Puya semiconductor(SH:688766) Minsheng Securities·2025-11-09 10:12Investment Rating - The report maintains a "Recommended" rating for the company, indicating a potential upside of over 15% relative to the benchmark index [4][6]. Core Views - The company is planning to acquire a controlling stake in Zhuhai Noah Changtian Storage Technology Co., Ltd., which will indirectly provide control over SkyHigh Memory Limited (SHM), a leading global 2D NAND enterprise. This acquisition is expected to enhance the company's storage product line and market reach [3]. - The actual controllers of the company are not participating in the pre-IPO share transfer, which involves approximately 5.58 million shares, accounting for 3.77% of the total share capital [2]. Financial Forecasts - The projected revenue for the company is expected to grow from 1,804 million yuan in 2024 to 3,124 million yuan in 2027, reflecting a compound annual growth rate (CAGR) of approximately 26% [5][10]. - The net profit attributable to the parent company is forecasted to be 292 million yuan in 2024, dropping to 125 million yuan in 2025, and then recovering to 432 million yuan by 2027, indicating significant volatility in profitability [5][11]. - The earnings per share (EPS) is expected to fluctuate from 1.98 yuan in 2024 to 2.92 yuan in 2027, with a notable dip in 2025 [5][11]. Market and Product Strategy - The acquisition of SHM is anticipated to create synergies in product offerings, market expansion, and technological capabilities, thereby enhancing the company's competitive position in the global storage market [3]. - The company is optimistic about the recovery of the NOR Flash business and the increasing application of its products in AI edge computing, which supports the positive outlook for future growth [4].