中信证券股份有限公司 关于普冉半导体（上海）股份有限公司 首次公开发行部分限售股上市流通的核查意见 中信证券股份有限公司（以下简称"中信证券"或"保荐机构"）为普冉半导 体（上海）股份有限公司（以下简称"公司"、"普冉股份"、"发行人"）首次 公开发行股票并上市的保荐机构。根据《证券发行上市保荐业务管理办法》、《上 海证券交易所科创板股票上市规则》、《科创板上市公司持续监管办法》等法律法 规，对普冉股份首次公开发行部分限售股上市流通事项进行了核查，核查情况及核 查意见如下： 一、本次上市流通的限售股类型 经中国证券监督管理委员会《关于同意普冉半导体（上海）股份有限公司首次 公开发行股票注册的批复》（证监许可〔2021〕2111 号），普冉半导体（上海）股 份有限公司首次向社会公开发行人民币普通股（A 股）9,057,180 股，并于 2021 年 08 月 23 日在上海证券交易所科创板挂牌上市，发行完成后总股本为 36,228,719 股， 其中有限售条件流通股 28,489,468 股，无限售条件流通股 7,739,251 股。 本次上市流通的限售股为公司首次公开发行部分限售股，锁定期自公司股票上 市之日 ...

证券代码：688766 证券简称：普冉股份 公告编号：2024-043 首次公开发行限售股上市流通公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 重要内容提示： 本次股票上市类型为首发限售股份；股票认购方式为网下，上市股数为 44,378,866 股。 本次股票上市流通总数为 44,378,866 股。 本次股票上市流通日期为 2024 年 8 月 23 日。 一、 本次上市流通的限售股类型 经中国证券监督管理委员会《关于同意普冉半导体（上海）股份有限公司首 次公开发行股票注册的批复》（证监许可〔2021〕2111 号），普冉半导体（上海） 股份有限公司（以下简称"公司"、"普冉股份"、"发行人"）首次向社会公 开发行人民币普通股（A 股）9,057,180 股，并于 2021 年 08 月 23 日在上海证券交 易所科创板挂牌上市，发行完成后总股本为 36,228,719 股，其中有限售条件流通 股 28,489,468 股，无限售条件流通股 7,739,251 股。 普冉半导体（上海）股份有限公司 本次上市流通的 ...

Investment Rating - The report maintains an "Accumulate" rating for the company [2]. Core Views - The company is expected to achieve approximately 880 million in revenue for the first half of 2024, representing a year-on-year growth of about 87.80%. The net profit attributable to the parent company is projected to be around 128 million, with a net profit excluding non-recurring gains and losses estimated at approximately 143 million [1][6]. - The second quarter of 2024 is anticipated to see revenue of about 475 million, reflecting a quarter-on-quarter growth of approximately 17.32%, marking a new high for quarterly revenue since the company's establishment [1]. - The demand for the company's main products has improved compared to the same period last year, driven by the recovery in the consumer electronics sector, including IOT, wearable devices, smartphones, and smart home applications [1][6]. - The company has maintained a stable performance in its non-volatile memory product line and is actively expanding its market share while promoting the successful mass production of new products [1][6]. Summary by Relevant Sections Financial Performance - The company forecasts revenues of 1,127.05 million, 1,655.96 million, 2,086.45 million, and 2,588.96 million for the years 2023A, 2024E, 2025E, and 2026E respectively, with growth rates of 21.87%, 46.93%, 26.00%, and 24.08% [7]. - The net profit attributable to the parent company is expected to be -48.27 million in 2023A, followed by 267.44 million, 335.00 million, and 413.22 million in the subsequent years, with growth rates of -158.06%, 654.00%, 25.26%, and 23.35% respectively [7]. - The report projects a PE ratio of 33.38, 26.65, and 21.60 for the years 2024E, 2025E, and 2026E [7]. Market Context - The report highlights a positive industry outlook, with the global semiconductor market expected to grow from 588.36 billion to 611.23 billion, reflecting a 4% increase. The storage semiconductor market is projected to see a significant year-on-year growth of 76.8% [2][6]. - The company has established a stable customer network in China, covering major brands such as OPPO, vivo, Xiaomi, Samsung, Lenovo, Midea, HP, and Panasonic [6].

Financial Performance - The company expects to achieve a net profit attributable to shareholders of approximately 128 million yuan for the first half of 2024, an increase of about 206.25% compared to the same period last year[11]. - Estimated operating revenue for the first half of 2024 is approximately 880 million yuan, representing an increase of about 87.80% year-on-year, which is an increase of approximately 411.43 million yuan compared to the previous year[10]. - The second quarter of 2024 is projected to generate approximately 475 million yuan in operating revenue, a quarter-on-quarter increase of about 17.32%, marking a new high for quarterly revenue since the company's establishment[5]. - The company anticipates a net profit attributable to shareholders, excluding non-recurring gains and losses, of approximately 143 million yuan for the first half of 2024, an increase of about 20.80% compared to the same period last year[12]. - The estimated total profit for the reporting period is expected to increase by approximately 11.12 million yuan due to improved market conditions and reduced asset impairment losses[5]. Market Conditions - The significant increase in revenue is attributed to the recovery in demand for consumer electronics such as IoT devices, wearables, smartphones, and smart home products[5]. - The company has successfully expanded its market share in non-volatile memory products and is actively promoting the mass production of new products[5]. - The fair value change losses on certain trading financial assets are expected to decrease by approximately 17.28 million yuan, impacting the total profit for the reporting period[5]. Cautionary Notes - The company emphasizes that the performance forecast is based on preliminary calculations and has not been audited by certified public accountants[4]. - Investors are advised to pay attention to investment risks as the data provided is subject to change pending the official financial report[7].

证券代码：688766 证券简称：普冉股份 公告编号：2024-041 普冉半导体（上海）股份有限公司 关于控股股东、实际控制人、董事长提议中期分红暨落实 公司 2024 年年度"提质增效重回报"行动方案的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 普冉半导体（上海）股份有限公司（以下简称"公司"）董事会于 2024 年 7 月 16 日收到公司控股股东、实际控制人、董事长王楠先生《关于提议普冉半导 体（上海）股份有限公司中期分红暨落实公司 2024 年年度"提质增效重回报" 行动方案的函》。具体内容如下： 一、提议人的基本情况及提议时间 1、提议人：公司控股股东、实际控制人、董事长王楠先生 王楠先生基于对公司未来持续发展的信心和对公司长期价值的合理判断，为 合理回报投资者，增强投资者对公司的投资信心，实施"提质增效重回报"专项 行动方案，落实"以投资者为本"的理念，构筑以价值创造和互利共生的双赢格 局，使各方更紧密的合力推进公司的长远、稳定、持续发展，促进公司长期健康 发展，提议公司实施中期分红安排。 三、提议 ...

Investment Rating - The report initiates coverage with a "Buy" rating for the company [4][159]. Core Views - The company is a leading domestic storage manufacturer, focusing on non-volatile memory and microcontroller (MCU) chips, leveraging its SONOS process technology to enhance product competitiveness [3][8]. - The storage industry is expected to enter a new upward cycle, with the MCU sector continuing to grow, driven by increasing demand in various applications [116][155]. - The company has successfully expanded its market share during the previous down cycle and is poised to benefit from the recovery in the storage market [8][148]. Financial Summary - The company’s revenue for 2024-2026 is projected to be 18.04 billion, 22.33 billion, and 26.77 billion yuan, representing year-on-year growth of 60.1%, 23.8%, and 19.9% respectively [4][175]. - The net profit attributable to the parent company is expected to be 2.52 billion, 3.13 billion, and 3.87 billion yuan for the same period, with growth rates of 622.3%, 24.3%, and 23.6% respectively [4][175]. - The company’s earnings per share (EPS) for 2024-2026 are forecasted at 2.39, 2.97, and 3.67 yuan [4][175]. Business Model and Market Position - The company has a dual product line consisting of storage and "storage+" products, including NOR Flash, EEPROM, MCU chips, and analog products, with applications across various sectors such as IoT, automotive electronics, and consumer electronics [8][75]. - The company is actively expanding its MCU business by leveraging its existing NOR Flash business model, aiming to capture emerging market opportunities [14][147]. - The company’s strong sales capabilities and market insight have facilitated rapid growth in its NOR Flash business, and it is now extending these advantages to the MCU sector [14][147]. Industry Outlook - The global storage chip market is projected to grow significantly, with the NOR Flash segment expected to benefit from the exit of foreign competitors and increasing domestic demand [119][122]. - The EEPROM market is also anticipated to grow, driven by applications in smart devices and automotive electronics, with the company positioned to capture a larger market share [125][144]. - The MCU market is expected to expand due to the rise of IoT and electric vehicles, with the company’s products being well-suited for these applications [63][63].

Investment Rating - The report maintains a "Buy" rating for the company [4][15]. Core Views - The company specializes in the design and sale of non-volatile memory chips and derivative chips, including NOR Flash and EEPROM, with a strong market position, ranking sixth globally and second domestically in sales from 2020 to 2022 [4]. - The company achieved a record revenue of 405 million yuan in Q1 2024, representing a year-on-year growth of 98.52%, and a net profit of 50 million yuan, up 277.41% year-on-year [7]. - The semiconductor industry is expected to recover, with global semiconductor revenue projected to rebound to 630.2 billion USD in 2024, a 20% increase, driven by strong growth in the storage market [7]. Summary by Sections Company Overview - The company focuses on non-volatile memory chips, including NOR Flash and EEPROM, and has established a stable customer network with major brands like OPPO, vivo, and Samsung [4]. - The company has invested significantly in R&D, with a compound annual growth rate of 45% over the past three years, and plans to apply for at least 50 new patents in 2024 [4]. Financial Performance - In Q1 2024, the company reported a gross margin of 31.8%, an increase of 9.63% year-on-year, with a decrease in sales, management, and R&D expense ratios compared to the previous year [7]. - The company forecasts revenues of 1.655996 billion yuan, 2.08645 billion yuan, and 2.58896 billion yuan for 2024, 2025, and 2026 respectively, with corresponding net profits of 267.44 million yuan, 335 million yuan, and 413.22 million yuan [4][19]. Market Outlook - The company is well-positioned to benefit from the recovery in the semiconductor market, with a focus on expanding its market share and enhancing its overseas business [7]. - The report highlights the company's strategic partnerships with upstream wafer and packaging testing manufacturers, which help mitigate supply chain challenges and ensure capacity [4].

Investment Rating - The report maintains a rating of "Accumulate" for the company [2] Core Views - The company faced profit pressure in 2023 due to high raw material costs and asset impairment losses, but experienced significant growth in Q1 2024 driven by recovering demand in consumer electronics and reduced impairment losses [3][19] - The semiconductor market is gradually recovering, with the company's "Storage+" strategy contributing to revenue growth, particularly in the embedded storage and microcontroller sectors [7][23] Financial Summary - Revenue is projected to grow from 1,127 million yuan in 2023 to 1,598 million yuan in 2024, reflecting a year-on-year growth rate of 41.8% [2][11] - The company is expected to achieve a net profit of 174 million yuan in 2024, a significant turnaround from a net loss of 48 million yuan in 2023, with an EPS forecast of 1.65 yuan [2][23] - The gross margin for Q1 2024 was reported at 31.80%, an increase of 9.64 percentage points year-on-year [3] Market Position and Strategy - The company is expanding its product offerings in the automotive and industrial sectors, with new high-reliability EEPROM products and a focus on low-power designs [20][22] - The "Storage+" strategy aims to leverage the company's strengths in storage technology to enter higher value-added markets and diversify its product lines [23]

经普冉半导体（上海）股份有限公司（以下简称"公司"）财务部门初步测 算，公司 2024 年 4 月至 5 月实现营业收入 33,772 万元左右，较去年同期增长 131%左右。 本公告所载公司 2024 年 4 月至 5 月主要经营数据及其他数据仅为初步核算 数据，未经注册会计师审计，仅作为阶段性财务数据供投资者参考，不能以此推 算公司第二季度及全年业绩情况，敬请广大投资者注意投资风险。 2024 年以来，随着下游市场的景气度逐渐复苏，公司产品出货量及营业收 入同比均有较大幅度提升，公司 2024 年 1 月至 5 月出货量累计约 35 亿颗，较去 年同期翻番，目前在手订单 1.7 亿元左右（含税），取得了良好的经营开局。公 司将持续加大研发投入和新产品开发力度，积极开拓市场，抓住终端业务的新兴 需求，保障研发及生产交付等进展顺利落地，延续公司业绩向好态势。 二、其他说明事项 特此公告。 证券代码：688766 证券简称：普冉股份 公告编号：2024-040 普冉半导体（上海）股份有限公司 关于 2024 年 4 月至 5 月主要经营数据的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 ...

Group 1: Company Overview and Performance - The company reported a significant increase in 2023 sales, with NOR Flash product line shipments exceeding 3 billion units and EEPROM shipments surpassing 1.4 billion units, both reaching historical highs [4][5] - For 2024, the company aims for a revenue growth rate of no less than 15% based on 2023 figures, with a target growth rate of at least 45% [4] Group 2: Product Pricing and Market Trends - In Q1 2024, the prices for NOR Flash and MCU product lines have stabilized after a decline, with NOR Flash prices beginning to recover [5][6] - The company is actively expanding its presence in the rapidly growing e-cigarette market, leveraging its competitive advantages in low-cost, compact, and low-power products [5][6] Group 3: Product Line Expansion and R&D - The company is exploring the Driver product line, which will complement existing EEPROM and MCU products, focusing on applications in mobile camera modules [6] - Continuous investment in R&D is planned to ensure product line enhancement and timely launch of new products, alongside attracting high-quality talent for sustainable development [6] Group 4: Market Strategy and Future Outlook - The company positions itself as a general-purpose platform, aiming to penetrate various fields and enhance market share to balance risks [5][6] - Future price trends for NOR Flash products will be influenced by multiple market factors, with ongoing monitoring and communication planned [6]