队	在任	无重大变动
CFO	财务负责人	在任	披露连续

Stability: Founder-led with coherent extension from NOR to MCU/DRAM.

Outlook

Track NOR pricing, automotive MCU quals, margins, inventory days.

Scenarios

Risks

Tracking list

Verify on next interim/annual report:

1. NOR Flash ASP/volume improving for consecutive quarters
2. MCU revenue mix and automotive design-win count
3. Inventory days declining
4. Gross margin recovering toward ~40%+
5. Niche DRAM contributing meaningful increment

References

Issuer / key sources:

• https://www.gigadevice.com/
• https://www.sse.com.cn/

1. Latest company filings / IR (see issuer website)
2. SSE / SZSE filings — https://www.sse.com.cn/ · https://www.szse.cn/
3. Related: CPU industry H2 2026 · ISA landscape · wiki-links in body

Not investment advice; defer to latest company filings.