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].

Financial Performance - In 2023, the company achieved a revenue of 1.127 billion CNY, a year-on-year increase of 21.87%, marking a historical high [3] - For Q1 2024, the company reported a revenue of 405 million CNY, a quarter-on-quarter growth of 12.50% [4] - The net profit for Q1 2024 reached 62 million CNY, reflecting a quarter-on-quarter increase of 34.02% [4] - R&D investment in 2023 amounted to 191 million CNY, representing a year-on-year growth of 28.74%, accounting for 16.79% of total revenue [3] Product Line Developments - The NOR Flash product line is focusing on expanding market share in the small to medium capacity segment while optimizing costs through process improvements [5] - The EEPROM product line aims to solidify its market share in consumer electronics and expand into automotive applications [5] - The MCU product line is enhancing its offerings with high-performance products and targeting emerging market demands [5] Market Outlook - The company is optimistic about its growth potential in the MCU sector, despite its current revenue share being relatively low [6] - The NOR Flash market is expected to experience price adjustments due to cyclical changes in supply and demand [7] - The company is preparing for potential price fluctuations in response to market trends and competitor pricing strategies [7] Investor Engagement - The investor relations activities included meetings with various funds and investment firms from May 7 to May 11, 2024 [2][3] - Key company representatives included the Chairman and the CFO, who provided insights into the company's performance and future strategies [3]

Investment Rating - The investment rating for the company is "Accumulate" (首次) [2] Core Views - The company reported a record high revenue of 1.127 billion yuan in 2023, representing a year-on-year increase of 21.87%. However, the net profit attributable to the parent company was -48 million yuan, a decline of 158.06% year-on-year [2][15] - In Q1 2024, the company achieved a revenue of 405 million yuan, a year-on-year increase of 98.52% and a quarter-on-quarter increase of 12.5%. The net profit attributable to the parent company was 50 million yuan, a year-on-year increase of 277.41% [2][15] - The company is focusing on expanding its market share in the consumer electronics sector, benefiting from the recovery in downstream demand [2][15] Summary by Sections Company Overview - The company is a leading domestic storage enterprise, primarily producing NOR and EEPROM products. Storage products accounted for 90% of the company's revenue in 2023 [15][25] - The company has achieved mass production of its 512Mb NOR products and is actively expanding its product offerings in the automotive and industrial sectors [2][15] Financial Performance - In 2023, the company reported a revenue of 1.127 billion yuan, with a year-on-year growth of 21.9%. The net profit attributable to the parent company was -48 million yuan, reflecting a significant decline [2][27] - The company expects net profits to recover significantly in the coming years, projecting 197 million yuan in 2024, 249 million yuan in 2025, and 307 million yuan in 2026 [2][27] Product Development - The company is enhancing its product lineup with a focus on low-power NOR Flash and high-reliability EEPROM, aiming to meet the growing demand in various applications including automotive and industrial control [15][25] - The company is also expanding its MCU and analog chip offerings, which have seen significant revenue growth, with MCU and other chips generating 115 million yuan in 2023, a year-on-year increase of 117.7% [2][15] Market Outlook - The company is well-positioned to increase its market share in the NOR sector, particularly with its advancements in technology and product offerings [2][15] - The anticipated recovery in downstream demand, particularly in consumer electronics, is expected to drive revenue growth in the upcoming quarters [2][15]

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 2023 年度持续督导跟踪报告 中信证券股份有限公司（以下简称"中信证券"或"保荐人"）作为普冉半 导体（上海）股份有限公司（以下简称"普冉股份"或"公司"或"上市公司"） 首次公开发行股票并在科创板上市的保荐人。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》等相关规定，中信证券履行持续 督导职责，并出具本持续督导年度跟踪报告。 一、持续督导工作概述 1、保荐人制定了持续督导工作制度，制定了相应的工作计划，明确了现场 检查的工作要求。 2、保荐人已与公司签订保荐协议，该协议已明确了双方在持续督导期间的 权利义务，并报上海证券交易所备案。 3、本持续督导期间，保荐人通过与公司的日常沟通、现场回访等方式开展 持续督导工作，并于 2024 年 4 月 26 日对公司进行了现场检查。 二、保荐人和保荐代表人发现的问题及整改情况 4、本持续督导期间，保荐人根据相关法规和规范性文件的要求履行持续督 导职责，具体内容包括： （1）查阅公司章程、三会议事规则等公司治理制度、三会会议材料； （2）查阅公司财务管理、会计核算和内部审计等内部控制 ...

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 2023 年度持续督导工作现场检查报告 根据《上海证券交易所上市公司自律监管指引第 11 号——持续督导》等有 关法律、法规的规定，中信证券股份有限公司（以下简称"中信证券"或"保荐 人"）作为正在对普冉半导体（上海）股份有限公司（以下简称"普冉股份""公 司""上市公司"）进行持续督导工作的保荐人，对 2023 年度（以下简称"本持 续督导期间"）的规范运作情况进行了现场检查，现就现场检查的有关情况报告 如下： 一、本次现场检查的基本情况 （一）保荐人 中信证券股份有限公司 （二）保荐代表人 王建文、赵亮 （三）现场检查人员 2024 年 4 月 26 日 （五）现场检查内容 现场检查人员对本持续督导期内发行人公司治理和内部控制情况、信息披露 情况、公司的独立性以及与控股股东、实际控制人及其他关联方资金往来情况、 募集资金使用情况、关联交易、对外担保、重大对外投资情况、经营状况等方面 进行了现场检查，具体检查内容详见本报告"二、本次现场检查主要事项及意见"。 （六）现场检查手段 1 本次现场检查的手段主要包括资料查阅、访谈、现场查看等，具体检查手段 ...

证券代码：688766 证券简称：普冉股份 公告编号：2024-038 1 上述减持价格将根据减持时的市场价格确定，不低于公司首次公开发行的发 行价（除权除息后）；若在减持计划实施期间公司发生送股、资本公积转增股本、 配股等股份变更事项的，将根据相关规定对拟减持数量和比例进行调整。 本公司董事会、全体董事及相关股东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： 股东持股的基本情况 截至本公告披露日，普冉半导体（上海）股份有限公司（以下简称"公司"、 "发行人"）股东持股情况如下： 公司股东杭州早月投资合伙企业（有限合伙）（以下简称"杭州早月"）持有 公司股份 892,674 股，占公司当前总股本的 1.18%，其一致行动人杭州晓月投资 合伙企业（有限合伙）（以下简称"杭州晓月"）持有公司股份 578,396 股，占公 司当前总股本的 0.77%，一致行动人嘉兴得月投资合伙企业（有限合伙）（以下 简称"嘉兴得月"）持有公司股份 51,295 股，占公司当前总股本的 0.07%，以上 合计持股占公司当前总股本的 2.02%。以上股 ...

2023 年年度股东大会决议公告 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： 本次会议是否有被否决议案：无 一、 会议召开和出席情况 证券代码：688766 证券简称：普冉股份 公告编号：2024-037 普冉半导体（上海）股份有限公司 和召集人的资格、会议的表决程序和表决结果均符合《公司法》及《公司章程》 的规定。 （五） 公司董事、监事和董事会秘书的出席情况 1、 公司在任董事 6 人，出席 6 人； （一） 股东大会召开的时间：2024 年 5 月 6 日 （二） 股东大会召开的地点：上海市浦东新区申江路 5005 弄 1 号楼 9 楼公司会 议室 （三） 出席会议的普通股股东、特别表决权股东、恢复表决权的优先股股东及 其持有表决权数量的情况： | 1、出席会议的股东和代理人人数 | 36 | | --- | --- | | 普通股股东人数 | 36 | | 2、出席会议的股东所持有的表决权数量 | 40,581,405 | | 普通股股东所持有表决权数量 | 40,581,405 | | 3、出席 ...

上海贤云律师事务所 关于普冉半导体（上海）股份有限公司 2023 年年度股东大会的 法律意见书 致：普冉半导体（上海）股份有限公司 根据《中华人民共和国证券法》《中华人民共和国公司法》（以下简称"《公司法》"）、 《上市公司股东大会规则》（以下简称"《股东大会规则》"）、《律师事务所从事证券法 律业务管理办法》（以下简称"《证券法律业务管理办法》"）等相关法律、法规、规范性 文件以及《普冉半导体（上海）股份有限公司章程》（以下简称"《公司章程》"）的规定， 上海贤云律师事务所（以下简称"本所"）指派律师出席普冉半导体（上海）股份有限公司 （以下简称"公司""普冉股份"）2023 年年度股东大会（以下简称"本次股东大会"）， 并出具本法律意见书。 经查验，普冉股份董事会已按照《公司法》《股东大会规则》等相关法律、法规、规范 性文件以及《公司章程》的有关规定召集本次股东大会，并已对本次股东大会审议的议案内 容进行了充分披露，本次股东大会召开的时间、地点及会议内容与会议通知所载明的相关内 容一致。 对本法律意见书的出具，本所律师特作如下声明： 1、本所律师已按照《股东大会规则》的要求对本次股东大会的真实性、合法性进 ...