Puya semiconductor(SH:688766) Great Wall Securities·2024-06-20 03:31Investment Rating - The report maintains a rating of "Accumulate" for the company [2] Core Views - The company faced profit pressure in 2023 due to high raw material costs and asset impairment losses, but experienced significant growth in Q1 2024 driven by recovering demand in consumer electronics and reduced impairment losses [3][19] - The semiconductor market is gradually recovering, with the company's "Storage+" strategy contributing to revenue growth, particularly in the embedded storage and microcontroller sectors [7][23] Financial Summary - Revenue is projected to grow from 1,127 million yuan in 2023 to 1,598 million yuan in 2024, reflecting a year-on-year growth rate of 41.8% [2][11] - The company is expected to achieve a net profit of 174 million yuan in 2024, a significant turnaround from a net loss of 48 million yuan in 2023, with an EPS forecast of 1.65 yuan [2][23] - The gross margin for Q1 2024 was reported at 31.80%, an increase of 9.64 percentage points year-on-year [3] Market Position and Strategy - The company is expanding its product offerings in the automotive and industrial sectors, with new high-reliability EEPROM products and a focus on low-power designs [20][22] - The "Storage+" strategy aims to leverage the company's strengths in storage technology to enter higher value-added markets and diversify its product lines [23]