普冉股份：业绩持续高增，“存储+”战略有效推进

Investment Rating - The report maintains an "Accumulate-A" rating for the company [1][3]. Core Views - The company has shown significant revenue growth, with a 91.22% year-on-year increase in revenue to 896 million yuan in the first half of 2024, and a net profit increase of 273.78% to 136 million yuan [1]. - The "Storage+" strategy is effectively driving long-term performance, focusing on technology innovation and product optimization [1][2]. Financial Performance - In Q2 2024, the company achieved revenue of 491 million yuan, a year-on-year increase of 85.60% and a quarter-on-quarter increase of 21.28% [1]. - The gross profit margin improved significantly, reaching 33.74%, an increase of 13.17 percentage points year-on-year [1]. - The net profit margin for the first half of 2024 was 15.18%, up 31.88 percentage points year-on-year [1]. Product Strategy - The company is expanding its product lines, focusing on NOR Flash, EEPROM, and microcontrollers, under the "Storage+" strategy [2]. - The NOR Flash products utilize SONOS and ETOX processes, covering capacities from 512Kbit to 1Gbit, with a focus on low power consumption and high reliability [2]. - The EEPROM products are being applied in industrial control and automotive sectors, with successful mass deliveries to domestic and international clients [2]. Earnings Forecast - The expected EPS for 2024, 2025, and 2026 are 2.60 yuan, 3.37 yuan, and 4.14 yuan respectively, with corresponding P/E ratios of 24.7, 19.1, and 15.5 [3]. - Revenue projections for 2024, 2025, and 2026 are 1.878 billion yuan, 2.335 billion yuan, and 2.727 billion yuan, reflecting growth rates of 66.6%, 24.3%, and 16.8% respectively [5][8]. Market Position - The company is benefiting from a recovery in market demand, particularly in consumer electronics such as wearable devices, smartphones, and smart home applications [1][2]. - The company has significantly increased its market share and improved profitability in the context of a recovering storage industry [3].