This article is from the report published by China Postal Securities Research Institute on February 28, 2025.To learn more, please read the original report, Wu Wenji S1340523050004.
Contact: Wu Wenji 17317832027
CUBE Drives Transformation in Edge AI Computing.The innovative CUBE (Customized Ultra Bandwidth Element) technology developed by Winbond Electronics, as a customized high-bandwidth storage chip 3D TSV DRAM, is specifically designed for storage architecture in edge AI computing devices. Utilizing 3D stacking technology combined with heterogeneous bonding technology, it offers high bandwidth, low power consumption, with storage chips ranging from 256Mb to 8Gb per chip, available for module manufacturers and SoC vendors to deploy directly. The main features of CUBE include: 1) CUBE provides outstanding power efficiency, with a power consumption of less than 1pJ/bit, ensuring extended runtime and optimized energy usage. 2) With bandwidths ranging from 32GB/s to 256GB/s, CUBE delivers performance improvements far exceeding industry standards. 3) CUBE has a smaller form factor. Currently based on a 20nm process, it can provide chip capacities of 256Mb-8Gb, with a 16nm process expected in 2025. The introduction of Through-Silicon Vias (TSV) can further enhance performance, improving signal integrity, power integrity, reducing IO area with a 9um pitch, and offering better heat dissipation (CUBE placed below, SoC placed above). 4) CUBE’s IO speed can reach up to 2Gbps at 1K IO, and when integrated with mature processes like 28nm and 22nm SoCs, CUBE can achieve bandwidths of 32GB/s to 256GB/s, equivalent to HBM2 bandwidth, also comparable to 4 to 32 LP-DDR4x 4266Mbps x16 IO. Winbond Electronics held a press conference on the 19th, where General Manager Chen Peiming stated that CUBE is currently in collaboration with multiple customers for development, aiming to contribute to revenue by 2026.
NPU Powers Customized Storage.The company has algorithms, NPU, and other AI technologies applied in some of its computing chip products. The company’s SoC chips integrate key modules developed in-house, including CPU, VPU, NPU, ISP, etc., with different configurations for different computing chip products. With the rapid development and application of AI technology, the demand for chips providing computational support for AI algorithms in the smart IoT field is becoming increasingly widespread. In recent years, the company has continuously invested in research on neural network processors. The company combines its advantages in CPU technology research and development, organically integrating CPU technology with neural network processor technology to form a unique AI computing power engine. The company’s AI computing power engine balances computational performance and flexibility, extending programmable capabilities on the basis of high computing power, effectively accelerating high-intensity computations such as convolution and pooling. Low-bit quantization technology further strengthens the low power consumption and low bandwidth AI computing capabilities of the company’s AI computing power engine, providing different computing power under varying computational precision to meet different computing needs and scenarios.
Investment Recommendations: We expect the company to achieve revenues of 43.5/48/55 billion yuan in 2024/2025/2026, with net profits attributable to the parent company of 4.3/4.8/5.4 billion yuan, respectively. The current stock price corresponds to a PE of 103/93/82 times for the years 2024-2026, maintaining a “buy” rating.
Risk Warnings: Product development risks; Market expansion risks; New technology development risks; Risks of declining gross margins; Increased labor costs for technical personnel; Supplier risks; Inventory risks; Operational management risks; Risks of implementation of fundraising projects; Foreign exchange risks; Tax risks; Goodwill impairment risks.
Report Information
Securities Research Report “Beijing Junzheng (300223): NPU Powers Customized Storage”
Release Date: February 28, 2025
Report Issuer: China Postal Securities Co., Ltd.
Analyst: Wu Wenji SAC No: S1340523050004
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