Puya semiconductor(SH:688766) Huachuang Securities·2024-08-29 06:10Investment Rating - The report maintains a "Strong Buy" rating for the company with a target price of 94.8 CNY per share, compared to the current price of 64.33 CNY [1]. Core Insights - The company reported a significant increase in revenue and net profit for the first half of 2024, with revenue reaching 896 million CNY (up 91.22% year-over-year) and net profit of 136 million CNY (up 273.78% year-over-year) [1]. - The second quarter of 2024 saw record revenue of 491 million CNY, marking a 21.28% quarter-over-quarter increase, driven by the recovery in demand for consumer electronics such as IoT devices, wearables, and smartphones [1]. - The gross margin improved to 35.35% in Q2 2024, reflecting a 3.55 percentage point increase quarter-over-quarter, indicating enhanced profitability [1]. Financial Performance Summary - For the first half of 2024, the company achieved total revenue of 896 million CNY, with a year-over-year growth of 91.22%. The net profit attributable to shareholders was 136 million CNY, showing a year-over-year increase of 273.78% [1][2]. - The company’s revenue forecast for 2024-2026 has been revised upwards, with projected revenues of 1.81 billion CNY, 2.30 billion CNY, and 2.71 billion CNY for 2024, 2025, and 2026 respectively [1][2]. - The net profit forecast for the same period is adjusted to 258 million CNY, 333 million CNY, and 415 million CNY, respectively, reflecting substantial growth expectations [2][3]. Product and Market Development - The company’s storage product line saw revenue of 724 million CNY in H1 2024, a 70.81% increase year-over-year, with a significant rise in shipment volume [1]. - The "Storage +" product series achieved revenue of 172 million CNY in H1 2024, representing a remarkable year-over-year growth of 284.61% [1]. - The company is expanding its market share in the NOR Flash product line and has successfully launched new products, enhancing its competitive position in the semiconductor market [1].