GigaDevice 603986.SH 603986 CH [Table_Industry] EQUITY: Electronics [TABLE_TITLE] Margin expansion driven by volume-price synergy Maintain our Buy rating and raise target price to CNY321 [TABLE_SUMMARY] 4Q25 results broadly in line, factoring in traditional 3Q peak seasonality The company released its 2025 annual report after market close on 30 Mar 2026. For 2025, revenue reached CNY9.2bn, up 25.1% y-y. GPM improved 2.2pp y-y to 40.2%, while net profit surged 49.5% y-y to CNY1.65bn. In 4Q25 alone, revenue c ...