Puya semiconductor(SH:688766)2024-07-23 08:02Investment Rating - The report maintains an "Accumulate" rating for the company [2]. Core Views - The company is expected to achieve approximately 880 million in revenue for the first half of 2024, representing a year-on-year growth of about 87.80%. The net profit attributable to the parent company is projected to be around 128 million, with a net profit excluding non-recurring gains and losses estimated at approximately 143 million [1][6]. - The second quarter of 2024 is anticipated to see revenue of about 475 million, reflecting a quarter-on-quarter growth of approximately 17.32%, marking a new high for quarterly revenue since the company's establishment [1]. - The demand for the company's main products has improved compared to the same period last year, driven by the recovery in the consumer electronics sector, including IOT, wearable devices, smartphones, and smart home applications [1][6]. - The company has maintained a stable performance in its non-volatile memory product line and is actively expanding its market share while promoting the successful mass production of new products [1][6]. Summary by Relevant Sections Financial Performance - The company forecasts revenues of 1,127.05 million, 1,655.96 million, 2,086.45 million, and 2,588.96 million for the years 2023A, 2024E, 2025E, and 2026E respectively, with growth rates of 21.87%, 46.93%, 26.00%, and 24.08% [7]. - The net profit attributable to the parent company is expected to be -48.27 million in 2023A, followed by 267.44 million, 335.00 million, and 413.22 million in the subsequent years, with growth rates of -158.06%, 654.00%, 25.26%, and 23.35% respectively [7]. - The report projects a PE ratio of 33.38, 26.65, and 21.60 for the years 2024E, 2025E, and 2026E [7]. Market Context - The report highlights a positive industry outlook, with the global semiconductor market expected to grow from 588.36 billion to 611.23 billion, reflecting a 4% increase. The storage semiconductor market is projected to see a significant year-on-year growth of 76.8% [2][6]. - The company has established a stable customer network in China, covering major brands such as OPPO, vivo, Xiaomi, Samsung, Lenovo, Midea, HP, and Panasonic [6].