Puya semiconductor(SH:688766) Di Yi Cai Jing·2025-09-16 12:28Core Viewpoint - The stock price of Puran Co., Ltd. (688766.SH) surged significantly following the announcement of its intention to acquire control of Zhuhai Noah Changtian Storage Technology Co., Ltd., aiming to enhance its competitiveness in the memory chip sector and expand its product line [1][2]. Company Overview - Puran Co., Ltd. is a chip design company, with its storage series chips being the core business. In the first half of the year, the storage series chips generated revenue of 673 million yuan, accounting for 74.23% of total revenue, although this represented a year-on-year decline of 6.98% [4]. - The overall revenue for Puran Co., Ltd. in the first half was 907 million yuan, reflecting a year-on-year growth of 1.2%. However, the net profit attributable to shareholders decreased by 70% to 40.73 million yuan, with the net profit after deducting non-recurring items dropping by 82.4% to 26.65 million yuan [4]. Acquisition Details - Puran Co., Ltd. currently holds a 20% stake in Noah Changtian and plans to acquire additional shares from existing shareholders to gain control. The valuation of Noah Changtian will be determined through audits and negotiations [2]. - The acquisition will also include SkyHigh Memory Limited (SHM), a semiconductor company specializing in high-performance 2D NAND and derivative memory products, which is fully owned by Noah Changtian [2]. Market Context - The storage chip market consists of segments including DRAM, NAND Flash, NOR Flash, and EEPROM, with DRAM and NAND Flash dominating the market. Puran Co., Ltd. primarily operates in the smaller NOR Flash and EEPROM segments [4]. - SHM focuses on mid-to-high-end 2D NAND and its derivative products, which are widely used in industrial control, home security, wearables, and smart terminals [4]. Strategic Implications - The acquisition aims to allow Puran Co., Ltd. to enter the NAND Flash segment, specifically targeting the 2D NAND market, which is currently not part of its product matrix. This move is seen as a strategy to enhance its product offerings in response to the growing demand for high-performance storage chips driven by AI applications [5]. - Despite the potential benefits, the 2D NAND market is not the mainstream segment of NAND flash technology, as 3D NAND has become the market leader due to its higher performance and storage density [5][6]. Industry Trends - The demand for NAND flash memory is expected to grow significantly due to AI applications, with AI servers requiring up to 8 times more DRAM and 3 times more NAND than standard servers [5]. - The transition from 2D NAND to 3D NAND represents a significant technological leap, with 3D NAND facing challenges related to stacking layers and cost, while 2D NAND remains a simpler and lower-cost alternative [6].