Puya semiconductor(SH:688766) Huaxin Securities·2024-09-04 05:30Investment Rating - The report maintains a "Buy" investment rating for the company [2][6]. Core Views - The company has experienced a significant recovery in profitability, with a 91.22% year-on-year increase in revenue for the first half of 2024, reaching 896 million yuan. Net profit attributable to shareholders surged by 273.78% to 136 million yuan [3][4]. - The demand for storage chips is on the rise, with the company's storage product revenue increasing by 70.81% to 724 million yuan in the first half of 2024, driven by a strong global semiconductor market [4][5]. - The "Storage+" series has shown remarkable growth, with revenue increasing by 284.61% to 172 million yuan, indicating successful product launches and market acceptance [5]. Summary by Sections Financial Performance - In Q2 2024, the company achieved a revenue of 491 million yuan, a year-on-year increase of 85.60%, and a net profit of 86 million yuan, up 271.75% [3]. - The company forecasts revenues of 2.002 billion yuan, 2.509 billion yuan, and 3.015 billion yuan for 2024, 2025, and 2026 respectively, with corresponding EPS of 2.82 yuan, 3.39 yuan, and 3.96 yuan [6][8]. Market Trends - The global semiconductor revenue is expected to rebound to 630.2 billion USD in 2024, with the storage market projected to grow by 52.5% [4]. - The company is positioned well within the storage chip market, leveraging advanced manufacturing processes and a diverse product range [4][5]. Product Development - The company has successfully launched its NOR Flash and EEPROM products, achieving industry-leading technology levels with a 40nm SONOS process [4]. - The MCU products based on ARM architecture have also begun mass production, targeting various applications in consumer electronics [5].