Puya semiconductor(688766) 东方财富证券·2024-06-25 02:00Investment Rating - The report maintains a "Buy" rating for the company [4][15]. Core Views - The company specializes in the design and sale of non-volatile memory chips and derivative chips, including NOR Flash and EEPROM, with a strong market position, ranking sixth globally and second domestically in sales from 2020 to 2022 [4]. - The company achieved a record revenue of 405 million yuan in Q1 2024, representing a year-on-year growth of 98.52%, and a net profit of 50 million yuan, up 277.41% year-on-year [7]. - The semiconductor industry is expected to recover, with global semiconductor revenue projected to rebound to 630.2 billion USD in 2024, a 20% increase, driven by strong growth in the storage market [7]. Summary by Sections Company Overview - The company focuses on non-volatile memory chips, including NOR Flash and EEPROM, and has established a stable customer network with major brands like OPPO, vivo, and Samsung [4]. - The company has invested significantly in R&D, with a compound annual growth rate of 45% over the past three years, and plans to apply for at least 50 new patents in 2024 [4]. Financial Performance - In Q1 2024, the company reported a gross margin of 31.8%, an increase of 9.63% year-on-year, with a decrease in sales, management, and R&D expense ratios compared to the previous year [7]. - The company forecasts revenues of 1.655996 billion yuan, 2.08645 billion yuan, and 2.58896 billion yuan for 2024, 2025, and 2026 respectively, with corresponding net profits of 267.44 million yuan, 335 million yuan, and 413.22 million yuan [4][19]. Market Outlook - The company is well-positioned to benefit from the recovery in the semiconductor market, with a focus on expanding its market share and enhancing its overseas business [7]. - The report highlights the company's strategic partnerships with upstream wafer and packaging testing manufacturers, which help mitigate supply chain challenges and ensure capacity [4].