A-share · ALPHAGBM RESEARCH

Goldman Sachs: Gigadevice specialty DRAM growth continues as SLC NAND shipments accelerate

2026-09-13 · 2 min read · AlphaGBM
institutionalmemoryai-infrastructure

At a glance

In its September 11 report, Goldman Sachs maintains a Buy rating on Gigadevice (603986.SS) with a 12-month Rmb391 target. Management expects DDR4 prices to rise sequentially in the third and fourth quarters, but at a slower pace. A richer specialty DRAM mix may support average selling prices and margins, while foundry expansion could support strong SLC NAND wafer shipment growth in 2027. The report flags weaker MCU demand and pricing, NOR Flash capacity expansion and competition as risks. These are views and forecasts at the report date, not realized outcomes.

Publisher and reading scope

Publisher: Goldman Sachs
Publishing entity: Goldman Sachs (Asia) L.L.C.
Original report date: 2026-09-11
Archived: 2026-09-13
Material reviewed: Full report

Institutional views and platform commentary are distinguished. Archiving is not a report update. Original files remain private and are not available for download.

Institutional view

Goldman Sachs maintains a Buy rating and a Rmb391 12-month target price for Gigadevice.

Assumptions

The view depends on continued specialty DRAM mix improvement, SLC NAND shipment growth and supportive pricing.

Interpretation

The report links AI-related memory demand to product mix and margin improvement, but the path depends on capacity, customer demand and execution.

Risks

Key risks are weaker MCU demand or pricing, faster NOR Flash capacity expansion and stronger competition.

What to watch

Track specialty DRAM wafer shipments, SLC NAND pricing, gross margin and the timing of 3D DRAM revenue.

Scope and disclosures

Summary of the user-supplied report, reflecting the institution’s views at publication, not an AlphaGBM recommendation. Goldman Sachs discloses ownership of at least 1% of common equity, an investment-banking client relationship in the preceding 12 months, and expected or sought banking compensation in the next three months. The PDF is archived privately, without a download link.

Original sources

Goldman Sachs Research · Gigadevice (603986.SS) · 11 September 2026

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