Puya semiconductor(SH:688766) Huaxin Securities·2024-01-31 16:00Investment Rating - The report maintains a "Buy" rating for the company [8][22]. Core Insights - The company is expected to achieve annual revenue of between 1.05 billion to 1.2 billion yuan in 2023, representing a year-on-year growth of 13.53% to 29.75% [8]. - The net profit attributable to shareholders is projected to be between -63 million to -42 million yuan, indicating a significant decline of 150.51% to 175.77% year-on-year [8]. - The company has successfully achieved mass production of high-capacity NOR Flash products and is focusing on promoting M0+ and M4 products, which are expected to drive future revenue growth [8][22]. - The company has established strong partnerships with major clients such as OPPO, vivo, and Xiaomi, and is actively expanding into overseas markets [21]. Summary by Sections Financial Performance - The company forecasts a revenue of 1.126 billion yuan for 2023, with a growth rate of 21.8% in 2024 and 22.1% in 2025 [23]. - The projected net profit for 2024 is 84 million yuan, with a significant recovery expected in 2025 to 134 million yuan [23]. - The earnings per share (EPS) are expected to be -0.68 yuan in 2023, recovering to 1.11 yuan in 2024 and 1.77 yuan in 2025 [22][23]. Product Development - The company has made advancements in non-volatile memory chips, microcontroller chips, and voice coil motor driver chips, achieving innovations in processes below 40nm [8]. - The company is increasing its investment in R&D, particularly in the "Storage+" strategy, which combines microcontrollers and storage technologies [8][22]. Market Position - The company has a comprehensive product line including NOR Flash, EEPROM, and MCU, allowing it to cater to diverse customer needs [21]. - The company has built a stable customer base over the years, collaborating with well-known enterprises and maintaining strong relationships with key clients [21].