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Fabless chipmaker known for NOR flash memory and microcontrollers used in phones, PCs, cars and IoT devices.
Fabless chipmaker known for NOR flash memory and microcontrollers used in phones, PCs, cars and IoT devices.
Designs memory and microcontroller chips and has outside foundries make them, so it carries no factory cost. NOR flash stores a device's start-up code, and the GD32 microcontrollers are built on standard Arm and RISC-V cores, sold mainly to makers of consumer and industrial electronics. Chinese customers are a large part of its sales.
In one line: China's Winbond/Microchip combined.
Moat: narrow (scale, IP / patents). One of the world's top NOR flash suppliers with a broad MCU IP portfolio, sold fabless through top foundries.
Headquarters: Beijing, China · Founded: 2005 · Employees: 2,333
Size Giga Device Semiconductor (603986.SS) is a China Information Technology company (Semiconductors) with a market value of $25.3B, the 74th largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥239.49 on 6 Nov 2026.
Performance Over six months the shares fell 23.5%, against -13.4% for the median peer and -16.4% for the China market (cap-weighted) — 8th lowest of 20 in its peer set.
Growth Revenue grew 165.5% over the last twelve months (peer median +24.4%); the operating margin is 50.1% (peer median 19.2%).
Valuation It trades at 10.9× forward earnings against a peer median of 28.0× (4th cheapest of 18).
Price implies For today's price to make sense, revenue must grow about 17% a year for seven years (Req g). Recent delivered growth is +15%, so the hurdle is +1 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 0.2 points below its cost of capital (15.4% WACC).
Next results Next results expected around 23 Apr 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥22.7B | CN¥9.17B | CN¥7.33B | CN¥5.74B | CN¥8.07B |
| Revenue growth | — | +25% | +28% | -29% | — |
| Gross profit | CN¥14.7B | CN¥3.37B | CN¥2.44B | CN¥1.61B | CN¥3.54B |
| EBITDA | n/a | CN¥1.89B | CN¥1.07B | CN¥536M | CN¥2.37B |
| Net income | CN¥11.6B | CN¥1.65B | CN¥1.10B | CN¥161M | CN¥2.05B |
| Free cash flow | CN¥8.89B | CN¥1.36B | CN¥1.66B | CN¥968M | CN¥455M |
| Capital expenditure | CN¥1.74B | CN¥1.05B | CN¥499M | CN¥348M | CN¥551M |
| Total debt | CN¥89.4M | CN¥298M | CN¥1.10B | CN¥308M | CN¥415M |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Giga Device Semiconductor 603986.SS | $25.3B | -23% | +166% | 50% | 10.9× | 16.5% |
| Winbond Electronic 2344.TW | $16.4B | +22% | +154% | 43% | 2.8× | 0.6% |
| Macronix International 2337.TW | $4.52B | -53% | +127% | 38% | 1.8× | -7.5% |
| STM STM | $41.0B | -29% | +16% | 7% | 17.3× | 38.6% |
| Microchip Technology MCHP | $31.7B | -41% | +21% | 16% | 14.5× | 34.2% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | 603986.SS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -28.4% | -21.7% | 6th lowest of 21 |
| 6-month return | -23.5% | -13.4% | 8th lowest of 20 |
| Distance from 52-week high | -71.7% | -52.7% | lowest of 21 |
| Revenue growth (TTM) | +165.5% | +24.4% | 4th highest of 20 |
| Operating margin | 50.1% | 19.2% | 3rd highest of 18 |
| Forward P/E | 10.9× | 28.0× | 4th cheapest of 18 |
| Growth the price implies (Req g, 7 yrs) | 16.5% | 29.5% | 5th least demanding of 13 |
| Growth delivered (Del g) | +15.4% | +6.5% | 4th highest of 13 |
| Hurdle (Req g minus delivered) | +1.1 pp | +11.6 pp | 5th least demanding of 13 |
| ROIC minus cost of capital | -0.2 pp | +0.3 pp | 9th lowest of 18 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Giga Device Semiconductor 603986.SS | China | $25.3B | -23% | +166% | 50% | 10.9× | 16.5% | +15.4% |
| Montage Technology 688008.SS | China | $25.5B | -13% | +33% | 42% | 43.7× | 39.7% | +24.5% |
| Hua Hong Grace Semiconductor 688347.SS | China | $25.5B | +23% | +18% | -2% | 234.7× | n/a | n/a |
| Global Unichip 3443.TW | Taiwan | $25.1B | +29% | +104% | 13% | 50.1× | n/a | n/a |
| Moore Threads Technology 688795.SS | China | $25.1B | -53% | +226% | -9% | n/a | n/a | n/a |
| ON Semiconductor ON | United States | $24.6B | -39% | +3% | 19% | 14.3× | 20.0% | +2.7% |
| Shanghai Enflame Technology 688801.SS | China | $23.8B | n/a | n/a | n/a | n/a | n/a | n/a |
| Renesas Electronics 6723.T | Japan | $27.9B | -23% | +26% | 24% | 9.9× | 12.2% | +13.0% |
| SJ Semiconductor 688820.SS | China | $22.9B | -21% | +1% | n/a | 136.4× | n/a | n/a |
| MetaX Integrated Circuits (Shanghai) 688802.SS | China | $29.5B | -35% | +84% | n/a | 469.5× | n/a | n/a |
| Piotech 688072.SS | China | $21.7B | +23% | +24% | 14% | 55.5× | 43.5% | +71.7% |
| First Solar FSLR | United States | $21.6B | -9% | -1% | 39% | 9.2× | 12.4% | +14.0% |
| GlobalFoundries GFS | United States | $21.2B | -48% | +1% | 12% | 16.2× | 24.9% | +7.0% |
| Microchip Technology MCHP | United States | $31.7B | -41% | +21% | 16% | 14.5× | 34.2% | -2.8% |
| Suzhou TFC Optical Communication 300394.SZ | China | $19.9B | -44% | +26% | 51% | 36.3× | 44.8% | +42.7% |
| Astera Labs ALAB | United States | $33.1B | -5% | +115% | 26% | 28.0× | n/a | n/a |
| Skyworks Solutions SWKS | United States | $19.3B | +24% | -3% | 9% | 14.3× | 39.4% | -5.0% |
| DapuStor 301666.SZ | China | $18.8B | +20% | +611% | 23% | n/a | n/a | n/a |
| United Micro Electronics 2303.TW | Taiwan | $34.9B | +11% | +13% | 21% | 13.7× | 14.2% | +6.1% |
| Nanya Technology 2408.TW | Taiwan | $35.8B | +34% | +586% | 71% | 2.9× | 0.6% | +1.8% |
| STMicroelectronics STMPA.PA | France | $37.7B | -32% | +10% | 7% | 31.4× | 34.0% | +3.1% |