普冉股份：基本盘修复回升，“存储+”战略行稳致远

Investment Rating - The report maintains a "Buy" rating for the company [1][2] - The market price is noted at RMB 64.33, with a sector rating of "Outperform" [1] Core Insights - The company reported a significant recovery in its financial performance, with a 91.22% year-on-year increase in revenue for the first half of 2024, reaching RMB 896 million [2] - The net profit turned positive, amounting to RMB 136 million, with a gross margin of 33.74%, reflecting a 13.17 percentage point increase year-on-year [2] - The storage business showed strong growth, with revenue of RMB 724 million, a 70.81% increase, and a shipment volume of 3.784 billion units, up 71.44% year-on-year [2] Financial Performance Summary - For 2024, the company is projected to achieve revenues of RMB 1.781 billion, with a growth rate of 58.0% [3] - The expected net profit for 2024 is RMB 254 million, with an EPS of RMB 2.41, leading to a PE ratio of 26.7 [3] - The company’s gross margin is expected to improve to 33.0% in 2024, with a net profit margin of 14.3% [10] Market Position and Strategy - The company is expanding its "Storage+" strategy, which has shown promising results with a revenue increase of 284.61% in this segment [2] - The introduction of new products in the NOR flash and EEPROM categories is expected to enhance competitive advantages [2] - The report anticipates continued growth in the storage market, driven by recovering downstream demand and product diversification [2][3]