Puya semiconductor(SH:688766) Tianfeng Securities·2025-08-26 14:42Investment Rating - The investment rating for the company is "Buy" with a maintained rating for the next six months [7][18]. Core Views - The company achieved a record high revenue of 907 million yuan in H1 2025, a year-on-year increase of 1.19%, despite a significant decline in net profit due to industry cycle fluctuations and increased R&D investments [1]. - The "Storage+" strategy is showing significant results, with new product lines gaining traction and continuous breakthroughs in projects and clients, laying a solid foundation for long-term growth [1][3]. - The company is strengthening its technological barriers in the NOR Flash and EEPROM sectors, with successful certifications for automotive applications, which are expected to drive growth in the automotive electronics market [2][4]. Summary by Sections Financial Performance - In H1 2025, the company reported a net profit attributable to shareholders of 40.73 million yuan, a decrease of 70.05% year-on-year, and a non-recurring net profit of 26.65 million yuan, down 82.40% year-on-year [1]. - The company has adjusted its revenue forecasts for 2025, 2026, and 2027 down to 21.61 billion yuan, 26.06 billion yuan, and 31.17 billion yuan respectively, and net profits to 2.26 billion yuan, 3.19 billion yuan, and 4.44 billion yuan respectively [5]. Product Development - The company is focusing on the "Storage+" strategy, which has led to the successful launch of over 100 MCU products based on the ARM Cortex-M core, targeting smart home, motor control, and industrial automation sectors [3]. - The company has maintained high R&D investment, with 148 million yuan spent in H1 2025, accounting for 16.29% of revenue, an increase of 3.87 percentage points year-on-year [4]. Market Position - As a leading player in the domestic NOR Flash and EEPROM markets, the company is enhancing its competitive edge through technological advancements and expanding into new markets such as automotive and industrial applications [2][4]. - The company’s automotive EEPROM products have received AEC-Q100 Grade 1 certification, enabling mass delivery to various automotive applications, thus increasing the revenue share from automotive electronics [2].