Puya semiconductor(SH:688766) Guohai Securities·2024-08-29 05:00Investment Rating - The investment rating for the company is "Buy" (maintained) [1][5][8] Core Views - The company has shown significant growth in its storage chip business, with a revenue of 724 million yuan in H1 2024, representing a year-on-year increase of 70.81% and a gross margin of 34.81%, up by 15.32 percentage points [2][3] - The company has successfully achieved mass production of its NOR Flash products, positioning itself at the forefront of industry technology [2][3] - The automotive product line has made progress, with AEC-Q100 certification completed for several products, expanding market opportunities [2][3] Financial Performance - In H1 2024, the company achieved operating revenue of 896 million yuan, a year-on-year increase of 91.22%, with Q2 revenue at 491 million yuan, up 85.6% year-on-year and 21.28% quarter-on-quarter [2][3] - The gross margin for H1 2024 was 33.74%, an increase of 13.17 percentage points year-on-year, while Q2 gross margin reached 35.35%, up 16.00 percentage points year-on-year and 3.55 percentage points quarter-on-quarter [2][3] - The net profit attributable to shareholders for H1 2024 was 136 million yuan, marking a turnaround from losses, with Q2 net profit at 86 million yuan, a year-on-year increase and a quarter-on-quarter growth of 72.38% [2][3] Growth Projections - The company expects revenues of 1.842 billion yuan, 2.225 billion yuan, and 2.638 billion yuan for 2024, 2025, and 2026 respectively, with corresponding net profits of 276 million yuan, 367 million yuan, and 434 million yuan [6][8] - The earnings per share (EPS) are projected to be 2.61 yuan, 3.47 yuan, and 4.11 yuan for the same years, with price-to-earnings (P/E) ratios of 24, 18, and 15 respectively [6][8] Market Position - The company is rapidly increasing its market share in the non-volatile memory chip sector and is actively pursuing higher value-added fields and diversified markets [5][6] - The "Storage+" strategy is driving significant growth in core products, with revenue from this segment reaching 172 million yuan in H1 2024, a year-on-year increase of 284.61% [5][6]