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 ...

关于第二届董事会第九次会议决议公告 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。 一、董事会会议召开情况 普冉半导体（上海）股份有限公司(以下简称"公司")第二届董事会第九 次会议（以下简称"本次会议"）于 2024 年 4 月 26 日以现场结合通讯方式召开。 会议通知于 2024 年 4 月 19 日以电子邮件的方式发出。董事会共有 6 名董事，实 到董事 6 名，会议由董事长王楠先生主持。会议的召集、召开和表决程序符合《中 华人民共和国公司法》等法律、法规、规章、规范性文件和《普冉半导体（上海） 股份有限公司章程》（以下简称"《公司章程》"）、《普冉半导体（上海）股份有限 公司董事会议事规则》的有关规定，表决形成的决议合法、有效。 二、董事会会议审议情况 本次会议由董事长王楠先生主持，经与会董事审议，形成决议如下： （一）审议通过了《关于<公司 2024 年第一季度报告>的议案》 证券代码：688766 证券简称：普冉股份 公告编号：2024-036 普冉半导体（上海）股份有限公司 具体内容详见公司同日在上海证券交 ...