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]

证券代码：688766 证券简称：普冉股份 公告编号：2024-039 普冉半导体（上海）股份有限公司 2023 年年度权益分派实施公告 1. 发放年度：2023 年年度 2. 分派对象： 本公司董事会及全体董事保证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： 每股转增 0.4 股 相关日期 | 股权登记日 | 除权（息）日 | 新增无限售条件流通股份 | | --- | --- | --- | | | | 上市日 | | 2024/6/5 | 2024/6/6 | 2024/6/6 | 一、 通过转增股本方案的股东大会届次和日期 本次转增股本方案经公司 2024 年 5 月 6 日的 2023 年年度股东大会审议通过。 二、 转增股本方案 截至股权登记日下午上海证券交易所收市后，在中国证券登记结算有限责任 公司上海分公司（以下简称"中国结算上海分公司"）登记在册的本公司全体股东。 3. 差异化分红送转方案： （1） 公司以 2023 年度实施权益分派方案的股权登记日登记的总股本扣减 公司回购专用证券账户中股份为基数，以资本公积向全 ...

关于普冉半导体（上海）股份有限公司 差异化分红事项的核查意见 中信证券股份有限公司 中信证券股份有限公司（以下简称"保荐机构"）作为普冉半导体（上海）股份 有限公司（以下简称"公司"、"普冉股份"）首次公开发行股票并上市的保荐机构 ，根据《中华人民共和国公司法》《中华人民共和国证券法》《证券发行上市保荐业 务管理办法》《上海证券交易所上市公司自律监管指引第7号——回购股份》等法律 法规，对公司2023年度利润分配所涉及的差异化分红事项（以下简称"本次差异化分 红"）进行了核查，具体情况如下： 一、本次差异化分红的原因 公司于2022年8月25日召开第一届董事会第二十四次会议，审议通过了《关于以 集中竞价交易方式回购公司股份的方案》同意公司使用自有资金通过集中竞价交易 方式进行股份回购，回购股份将全部用于员工持股计划或股权激励，回购价格不超过 240.00元/股（含），回购资金总额不超过人民币7,000万元（含），不低于人民币3,500 万元（含），回购期限为自公司董事会审议通过本次回购方案之日起12个月内。 截至2023年8月18日，公司上述股份回购实施完毕，回购期间内公司通过上海证 券交易所交易系统以集中竞 ...

Investment Rating - The investment rating for the company is "Buy" with a target price not specified [2]. Core Views - The company has shown significant recovery in profitability, driven by the resurgence of downstream demand and the "Storage+" strategy, leading to revenue growth in 2023 and a successful turnaround to profitability in Q4 2023 [1][6]. - The company's revenue for 2023 reached 1.127 billion yuan, a year-on-year increase of 21.87%, while the net profit for Q1 2024 was 50 million yuan, reflecting a year-on-year growth of 277.41% [2][6]. - The company is focusing on high-level R&D investments and expanding its product offerings, which are expected to drive long-term performance growth [6]. Summary by Sections Financial Performance - In 2023, the company achieved a revenue of 1.127 billion yuan, up 21.87% year-on-year, while the net profit was -48.27 million yuan, a decline of 158.06% [2]. - For Q1 2024, the revenue was 405 million yuan, representing a 98.52% increase year-on-year, and the net profit was 50 million yuan, a significant increase of 277.41% [2][6]. - The gross margin for Q1 2024 was 31.8%, an increase of 9.64 percentage points year-on-year [1]. Strategic Initiatives - The company launched a new stock incentive plan to attract and retain talent, which is expected to enhance the core team's cohesion and competitiveness [3]. - The "Storage+" strategy aims to expand into higher value-added fields and diversify into microcontroller and analog chip markets [23]. Product Development - The company has introduced over 100 MCU chip products across various series, supporting a range of applications in consumer electronics, monitoring, and medical fields [23]. - In the NOR Flash product line, the company has maintained its competitive edge with low power consumption and high reliability, launching new products that meet industry standards [24][25].

Group 1: Company Overview and Performance - The company, Puran Semiconductor (Shanghai) Co., Ltd., held an investor relations activity on May 19, 2024, to discuss its performance for the year 2023 and the first quarter of 2024 [2][3]. - The company reported that its 1Gbit NOR Flash products have already been mass-produced and are being introduced to clients, primarily in industrial control and automotive sectors [3][4]. Group 2: Product Strategy and Market Position - The company plans to consolidate its position in the NOR Flash small and medium capacity market over the next 2-3 years while expanding its customer base for large capacity products [3][4]. - The MCU product line, particularly M0+ and M4 core products, will enhance market penetration and contribute to revenue growth [4][6]. Group 3: Competitive Landscape - Taiwanese manufacturers like Winbond and Macronix have advantages in experience and process technology, while domestic manufacturers excel in innovation and cost control [4][5]. - The company aims to leverage its strengths in process innovation and regional competition to capture more market share in niche segments [4][5]. Group 4: Future Plans and Shareholder Returns - The company is considering increasing the frequency of dividends and will implement a capital reserve conversion plan for 2023, focusing on balancing performance growth and shareholder returns [4][5]. - The board has been authorized to issue shares to specific investors, with plans to assess the feasibility of multiple dividends in the future [5][6]. Group 5: Market Demand and Pricing - The price of MCU products is expected to stabilize after several quarters of adjustments, with significant reductions in channel and terminal inventory levels observed [6][7]. - The value of NOR Flash used in electric vehicles varies significantly based on application scenarios, ranging from a few cents to several dollars per unit [5][6].

Investment Rating - The report maintains a "Buy" rating for the company [2] Core Views - The company's Q1 2024 performance exceeded expectations, driven by a recovery in demand and the launch of new products, achieving a record quarterly revenue of 405 million, representing a year-over-year increase of 98.52% and a quarter-over-quarter increase of 12.50% [2][6] - The gross margin improved to 31.8%, up 9.64 percentage points year-over-year and 4.03 percentage points quarter-over-quarter, indicating a significant enhancement in profitability [2][6] - The growth in revenue is attributed to the recovery in downstream consumer electronics demand, effective market share expansion strategies, and a reduction in asset impairment losses [2][6] Summary by Sections Financial Performance - In Q1 2024, the company reported a net profit of 50 million, a year-over-year increase of 277.41% but a quarter-over-quarter decrease of 5.66% [2] - The adjusted net profit was 62 million, reflecting a year-over-year increase of 232.99% and a quarter-over-quarter increase of 34.78% [2] Market Outlook - The report anticipates continued growth in profitability due to ongoing recovery in consumer electronics demand and deeper market penetration in automotive and industrial control sectors [2][6] - The company is expected to maintain an upward trend in profitability as it optimizes its product and customer structure [2][6] Revenue Forecast - The company is projected to achieve revenues of 1.527 billion, 1.896 billion, and 2.351 billion for the years 2024, 2025, and 2026 respectively, with corresponding EPS of 2.02, 3.26, and 4.39 [6][8] - The revenue growth rates are forecasted at 35.5% for 2024, 24.2% for 2025, and 24.0% for 2026 [8] Strategic Initiatives - The company is implementing a "Storage+" strategy to expand into microcontroller and analog chip markets, leveraging its technology advantages in the storage sector [5] - The introduction of new MCU products and the development of optical stabilization products are expected to enhance the company's competitive edge in the camera module market [5]

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for the stock with expected returns exceeding 20% over the next 12 months [13]. Core Insights - The company reported a significant revenue increase of 98.52% year-over-year (YOY) in Q1 2024, achieving a total revenue of 405 million yuan, marking the highest quarterly revenue since its listing [13]. - The gross margin improved to 31.8%, up by 9.64 percentage points YOY, reflecting enhanced profitability driven by recovering demand in consumer electronics and effective market expansion strategies [13]. - The company is actively diversifying its product lines, particularly in the "Storage+" strategy, which includes microcontrollers (MCUs) and analog chips, aiming to capture higher value markets [16]. Summary by Sections Financial Performance - In Q1 2024, the company achieved a net profit of 50 million yuan, a substantial increase of 277.41% YOY, although it saw a quarter-over-quarter (QOQ) decline of 5.66% [13]. - The company forecasts revenues of 1.527 billion yuan for 2024, with a growth rate of 35.5%, and expects to reach 2.351 billion yuan by 2026 [19]. Market Dynamics - The recovery in downstream consumer electronics demand is a key driver for the company's revenue growth, alongside a strategic focus on expanding market share in automotive and industrial control sectors [13][15]. - The company has successfully launched new products in the NOR Flash segment, with a cumulative shipment exceeding 3 billion units, and is enhancing its presence in the automotive electronics market [15]. Product Development - The company is advancing its NOR Flash product line, with new high-capacity products entering mass production, and is also focusing on the certification of its EEPROM products for industrial control applications [15][16]. - The introduction of ARM Cortex-M based MCUs and analog chips is expected to create new growth avenues, leveraging the company's existing technological advantages [16].

Investment Rating - The report maintains a "Buy" rating for the company [5][26]. Core Views - The company achieved a revenue of 1.127 billion yuan in 2023, representing a year-on-year growth of 21.87%, while the net profit attributable to the parent company was -48.27 million yuan, a decline of 158.06% [28]. - In Q1 2024, the company reported a revenue of 405 million yuan, a significant year-on-year increase of 98.52%, and a net profit of 50 million yuan, up 277.41% year-on-year [28]. - The recovery in the consumer electronics market has positively impacted the company's performance, leading to substantial growth in Q1 2024 [28]. - The company is focusing on expanding its market share and optimizing its product and customer structure, having introduced several well-known clients [28]. - The company is advancing in the automotive sector, with its NOR Flash and EEPROM products gaining traction in both domestic and international markets [28]. Financial Summary - Projected revenues for 2024, 2025, and 2026 are 1.921 billion yuan, 2.411 billion yuan, and 3.009 billion yuan, respectively [6]. - The projected net profits for the same years are 259 million yuan, 354 million yuan, and 458 million yuan, respectively [6]. - The company’s EBITDA is expected to improve significantly from -66.66 million yuan in 2023 to 295.95 million yuan in 2024 [6]. - The earnings per share (EPS) is projected to rise from -0.64 yuan in 2023 to 3.43 yuan in 2024 [6]. Market Position and Strategy - The company is constructing a "Storage+" product ecosystem, enhancing synergy among its offerings, including microcontrollers and analog products [28]. - The company has launched over 100 MCU chip products based on ARM Cortex-M architecture, targeting various applications in smart home devices, small appliances, and automotive electronics [28]. - The automotive electronics segment is expected to continue growing, with increasing revenue contributions from products used in vehicle navigation and entertainment systems [28].