Puya semiconductor(SH:688766) Xin Lang Cai Jing·2025-10-30 14:40Core Viewpoint - Puran Co., Ltd. is a significant player in the non-volatile memory chip market in China, focusing on the design and sales of NOR Flash and EEPROM products, with a strong emphasis on research and development capabilities [1] Group 1: Business Performance - In Q3 2025, Puran achieved a revenue of 1.433 billion yuan, ranking 22nd in the industry, significantly lower than the top competitor, Huaqing Group, which reported 21.783 billion yuan [2] - The net profit for the same period was 59.0492 million yuan, placing the company 28th in the industry, again trailing behind Huaqing Group's 3.199 billion yuan [2] Group 2: Financial Ratios - As of Q3 2025, Puran's debt-to-asset ratio was 13.29%, lower than the industry average of 24.46%, indicating a relatively low debt pressure [3] - The gross profit margin was 29.96%, down from 33.36% year-on-year and below the industry average of 36.52%, suggesting a need for improvement in profitability [3] Group 3: Shareholder Information - As of September 30, 2025, the number of A-share shareholders increased by 26.53% to 16,900, while the average number of circulating A-shares held per shareholder decreased by 20.81% [5] - The top ten circulating shareholders included new entrants like Hong Kong Central Clearing Limited, holding 1.9624 million shares [5] Group 4: Strategic Developments - Puran plans to acquire SHM to expand into the 2D NAND market, which is expected to enhance product offerings and create synergies in technology and market [5] - The company aims to achieve revenues of 2 billion, 2.6 billion, and 3.5 billion yuan from 2025 to 2027, with net profits projected at 100 million, 300 million, and 490 million yuan respectively [5] Group 5: Product Development - Puran has advantages in technology and cost-effectiveness, with ongoing production of large-capacity NOR Flash products and a complete series of EEPROM products for industrial and automotive applications [6] - The company has successfully launched multiple MCU series and VCM Driver products, aligning with industry trends and expanding market opportunities [6]