GigaDevice has released its financial report for the first half of 2024, demonstrating a strong business trajectory with a total operating revenue of 3.609 billion yuan, marking a 21.69% increase year-on-year. The company's net profit attributable to the parent company reached 517 million yuan, reflecting a significant growth of 53.88% compared to the same period last year. Breaking down the figures, the first quarter saw a revenue of 1.627 billion yuan and a net profit of 205 million yuan, indicating a second-quarter revenue of 1.982 billion yuan, a 21.9% sequential increase, and a net profit of 312 million yuan, a 52.2% sequential jump.

The increase in operating income is primarily attributed to the market demand recovery and inventory normalization following the sluggish demand in 2023. This has led to an increase in sales volume and revenue for GigaDevice's storage chips. The company has maintained a market share-focused strategy, continuously investing in R&D and product innovation, thereby strengthening the competitiveness of its product lines and driving sales and revenue growth.

In the Flash product segment, an uptick in downstream terminal demand has allowed GigaDevice to achieve growth in consumer and network communication markets, resulting in a significant year-on-year increase in overall shipments and revenue.

Regarding its proprietary brand DRAM products, the company has made notable market expansion during the first half of the year, with an increased number of total transactional customers. Shipments of DDR3L and DDR4 products have continued to rise, now covering applications in network communication, television, and other fields, as well as expanding its customer base.

The company's financial success underscores its commitment to innovation and market adaptation, positioning GigaDevice as a formidable player in the semiconductor industry.