Gigadevice(603986.SH)
GigaDevice (603986.SH/3986.HK): record 1H26 profit RMB6.86bn at 63.13% GM. Much is cyclical — memory upcycle, restocking; NOR/NAND/DRAM/auto-MCU upgrades slow. Split cyclical/structural; track memory prices, GM>45%, share gains. Risks: down-cycle, impairment, related-party ties.
Gigadevice(603986.SH)
兆易创新2026H1净利68.6亿、毛利率63.13%的爆发，相当部分是存储涨价与补库的周期性峰值，结构成长（NOR/NAND/利基DRAM/车规MCU）为慢变量。判断价值须拆分"周期红利"与"结构成长"：周期看价格拐点，结构看份额兑现。
Gigadevice(603986.SH)
GigaDevice (603986.SH/3986.HK), China memory/MCU leader, achieved 2026 dual-listing, a RMB1.5bn ChangXin stake and record 2026H1 profit (RMB6.86bn, GM 63.13%). Valuation: RMB200-250bn (bear), 275-455bn (base), 455-560bn (bull). Risks: down-cycle, impairment, related-party ties.
Research
兆易创新（603986.SH/3986.HK）为国产存储+MCU龙头，2023–2026年完成从周期底部修复到H股上市、定增长鑫的跃迁。核心逻辑：受益国产替代与存储上行；资本配置积极（注销式回购+分红+H股募资）；2026高景气为阶段峰值。2026H1营收115.7亿、净利68.6亿、毛利率63.13%，处峰值。估值给区间非单点：保守2000–2500亿/中性2750–4550亿/乐观4550–5600亿元市值。主要风险为存储周期拐点、存货商誉减值、关联交易；证伪看价格连续两季下行且毛利率破45%。本报告仅供研究参考，不构成投资建议。