Puya semiconductor(SH:688766) Mei Ri Jing Ji Xin Wen·2025-11-03 14:10Core Viewpoint - The storage chip market is experiencing a price surge, prompting shareholders of storage companies to consider selling their shares after significant stock price increases [2][4]. Company Summary - On November 3, 2023, Puran Co., Ltd. (688766.SH) announced that its second-largest shareholder, Shanghai Zhixiang Enterprise Management Consulting Partnership, plans to transfer 5.5832 million shares, representing 3.77% of the company's total share capital [2][3]. - As of November 3, 2023, Shanghai Zhixiang holds 18.37% of Puran's total shares, but the company's actual controllers and key executives will not participate in this share transfer [3]. - Puran's stock price has nearly doubled in two months, rising from 74.18 yuan per share on September 3 to 146.14 yuan per share on November 3, marking a 97% increase [4]. Industry Summary - The price increase in the storage industry is attributed to a tightening supply of NAND and DRAM chips, driven by rising demand from AI applications [4][8]. - TrendForce forecasts that the demand for high-bandwidth memory (HBM) will grow by over 130% annually by 2025, with continued growth of over 70% expected in 2026 [4]. - The emergence of "compute-in-memory" technology is transforming SSDs from mere storage devices into critical components for AI inference, addressing challenges in computational power and storage limitations [5]. - The market is currently characterized by a significant price increase for NAND and DDR components, with limited supply leading to high prices and low transaction volumes [8]. Financial Performance Summary - For the first three quarters of 2025, Puran reported revenue of 1.433 billion yuan, a year-on-year increase of 4.89%, but a profit of 47 million yuan, down 79.98% year-on-year [7]. - In the third quarter, revenue was 527 million yuan, up 11.94% year-on-year, but profit fell 87.95% to 11 million yuan due to a decrease in gross margin and increased asset impairment losses [7]. - The company has maintained high inventory levels, which has negatively impacted inventory turnover rates and contributed to the decline in profits despite the overall industry price surge [7].