Puya semiconductor(SH:688766) ZHONGTAI SECURITIES·2024-09-09 13:02Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 64.3 CNY per share [5][14]. Core Insights - The company's actual performance exceeded forecasts, with Q2 revenue reaching a record high for a single quarter [4][5]. - The recovery in the industry, combined with the company's strong alpha, has driven significant revenue growth [5]. - The company has successfully captured market share despite a declining price trend in the NOR Flash and MCU sectors [7][9]. Financial Performance Summary - For H1 2024, the company reported revenue of 896 million CNY, a year-over-year increase of 91%, and a net profit of 136 million CNY, up 274% year-over-year [7]. - Q2 2024 revenue was 491 million CNY, reflecting an 86% year-over-year increase and a 21% quarter-over-quarter increase, with a net profit of 86 million CNY [8]. - The gross margin for Q2 2024 was 35%, up 16 percentage points year-over-year, while the net margin was 18%, up 35 percentage points year-over-year [8]. Revenue Composition - In H1 2023, storage revenue accounted for 90% of total revenue, while in H1 2024, it accounted for 81% [8]. - Storage revenue for H1 2024 was 724 million CNY, a 71% year-over-year increase, with a gross margin of 34.81% [8]. - The "storage+" segment, primarily consisting of MCUs, generated 172 million CNY in revenue for H1 2024, a 285% year-over-year increase [8]. Growth Drivers - The company is expanding its product offerings in large-capacity NOR Flash and MCUs, which are expected to drive future growth [9][10]. - The NOR Flash segment has seen significant advancements, with the company leading in low-power, high-cost performance products [9]. - The MCU segment has rapidly gained market share, with over 300 product models expected by mid-2024, indicating strong growth potential [10]. Profitability Outlook - The company anticipates a net profit of 273 million CNY for 2024, with projections of 390 million CNY and 507 million CNY for 2025 and 2026, respectively [10]. - The report estimates a PE ratio of 25 for 2024, decreasing to 13 by 2026, reflecting expected profitability improvements [10].