{"slug":"gigadevice","name":"GigaDevice","name_en":"GigaDevice","ticker":"603986.SS","updated_at":"2026-07-12T04:05:58.702823+00:00","canonical":"https://valuechain.wiki/gigadevice","same_as":["https://finance.yahoo.com/quote/603986.SS"],"citable":"밸류체인 그래프 기준 GigaDevice의 직접 연결 기업은 2곳(관계 기준 공급 2·매출 0)이고, 사슬을 2차까지 넓히면 11곳에 닿는다. 링크의 근거 출처는 4건이며 그중 1차공시가 2건이다 (valuechain.wiki, 2026-07-12 기준).","citable_en":"Per the valuechain.wiki graph, GigaDevice is directly linked to 2 companies (2 supply, 0 revenue relationships) and reaches 11 companies within two hops; the links are backed by 4 dated sources, 2 of them primary filings (as of 2026-07-12).","kicker":"NOR 플래시·MCU·니치 DRAM","kicker_en":"NOR flash · MCU · niche DRAM","lead":"중국 메모리·MCU 기업(兆易创新). NOR 플래시 세계 2위(점유 18.5%), 중국 MCU 1위이며 니치 DRAM·SLC NAND도 공급한다. AI 서버가 생산능력을 잠식해 니치 메모리 가격이 급등, 2025년 매출 ¥92억(+25%)·순익 +49%. 홍콩 2차 상장으로 $8.25억 DRAM 공급도 확보.","lead_en":"A Chinese memory and MCU maker (兆易创新). No.2 globally in NOR flash (18.5% share) and No.1 in Chinese MCUs, also supplying niche DRAM and SLC NAND. AI servers crowded out capacity, spiking niche-memory prices: 2025 revenue RMB 9.2B (+25%), net profit +49%. Its Hong Kong listing locked in $825M of DRAM supply.","segments":{"parts":[{"desc":"매출의 핵심 — NOR 플래시 세계 2위(점유 18.5%)로 산업·전장·소비자 기기의 코드 저장에 쓰인다. AI 서버가 첨단 팹 캐파를 잠식하며 니치 메모리 가격이 급등한 사이클이 이 부문 마진을 끌어올렸다.","name":"NOR 플래시(세계 2위)"},{"desc":"중국 MCU 1위 — 산업·전장 제어용 마이크로컨트롤러로, 중국 국산화·전장화 수요가 성장을 끄는 축이며 Arteris NoC IP 등으로 차량용 디자인윈을 늘린다.","name":"MCU(중국 1위)"},{"desc":"AI 서버 쏠림으로 대형사가 비운 니치 DRAM·SLC NAND 공백을 메우는 축 — 홍콩 2차 상장으로 $8.25억 규모 DRAM 공급을 선확보해 캐파 부족 국면에 대응한다.","name":"니치 DRAM·SLC NAND"}],"total":"2025 매출 ¥9.2B (+25%)","concentration":"NOR 18.5%, AI발 니치메모리 가격 급등."},"segments_en":{"parts":[{"desc":"The core — No.2 globally in NOR flash (18.5% share) for code storage in industrial, automotive and consumer devices. A cycle where AI servers crowded out leading-edge fab capacity spiked niche-memory prices, lifting this segment's margin.","name":"NOR flash (No.2)"},{"desc":"No.1 in Chinese MCUs — microcontrollers for industrial and automotive control, where Chinese localization and automotive electrification drive growth, with automotive design wins expanded via Arteris NoC IP.","name":"MCU (No.1 China)"},{"desc":"Fills the niche-DRAM and SLC-NAND gap left as majors pivot to AI-server memory — its Hong Kong listing pre-secured $825M of DRAM supply to navigate the capacity crunch.","name":"Niche DRAM/SLC NAND"}],"total":"2025 revenue RMB 9.2B (+25%)","concentration":"18.5% NOR; AI-driven niche-memory price spike."},"returns_yearly":{"2021":7.3,"2022":-17,"2023":-45.1,"2024":103.8,"2025":147.9,"2026":94.6},"return_asof":"2026-07-10","value_chain":{"leading":[],"benefiting":[{"slug":"arteris","name":"Arteris","name_en":"Arteris","tier":1,"returns_yearly":{"2022":-79.6,"2023":37,"2024":73,"2025":52.1,"2026":124.3}},{"slug":"smic","name":"SMIC","name_en":"SMIC","tier":1,"returns_yearly":{"2021":-29.6,"2022":-7.4,"2023":-18.3,"2024":169.9,"2025":98.4,"2026":5.6}},{"slug":"acm-research","name":"ACM Research","name_en":"ACM Research","tier":2,"returns_yearly":{"2021":4.9,"2022":-72.9,"2023":153.4,"2024":-22.7,"2025":161.3,"2026":161.1}},{"slug":"applied-materials","name":"어플라이드 머티어리얼즈","name_en":"Applied Materials","tier":2,"returns_yearly":{"2021":83.6,"2022":-37.5,"2023":68,"2024":1.1,"2025":59.6,"2026":135}},{"slug":"lam-research","name":"램리서치","name_en":"Lam Research","tier":2,"returns_yearly":{"2021":53.7,"2022":-40.7,"2023":88.6,"2024":-6.8,"2025":139.2,"2026":105}},{"slug":"amec","name":"AMEC","name_en":"AMEC","tier":2,"returns_yearly":{"2021":-22.7,"2022":-11.6,"2023":8.9,"2024":58.3,"2025":93.5,"2026":86.3}},{"slug":"tokyo-electron","name":"도쿄일렉트론","name_en":"Tokyo Electron (TEL)","tier":2,"returns_yearly":{"2021":40.4,"2022":-14.5,"2023":89.8,"2024":-4.4,"2025":61.6,"2026":78.2}},{"slug":"naura","name":"Naura","name_en":"Naura Technology","tier":2,"returns_yearly":{"2021":41.3,"2022":-17.2,"2023":-2.6,"2024":65.9,"2025":70.6,"2026":68.7}},{"slug":"cadence","name":"Cadence Design Systems","name_en":"Cadence Design Systems","tier":2,"returns_yearly":{"2021":36.6,"2022":-13.8,"2023":69.6,"2024":10.3,"2025":4,"2026":22.9}},{"slug":"synopsys","name":"Synopsys","name_en":"Synopsys","tier":2,"returns_yearly":{"2021":42.1,"2022":-13.4,"2023":61.3,"2024":-5.7,"2025":-3.2,"2026":-5.2}},{"slug":"siemens-eda","name":"Siemens EDA","name_en":"Siemens EDA","tier":2,"returns_yearly":null},{"slug":"ichor-holdings","name":"이코르","name_en":"Ichor Holdings","tier":3,"returns_yearly":{"2021":52.7,"2022":-41.7,"2023":25.4,"2024":-4.2,"2025":-42.8,"2026":444.2}},{"slug":"mks-instruments","name":"MKS Instruments","name_en":"MKS Instruments","tier":3,"returns_yearly":{"2021":16.4,"2022":-51,"2023":22.6,"2024":2.2,"2025":54.4,"2026":131}},{"slug":"advanced-energy","name":"어드밴스드에너지","name_en":"Advanced Energy Industries","tier":3,"returns_yearly":{"2021":-5.7,"2022":-5.4,"2023":27.5,"2024":6.6,"2025":81.6,"2026":47.2}},{"slug":"smc","name":"SMC Corporation","name_en":"SMC Corporation","tier":3,"returns_yearly":{"2021":0.9,"2022":4.5,"2023":28.6,"2024":-28,"2025":4.2,"2026":26.6}},{"slug":"wonik-qnc","name":"원익QnC","name_en":"Wonik QnC","tier":3,"returns_yearly":{"2021":26.2,"2022":2,"2023":11.9,"2024":-33.7,"2025":53.4,"2026":9.3}},{"slug":"siemens-ag","name":"지멘스","name_en":"Siemens AG","tier":3,"returns_yearly":{"2021":12.2,"2022":5.1,"2023":20.1,"2024":28,"2025":26.4,"2026":8.7}},{"slug":"tck","name":"티씨케이","name_en":"TCK (Tokai Carbon Korea)","tier":3,"returns_yearly":{"2021":-10.1,"2022":-16.9,"2023":2.8,"2024":-28.7,"2025":225.7,"2026":-2.5}},{"slug":"hana-materials","name":"하나머티리얼즈","name_en":"Hana Materials","tier":3,"returns_yearly":{"2021":106,"2022":-30.5,"2023":26.1,"2024":-47.4,"2025":173.9,"2026":-15.7}}],"analysis":"GigaDevice의 핵심 논점은 AI 서버 쏠림이 만든 '니치 메모리 공백'의 수혜다. 대형 메모리사가 HBM·서버 DRAM으로 캐파를 옮기면서 NOR 플래시·니치 DRAM·SLC NAND의 공급이 빠듯해졌고, 세계 2위 NOR(18.5%)·중국 1위 MCU 지위를 가진 이 회사가 가격 급등의 직접 수혜를 받아 2025년 매출 +25%·순익 +49%를 냈다. 성장의 지속성은 팹 캐파를 쥔 SMIC 등 파운드리 조달과 홍콩 상장으로 확보한 DRAM 공급($8.25억)에 달려 있어, 후공정·소재 사슬의 병목이 곧 이 회사의 출하 상한이다. 그래프상 GigaDevice는 SMIC(파운드리)에 대한 비용 노드이자 산업·전장 고객에 대한 매출 노드로, AI발 메모리 사이클이 꺾이면 니치 프리미엄도 되돌아가는 구조라 사이클 위치가 최대 변수다.","analysis_en":"The core of GigaDevice is benefiting from the 'niche-memory gap' created by the AI-server pivot. As majors shifted capacity to HBM and server DRAM, supply of NOR flash, niche DRAM and SLC NAND tightened, and this company — No.2 in NOR (18.5%) and No.1 in Chinese MCUs — captured the price spike directly, posting 2025 revenue +25% and net profit +49%. The durability of that growth depends on foundry access (SMIC and others hold the fab capacity) and the $825M of DRAM supply locked in via its Hong Kong listing, so back-end and material bottlenecks set its shipment ceiling. In graph terms GigaDevice is a cost node to SMIC (foundry) and a revenue node to industrial/automotive customers — and since the niche premium reverses if the AI-driven memory cycle rolls over, cycle position is the biggest variable.","analysis_asof":"2026-07-10"},"edges":[{"direction":"revenue","counterparty":"산업·전장·소비자 (NOR·MCU)","counterparty_slug":null,"confidence":"high","metric":{"type":"share","unit":"%","basis":"NOR 플래시 점유(세계 2위)","value":18.5,"period":"2024","basis_en":"NOR flash share (No.2)","qualifier":"approx"},"note":"산업·전장·소비자 기기에 NOR 플래시(세계 2위 18.5%)·MCU(중국 1위)를 공급 — 코드 저장·제어의 필수 부품으로 고객이 분산돼 있고, 중국 국산화·전장화가 수요를 떠받친다.","note_en":"Supplies NOR flash (No.2, 18.5%) and MCUs (No.1 China) to industrial, automotive and consumer devices — essential code-storage and control parts with a diversified customer base, underpinned by Chinese localization and automotive electrification.","sources":[{"stance":"confirms","publisher":"GigaDevice/SSE","publisher_en":"GigaDevice/SSE","kind":"filing","lang":"zh","published_at":"2026-03-31","url":"https://www.sse.com.cn/disclosure/listedinfo/announcement/?productId=603986","title":"兆易创新 회사·IR(상하이거래소 603986)","title_en":"GigaDevice company/IR (SSE 603986)","excerpt":"AI발 니치메모리 가격 급등 수혜.","excerpt_en":"Benefits from AI-driven niche-memory price spike."},{"stance":"confirms","publisher":"Caixin","publisher_en":"Caixin","kind":"news","lang":"en","published_at":"2026-01-14","url":"https://www.caixinglobal.com/2026-01-14/gigadevice-soars-in-hong-kong-debut-as-ai-demand-lifts-memory-chipmakers-102403429.html","title":"GigaDevice, AI 수요로 홍콩 상장 급등","title_en":"GigaDevice soars in Hong Kong debut as AI lifts memory makers","excerpt":"AI발 니치메모리 가격 급등 수혜.","excerpt_en":"Benefits from AI-driven niche-memory price spike."}]},{"direction":"cost","counterparty":"아르테리스","counterparty_slug":"arteris","confidence":"high","metric":{"qualifier":"confirmed_no_disclosed_value"},"note":"차량용 MCU 설계에 Arteris의 NoC(Network-on-Chip) IP를 라이선스(2024 디자인윈) — 자체 SoC 설계의 상호연결 IP를 외부 조달해 전장 MCU 고사양화를 앞당기는 축이다.","note_en":"Licenses Arteris's NoC (network-on-chip) IP for automotive MCU design (2024 design win) — sourcing interconnect IP externally to accelerate higher-spec automotive MCUs.","sources":[{"stance":"confirms","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2025-02-01","url":"https://www.sec.gov/Archives/edgar/data/1667011/000166701125000009/exhibit991fy248-k.htm","title":"Arteris Q4/FY2024 실적 발표(8-K)","title_en":"Arteris Q4/FY2024 earnings release (8-K)","excerpt":"Design wins with GigaDevice for automotive microcontrollers.","excerpt_en":"Design win with GigaDevice for automotive MCUs."}]},{"direction":"cost","counterparty":"SMIC","counterparty_slug":"smic","confidence":"mid","metric":null,"note":"NOR 플래시·MCU를 자체 팹 없이 SMIC 등 파운드리에 위탁생산하는 팹라이트 구조 — 파운드리 캐파 배정이 곧 출하 상한이라, AI 쏠림으로 첨단 캐파가 빠듯한 국면에선 조달 확보가 성장의 병목이자 리스크다.","note_en":"A fab-lite maker that outsources NOR flash and MCUs to foundries like SMIC — foundry capacity allocation is its shipment ceiling, so in an AI-driven capacity crunch securing supply is both the bottleneck and the risk to growth.","sources":[{"stance":"confirms","publisher":"DigiTimes","publisher_en":"DigiTimes","kind":"news","lang":"en","published_at":"2026-03-31","url":"https://www.digitimes.com/news/a20260331VL212/2025-gigadevice-dram-earnings-revenue.html","title":"GigaDevice 2025 사상 최대 실적·DRAM $8.25억 확보","title_en":"GigaDevice posts record 2025 earnings, locks in $825M DRAM supply","excerpt":"NOR 플래시·MCU를 SMIC 등 파운드리에 위탁생산.","excerpt_en":"Manufactures NOR flash and MCUs at SMIC and other foundries."},{"stance":"confirms","publisher":"GigaDevice/SSE","publisher_en":"GigaDevice/SSE","kind":"filing","lang":"zh","published_at":"2026-03-31","url":"https://www.sse.com.cn/disclosure/listedinfo/announcement/?productId=603986","title":"兆易创新 회사·IR(상하이거래소 603986)","title_en":"GigaDevice company/IR (SSE 603986)","excerpt":"NOR 플래시·MCU를 SMIC 등 파운드리에 위탁생산.","excerpt_en":"Manufactures NOR flash and MCUs at SMIC and other foundries."}]},{"direction":"revenue","counterparty":"서버·AI (니치 DRAM·SLC NAND)","counterparty_slug":null,"confidence":"mid","metric":{"type":"qualifier","value":null,"qualifier":"confirmed_no_disclosed_value"},"note":"AI 서버·데이터 인프라에 니치 DRAM·SLC NAND를 공급 — 대형사가 비운 공백을 메우는 축으로, 홍콩 상장으로 확보한 $8.25억 DRAM 공급이 캐파 부족 국면의 공급 안정성을 뒷받침한다.","note_en":"Supplies niche DRAM and SLC NAND to AI servers and data infrastructure — filling the gap left by majors, with the $825M DRAM supply from its Hong Kong listing underpinning supply stability in a capacity crunch.","sources":[{"stance":"confirms","publisher":"DigiTimes","publisher_en":"DigiTimes","kind":"news","lang":"en","published_at":"2026-03-31","url":"https://www.digitimes.com/news/a20260331VL212/2025-gigadevice-dram-earnings-revenue.html","title":"GigaDevice 2025 사상 최대 실적·DRAM $8.25억 확보","title_en":"GigaDevice posts record 2025 earnings, locks in $825M DRAM supply","excerpt":"AI 서버가 니치메모리 잠식.","excerpt_en":"AI servers crowd out niche memory."}]},{"direction":"cost","counterparty":"웨이퍼·소재·R&D (비공개)","counterparty_slug":null,"confidence":"low","metric":{"type":"qualifier","value":null,"qualifier":"confirmed_no_disclosed_value"},"note":"웨이퍼·소재·설계 R&D를 조달·투자하는 상류 비용(공급처 미공시) — 팹리스 설계 역량과 소재 확보가 제품 경쟁력의 축이다.","note_en":"Upstream costs for wafers, materials and design R&D (suppliers undisclosed) — fabless design capability and material access anchor product competitiveness.","sources":[{"stance":"confirms","publisher":"GigaDevice/SSE","publisher_en":"GigaDevice/SSE","kind":"filing","lang":"zh","published_at":"2026-03-31","url":"https://www.sse.com.cn/disclosure/listedinfo/announcement/?productId=603986","title":"兆易创新 회사·IR(상하이거래소 603986)","title_en":"GigaDevice company/IR (SSE 603986)","excerpt":"NOR·MCU·DRAM 설계.","excerpt_en":"Designs NOR, MCU and DRAM."}]}]}