Puya semiconductor(SH:688766) Tianfeng Securities·2024-09-09 13:30Investment Rating - The investment rating for the company is "Buy" with a target price of 61.25 yuan, maintaining the rating from previous assessments [1]. Core Views - The company has achieved significant growth in both revenue and net profit, with a revenue of 896 million yuan for the first half of 2024, representing a year-on-year increase of 91.22%. The net profit attributable to the parent company reached 136 million yuan, a turnaround from losses, with a year-on-year growth of 273.78% [1]. - The semiconductor design industry is showing signs of recovery, contributing to the company's performance improvement. The management is actively consolidating and expanding market share while optimizing product and customer structures [1]. - The company's "Storage +" strategy is yielding results, with revenue from storage series chips reaching 724 million yuan, up 70.81% year-on-year, and a gross margin of 34.81%, an increase of 15.32 percentage points [1]. Financial Performance - For the first half of 2024, the company reported a basic earnings per share of 1.29 yuan, an increase of 2.03 yuan year-on-year, indicating a significant enhancement in profitability [1]. - The company has invested 111 million yuan in R&D, accounting for 12.42% of its revenue, which is an increase of 18.68% compared to the same period last year [1]. - The company plans to distribute a cash dividend of 1.9 yuan for every 10 shares, with a commitment to maintain a cumulative cash dividend ratio of no less than 30% of the average net profit attributable to the parent company over three years [1]. Market Position and Growth Drivers - The company ranks sixth globally in the sales of NOR Flash and EEPROM products, with a focus on enhancing its storage product line and expanding into automotive electronics [1]. - The "Storage +" strategy has led to a 284.61% increase in revenue from MCU and VCM Driver products, which are now key growth engines for the company [1]. - The company has received several awards and recognitions, enhancing its brand visibility and industry reputation, including being named one of the top 100 IC design companies in China [1].