NOR flash · MCU · niche DRAM
GigaDevice
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.
603986.SS Updated Jul 12, 2026 5 AI consumers· 4 recurring
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).
Financials & Segments
- Total revenue · 2025 revenue RMB 9.2B (+25%)
- Customer concentration · 18.5% NOR; AI-driven niche-memory price spike.
- Segments · NOR flash (No.2) · MCU (No.1 China) · Niche DRAM/SLC NAND
Revenue from
- industrial · automotive electronics · consumers (NOR · MCU) High confidence· Market share ~18.5% · 2024 · NOR flash share (No.2)
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.Confirms EN Caixin Published Jan 14, 2026: GigaDevice soars in Hong Kong debut as AI lifts memory makers - Servers · AI (niche DRAM · SLC NAND) Medium confidence
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.Confirms EN DigiTimes Published Mar 31, 2026: GigaDevice posts record 2025 earnings, locks in $825M DRAM supply
Pays to
- 아르테리스 High confidence
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. - SMIC Medium confidence
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.Confirms EN DigiTimes Published Mar 31, 2026: GigaDevice posts record 2025 earnings, locks in $825M DRAM supply - wafers · materials · R&D (undisclosed) Low confidence
Upstream costs for wafers, materials and design R&D (suppliers undisclosed) — fabless design capability and material access anchor product competitiveness.
Value-chain ripple (2 tiers)
Following node-to-node links up to 2 tiers; each firm is shown once, at its nearest tier.
| Company | Chain | '21 | '22 | '23 | '24 | '25 | YTD |
|---|---|---|---|---|---|---|---|
| GigaDevice | node | +7.3 | -17 | -45.1 | +103.8 | +147.9 | +18.3 |
| Arteris | benef1 | · | -79.6 | +37 | +73 | +52.1 | +37.9 |
| SMIC | benef1 | -29.6 | -7.4 | -18.3 | +169.9 | +98.4 | -10.9 |
| ACM Research | benef2 | +4.9 | -72.9 | +153.4 | -22.7 | +161.3 | +88.7 |
| Lam Research | benef2 | +53.7 | -40.7 | +88.6 | -6.8 | +139.2 | +80.1 |
| Applied Materials | benef2 | +83.6 | -37.5 | +68 | +1.1 | +59.6 | +77.6 |
| AMEC | benef2 | -22.7 | -11.6 | +8.9 | +58.3 | +93.5 | +43.8 |
| Naura Technology | benef2 | +41.3 | -17.2 | -2.6 | +65.9 | +70.6 | +34.4 |
| Tokyo Electron (TEL) | benef2 | +40.4 | -14.5 | +89.8 | -4.4 | +61.6 | +30.3 |
| Cadence Design Systems | benef2 | +36.6 | -13.8 | +69.6 | +10.3 | +4 | -6.4 |
| Synopsys | benef2 | +42.1 | -13.4 | +61.3 | -5.7 | -3.2 | -16.2 |
YTD as of 2026-09-04 · source: Yahoo Finance
GigaDevice operates across NOR flash, MCU, niche DRAM. After a spike of +103.8% in 2024, gains cooled to +147.9% in 2025 and +18.3% in 2026. The stock (+18.3%) and its supply side (avg +13.5%) are moving in step. Among connected nodes the furthest ahead is Arteris (+37.9%) and the furthest behind is SMIC (-10.9%). If chain logic explains the gap, the laggard is the next propagation candidate; if not, the link itself deserves a second look. Its Hong Kong listing locked in $825M of DRAM supply.
Analysis generated from returns as of 2026-09-04Analyst ratings
Consensus: Buy 2 · Hold 0 · Sell 0 · Avg. target ¥888 · Price ¥371.88 (09-04) · Upside +139%
| Broker | Rating | Target | Published | |
|---|---|---|---|---|
| Morgan Stanley | Overweight (增持) | ¥888 | Jun 27, 2026 | Report ↗ |
| Huaxing Securities (China Renaissance) | Buy | — | Mar 11, 2026 | Report ↗ |
Seen as the prime beneficiary of the NOR flash and niche-DRAM upcycle; Morgan Stanley's target hike from RMB585 to RMB888 anchors a Strong Buy consensus.
Analyses covering this node
- Export controls wind China's chain clock: the makers rise, not the buyers Jul 10, 2026
- The memory supercycle is a balloon effect: one point of HBM demand re-rated the whole asset class Jun 23, 2026