Puya semiconductor(SH:688766) Bank of China Securities·2025-04-10 11:38Investment Rating - The report maintains a "Buy" rating for the company [1][5] Core Views - The company is expected to benefit from a mild recovery in the storage industry and structural growth, leading to significant revenue and net profit growth in 2024 [4] - The company's storage product gross margin is continuously improving, and the "Storage+" business is steadily growing, with expectations of benefiting from AI applications [5] Financial Summary - The company is projected to achieve revenues of RMB 21.81 billion, RMB 25.80 billion, and RMB 30.09 billion for the years 2025, 2026, and 2027 respectively, with corresponding net profits of RMB 3.41 billion, RMB 4.22 billion, and RMB 4.81 billion [5][7] - The expected EPS for 2025, 2026, and 2027 are RMB 3.23, RMB 4.00, and RMB 4.56 respectively, with PE ratios of 28.6, 23.1, and 20.2 [5][7] - In 2024, the company is anticipated to achieve a revenue of RMB 18.04 billion, a year-on-year increase of 60.03%, and a net profit of RMB 2.92 billion, marking a significant turnaround from losses [8] Product Performance - The company's storage series chips generated revenue of RMB 14.17 billion in 2024, with a gross margin of 34.61%, and a shipment volume of 6.772 billion units, reflecting a year-on-year increase of 40.10% [8] - The "Storage+" series chips achieved revenue of RMB 3.86 billion in 2024, a year-on-year increase of 234.58%, with a gross margin of 29.63% [8]