Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 64.3 CNY per share [5][14]. Core Insights - The company's actual performance exceeded forecasts, with Q2 revenue reaching a record high for a single quarter [4][5]. - The recovery in the industry, combined with the company's strong alpha, has driven significant revenue growth [5]. - The company has successfully captured market share despite a declining price trend in the NOR Flash and MCU sectors [7][9]. Financial Performance Summary - For H1 2024, the company reported revenue of 896 million CNY, a year-over-year increase of 91%, and a net profit of 136 million CNY, up 274% year-over-year [7]. - Q2 2024 revenue was 491 million CNY, reflecting an 86% year-over-year increase and a 21% quarter-over-quarter increase, with a net profit of 86 million CNY [8]. - The gross margin for Q2 2024 was 35%, up 16 percentage points year-over-year, while the net margin was 18%, up 35 percentage points year-over-year [8]. Revenue Composition - In H1 2023, storage revenue accounted for 90% of total revenue, while in H1 2024, it accounted for 81% [8]. - Storage revenue for H1 2024 was 724 million CNY, a 71% year-over-year increase, with a gross margin of 34.81% [8]. - The "storage+" segment, primarily consisting of MCUs, generated 172 million CNY in revenue for H1 2024, a 285% year-over-year increase [8]. Growth Drivers - The company is expanding its product offerings in large-capacity NOR Flash and MCUs, which are expected to drive future growth [9][10]. - The NOR Flash segment has seen significant advancements, with the company leading in low-power, high-cost performance products [9]. - The MCU segment has rapidly gained market share, with over 300 product models expected by mid-2024, indicating strong growth potential [10]. Profitability Outlook - The company anticipates a net profit of 273 million CNY for 2024, with projections of 390 million CNY and 507 million CNY for 2025 and 2026, respectively [10]. - The report estimates a PE ratio of 25 for 2024, decreasing to 13 by 2026, reflecting expected profitability improvements [10].

Investment Rating - The report maintains an "Accumulate-A" rating for the company [1][3]. Core Views - The company has shown significant revenue growth, with a 91.22% year-on-year increase in revenue to 896 million yuan in the first half of 2024, and a net profit increase of 273.78% to 136 million yuan [1]. - The "Storage+" strategy is effectively driving long-term performance, focusing on technology innovation and product optimization [1][2]. Financial Performance - In Q2 2024, the company achieved revenue of 491 million yuan, a year-on-year increase of 85.60% and a quarter-on-quarter increase of 21.28% [1]. - The gross profit margin improved significantly, reaching 33.74%, an increase of 13.17 percentage points year-on-year [1]. - The net profit margin for the first half of 2024 was 15.18%, up 31.88 percentage points year-on-year [1]. Product Strategy - The company is expanding its product lines, focusing on NOR Flash, EEPROM, and microcontrollers, under the "Storage+" strategy [2]. - The NOR Flash products utilize SONOS and ETOX processes, covering capacities from 512Kbit to 1Gbit, with a focus on low power consumption and high reliability [2]. - The EEPROM products are being applied in industrial control and automotive sectors, with successful mass deliveries to domestic and international clients [2]. Earnings Forecast - The expected EPS for 2024, 2025, and 2026 are 2.60 yuan, 3.37 yuan, and 4.14 yuan respectively, with corresponding P/E ratios of 24.7, 19.1, and 15.5 [3]. - Revenue projections for 2024, 2025, and 2026 are 1.878 billion yuan, 2.335 billion yuan, and 2.727 billion yuan, reflecting growth rates of 66.6%, 24.3%, and 16.8% respectively [5][8]. Market Position - The company is benefiting from a recovery in market demand, particularly in consumer electronics such as wearable devices, smartphones, and smart home applications [1][2]. - The company has significantly increased its market share and improved profitability in the context of a recovering storage industry [3].

Investment Rating - The report maintains a "Buy" investment rating for the company [2][6]. Core Views - The company has experienced a significant recovery in profitability, with a 91.22% year-on-year increase in revenue for the first half of 2024, reaching 896 million yuan. Net profit attributable to shareholders surged by 273.78% to 136 million yuan [3][4]. - The demand for storage chips is on the rise, with the company's storage product revenue increasing by 70.81% to 724 million yuan in the first half of 2024, driven by a strong global semiconductor market [4][5]. - The "Storage+" series has shown remarkable growth, with revenue increasing by 284.61% to 172 million yuan, indicating successful product launches and market acceptance [5]. Summary by Sections Financial Performance - In Q2 2024, the company achieved a revenue of 491 million yuan, a year-on-year increase of 85.60%, and a net profit of 86 million yuan, up 271.75% [3]. - The company forecasts revenues of 2.002 billion yuan, 2.509 billion yuan, and 3.015 billion yuan for 2024, 2025, and 2026 respectively, with corresponding EPS of 2.82 yuan, 3.39 yuan, and 3.96 yuan [6][8]. Market Trends - The global semiconductor revenue is expected to rebound to 630.2 billion USD in 2024, with the storage market projected to grow by 52.5% [4]. - The company is positioned well within the storage chip market, leveraging advanced manufacturing processes and a diverse product range [4][5]. Product Development - The company has successfully launched its NOR Flash and EEPROM products, achieving industry-leading technology levels with a 40nm SONOS process [4]. - The MCU products based on ARM architecture have also begun mass production, targeting various applications in consumer electronics [5].

普冉半导体（上海）股份有限公司 2024 年第三次临时股东大会 证券代码：688766 证券简称：普冉股份 普冉半导体（上海）股份有限公司 2024年第三次临时股东大会会议资料 二〇二四年九月 1 普冉半导体（上海）股份有限公司 2024 年第三次临时股东大会 目 录 | 2024年第三次临时股东大会会议须知 3 | | --- | | 2024年第三次临时股东大会会议议程 5 | | 议案一：关于公司2024年半年度利润分配预案的议案 7 | | 议案二：关于计提2024年半年度资产减值准备的议案 9 | | 议案三：关于使用部分超募资金增加募投项目投资额暨调整募投项目实施进度的议案 11 | | 议案四：关于变更公司注册资本、修订《公司章程》并办理工商变更登记的议案 15 | | 议案五：关于授权公司管理层处置所持上市公司股票的议案 22 | 2 普冉半导体（上海）股份有限公司 2024 年第三次临时股东大会 普冉半导体（上海）股份有限公司 2024 年第三次临时股东大会会议须知 为了维护全体股东的合法权益，确保股东大会的正常秩序和议事效率，保证 大会的顺利进行，根据《中华人民共和国公司法》《中华人民共和 ...

证券代码：688766 证券简称：普冉股份 公告编号：2024-053 普冉半导体（上海）股份有限公司 关于召开 2024 年半年度业绩说明会的公告 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。 重要内容提示： 会议召开时间：2024 年 09 月 12 日(星期四) 上午 11:00-12:00 会议召开地点： 上海证券 交 易 所 上 证 路 演 中 心 （ 网址： http://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络互动 投资者可于 2024 年 09 月 05 日(星期四)至 09 月 11 日(星期三)16:00 前 登录上证路演中心网站首页点击"提问预征集"栏目或通过公司邮箱 ir@puyasemi.com 进行提问。公司将在说明会上对投资者普遍关注的问题进行回 答。 普冉半导体（上海）股份有限公司（以下简称"公司"）已于 2024 年 08 月 28 日发布公司 2024 年半年度报告，为便于广大投资者更全面深入地了解公司 2024 年半年度经营成果、财务状况，公司计划 ...

Investment Rating - The report maintains a "Strong Buy" rating for the company with a target price of 94.8 CNY per share, compared to the current price of 64.33 CNY [1]. Core Insights - The company reported a significant increase in revenue and net profit for the first half of 2024, with revenue reaching 896 million CNY (up 91.22% year-over-year) and net profit of 136 million CNY (up 273.78% year-over-year) [1]. - The second quarter of 2024 saw record revenue of 491 million CNY, marking a 21.28% quarter-over-quarter increase, driven by the recovery in demand for consumer electronics such as IoT devices, wearables, and smartphones [1]. - The gross margin improved to 35.35% in Q2 2024, reflecting a 3.55 percentage point increase quarter-over-quarter, indicating enhanced profitability [1]. Financial Performance Summary - For the first half of 2024, the company achieved total revenue of 896 million CNY, with a year-over-year growth of 91.22%. The net profit attributable to shareholders was 136 million CNY, showing a year-over-year increase of 273.78% [1][2]. - The company’s revenue forecast for 2024-2026 has been revised upwards, with projected revenues of 1.81 billion CNY, 2.30 billion CNY, and 2.71 billion CNY for 2024, 2025, and 2026 respectively [1][2]. - The net profit forecast for the same period is adjusted to 258 million CNY, 333 million CNY, and 415 million CNY, respectively, reflecting substantial growth expectations [2][3]. Product and Market Development - The company’s storage product line saw revenue of 724 million CNY in H1 2024, a 70.81% increase year-over-year, with a significant rise in shipment volume [1]. - The "Storage +" product series achieved revenue of 172 million CNY in H1 2024, representing a remarkable year-over-year growth of 284.61% [1]. - The company is expanding its market share in the NOR Flash product line and has successfully launched new products, enhancing its competitive position in the semiconductor market [1].

Investment Rating - The report maintains a "Buy" rating for the company [1][2] - The market price is noted at RMB 64.33, with a sector rating of "Outperform" [1] Core Insights - The company reported a significant recovery in its financial performance, with a 91.22% year-on-year increase in revenue for the first half of 2024, reaching RMB 896 million [2] - The net profit turned positive, amounting to RMB 136 million, with a gross margin of 33.74%, reflecting a 13.17 percentage point increase year-on-year [2] - The storage business showed strong growth, with revenue of RMB 724 million, a 70.81% increase, and a shipment volume of 3.784 billion units, up 71.44% year-on-year [2] Financial Performance Summary - For 2024, the company is projected to achieve revenues of RMB 1.781 billion, with a growth rate of 58.0% [3] - The expected net profit for 2024 is RMB 254 million, with an EPS of RMB 2.41, leading to a PE ratio of 26.7 [3] - The company’s gross margin is expected to improve to 33.0% in 2024, with a net profit margin of 14.3% [10] Market Position and Strategy - The company is expanding its "Storage+" strategy, which has shown promising results with a revenue increase of 284.61% in this segment [2] - The introduction of new products in the NOR flash and EEPROM categories is expected to enhance competitive advantages [2] - The report anticipates continued growth in the storage market, driven by recovering downstream demand and product diversification [2][3]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][5][8] Core Views - The company has shown significant growth in its storage chip business, with a revenue of 724 million yuan in H1 2024, representing a year-on-year increase of 70.81% and a gross margin of 34.81%, up by 15.32 percentage points [2][3] - The company has successfully achieved mass production of its NOR Flash products, positioning itself at the forefront of industry technology [2][3] - The automotive product line has made progress, with AEC-Q100 certification completed for several products, expanding market opportunities [2][3] Financial Performance - In H1 2024, the company achieved operating revenue of 896 million yuan, a year-on-year increase of 91.22%, with Q2 revenue at 491 million yuan, up 85.6% year-on-year and 21.28% quarter-on-quarter [2][3] - The gross margin for H1 2024 was 33.74%, an increase of 13.17 percentage points year-on-year, while Q2 gross margin reached 35.35%, up 16.00 percentage points year-on-year and 3.55 percentage points quarter-on-quarter [2][3] - The net profit attributable to shareholders for H1 2024 was 136 million yuan, marking a turnaround from losses, with Q2 net profit at 86 million yuan, a year-on-year increase and a quarter-on-quarter growth of 72.38% [2][3] Growth Projections - The company expects revenues of 1.842 billion yuan, 2.225 billion yuan, and 2.638 billion yuan for 2024, 2025, and 2026 respectively, with corresponding net profits of 276 million yuan, 367 million yuan, and 434 million yuan [6][8] - The earnings per share (EPS) are projected to be 2.61 yuan, 3.47 yuan, and 4.11 yuan for the same years, with price-to-earnings (P/E) ratios of 24, 18, and 15 respectively [6][8] Market Position - The company is rapidly increasing its market share in the non-volatile memory chip sector and is actively pursuing higher value-added fields and diversified markets [5][6] - The "Storage+" strategy is driving significant growth in core products, with revenue from this segment reaching 172 million yuan in H1 2024, a year-on-year increase of 284.61% [5][6]

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 使用部分暂时闲置募集资金进行现金管理的核查意见 中信证券股份有限公司（以下简称"中信证券"或"保荐机构"）作为普冉半导 体（上海）股份有限公司（以下简称"普冉股份"、"公司"）首次公开发行股票并 在科创板上市的保荐机构，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（试行）》、《上海 证券交易所科创板上市公司自律监管指引第 1 号——规范运作》《上市公司监管 指引第 2 号——上市公司募集资金管理和使用的监管要求（2022 年修订）》等法 律法规的有关规定，对普冉股份拟使用暂时闲置募集资金进行现金管理的事项 进行了审慎核查，并出具本核查意见。核查情况如下： 一、募集资金基本情况 根据中国证券监督管理委员会于 2021 年 6 月 22 日出具的《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），公司首次公开发行人民币普通股（A）股 9,057,180 股，每股发行价格 为 148.90 元，募集资金总额为人民币 134,861.4102 ...

关于 2024 年半年度利润分配预案的公告 证券代码：688766 证券简称：普冉股份 公告编号：2024-046 普冉半导体（上海）股份有限公司 本次利润分配方案尚需提交公司股东大会审议。 一、利润分配方案内容 经公司控股股东、实际控制人、董事长王楠先生提议实施中期分红安排，公 司董事会收到上述提议后，结合公司经营发展规划和盈利能力进行分析，认为该 提议具有合理性和可行性，特制定公司中期分红方案如下： 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： 截至2024年6月30日，公司期末可供分配利润为467,129,608.34元（未经审计）。 经董事会决议，2024年半年度拟以实施权益分派股权登记日登记的总股本扣除回 购专户持有股份数量为基数分配利润。本次利润分配方案如下： 公司拟向全体股东每10股派发现金红利1.9元（含税）。以公司截至本公告披 露日的总股本105,609,735股扣除回购专户持有股份数279,160股为基数测算，合 计拟派发现金红利20,012,809.25元（含税）。本次公司现金分红金 ...