普冉股份（688766）：拟收购SkyHigh，积极布局2DNAND

Investment Rating - The report maintains a "Buy" rating for the company [1][7]. Core Insights - The company plans to acquire SkyHigh Memory Limited (SHM) to enhance its position in the 2D NAND market, which is expected to create synergies in product offerings, market reach, and technology capabilities [4][5]. - The company is focused on a dual strategy of storage and "storage+" to capitalize on the growing demand in sectors like AIoT, automotive electronics, and industrial control, while also expanding its product matrix with the acquisition of SHM [5][12]. - Revenue projections for the company are estimated at 2 billion, 2.6 billion, and 3.5 billion yuan for the years 2025, 2026, and 2027 respectively, with net profits expected to reach 100 million, 300 million, and 490 million yuan in the same years [6][7]. Company Overview - The latest closing price of the company's stock is 109.70 yuan, with a total market capitalization of 16.2 billion yuan [3]. - The company has a total share capital of 148 million shares and a debt-to-asset ratio of 14.0% [3]. - The company specializes in non-volatile memory chips, focusing on NOR Flash and EEPROM, and aims to enhance its competitive edge in the storage market through strategic acquisitions and product development [12][13].