GIGADEVICE

兆易创新今日低开于 438.0 港元后震荡走低，早盘一度下探至 410.2 港元，下午盘受公司宣布回购计划推动，盘中急拉冲高至 462.8 港元，但随后回吐涨幅，最终收于 428.2 港元，较前收 436.6 港元下跌 1.9%。从消息面看，回购公告短线提振情绪，但同日长鑫存储上市吸引大量资金分流，叠加存储周期拐点担忧，导致卖压持续。财务层面，Q1 营收同比增 132.24% 至 47.48 亿港元，净利润同比增 559.29% 至 16.57 亿港元，净利率升至 34.89%，EPS 达 2.4716 港元，但股价仍远低于 52 周高点 1248 港元（-65.69%），当前价格 428.2 港元也明显低于 MA20（642.45 港元）与 MA60（715.41 港元），显示基本面改善尚未充分传导至估值修复。不过，HSBC Research 给予买入评级及目标价 936.03 港元，提供一定远期支撑。

GigaDevice opened sharply lower and traded weak in the Hong Kong morning session, last at HKD 508.5, down ~6.9%, as lingering semiconductor sector weakness and news of China Life’s stake reduction weighed on sentiment. The stock gapped down to an intraday low of HKD 501 before stabilizing around HKD 508, with a narrow intraday range of ~1.5%. It now sits 59.3% below its 52-week high of HKD 1,248 but still up 128% year-to-date. Despite HSBC Research initiating coverage with a Buy rating and a HKD 936.03 target price, and the company’s H1 net profit surging 11-fold, the share price slumped after China Life sold 1.11 million shares for investment allocation reasons. Northbound inflows offered sporadic support, though, suggesting selective institutional conviction in the specialty memory upcycle remains.

GigaDevice opened lower and continued to decline in the morning session, hitting an intraday low of HKD 539.5, down 5% from the previous close of HKD 568, and closed at HKD 539.5 with total turnover of about HKD 187 million. China Life reduced its stake by 1.11 million shares, realizing about HKD 685 million, which, combined with the company's clarification of no material events after three days of stock swings, dampened sentiment. Despite strong fundamentals—Q1 2026 revenue surged 132.24% YoY to HKD 4.748 billion and net profit jumped 559.29% YoY to HKD 1.657 billion—the high valuation (PE 116.28x, PB 13.23x) kept investors cautious. The stock trades 56.77% below its 52-week high of HKD 1,248 but still 145.23% above the 52-week low of HKD 220, and far below its 20-day MA of HKD 746.225, though YTD it remains up 142.15%.

GigaDevice opened higher and rallied in the morning session, gaining about 5% to 645 HKD, as CMB International initiated coverage with a Buy rating that boosted investor confidence. The company had announced an auditor change on July 22 with KPMG Hong Kong resigning, drawing some attention, while China Life sold 1.11 million shares, adding supply pressure. In earnings, Q1 2026 operating revenue surged 132.24% YoY to 4.748 billion HKD, net profit jumped 559.29% YoY to 1.657 billion HKD, net margin was 34.89%, and EPS reached 2.4716 HKD, showing strong growth. However, the stock remains 48.32% below its 52-week high of 1,248 HKD and trades below its MA20 of 824.8 HKD and MA60 of 712.838 HKD, reflecting valuation headwinds. Though the YTD gain stands at 189.5%, driven by a rebound from the year-low of 220 HKD.

GigaDevice staged a V-shaped recovery today, initially plunging to HKD 522 in the morning session before reversing to close at HKD 614, up 15.1%, driven by CMB International's initial coverage with a buy rating and the market absorbing news of China Life's sale of 1.11 million shares. Q1 net profit surged 559% YoY to HKD 1.66 billion, revenue grew 132% YoY, and net margin hit 34.9%, though the current price of HKD 614 remains 50.8% below the 52-week high of HKD 1,248 and well below both the MA20 of HKD 839 and MA60 of HKD 710, while the YTD gain stands at 175.6%, with an intraday high of HKD 618.