AI行业跟踪报告之第46期：普冉股份深度受益于AI智能硬件高速成长和利基型存储周期向上趋势

Investment Rating - The report maintains a "Buy" rating for the electronic industry [1] Core Insights - The report highlights that 普冉股份 is set to benefit significantly from the rapid growth of AI smart hardware and the upward trend in the niche storage cycle [1][46] - The NOR Flash market is at a cyclical low, with potential for recovery, and companies in this sector are expected to benefit from the upward trend [46] Summary by Sections Section 1: AI Product Growth - 字节跳动's AI tool, 豆包, has rapidly grown since its limited release in August 2023, becoming one of the most popular native AI applications in China, with a monthly active user count of 59.98 million as of November 2024 [2] - 豆包's core technologies include multimodal interaction capabilities, an intelligent agent platform, and strong product capabilities, which enhance user experience and application scenarios [3][5] Section 2: NOR Flash Market Overview - NOR Flash is characterized by fast random access and the ability to execute code directly from the chip, making it suitable for high-reliability electronic devices [9][11] - The report notes that Taiwanese NOR Flash companies are currently at the bottom of the profit cycle, with 华邦电 showing a revenue decline of 20.76% in 2023 but a recovery in 2024 with a 10.86% increase in the first three quarters [12] Section 3: 普冉股份 Performance - 普冉股份 reported a revenue of 1.127 billion yuan in 2023, a year-on-year increase of 21.87%, and a projected revenue of 1.366 billion yuan in the first three quarters of 2024, reflecting a growth of 78.13% [24] - The company has achieved a significant increase in net profit, from a loss of 48 million yuan in 2023 to a profit of 225 million yuan in the first three quarters of 2024, marking a growth of 321.26% [24] - 普冉股份 is recognized as a leading NOR Flash supplier in China, with a historical high in product shipments exceeding 3 billion units in 2023 [32] Section 4: Future Outlook - The report suggests that 普冉股份 is well-positioned to benefit from the upward cycle in the NOR Flash industry and the increasing penetration of AI hardware [46] - The projected net profits for 普冉股份 from 2024 to 2026 are estimated at 278 million, 355 million, and 435 million yuan, respectively, with a current market capitalization of 11.9 billion yuan [46]