Puya semiconductor(SH:688766) Huachuang Securities·2024-04-29 11:32Investment Rating - The report maintains a "Strong Buy" rating for the company [1][23]. Core Views - The company achieved a revenue of 1.127 billion yuan in 2023, representing a year-over-year increase of 21.87%. However, the net profit attributable to shareholders was -48 million yuan, a significant decline of 158.06% year-over-year [1]. - In Q1 2024, the company reported a revenue of 405 million yuan, a year-over-year increase of 98.52%, and a net profit of 50 million yuan, reflecting a year-over-year increase of 277.41% [1]. - The company is benefiting from a recovery in demand for consumer electronics and has successfully expanded its market share, leading to significant increases in product shipments and revenue [1]. - The company continues to invest heavily in R&D, enhancing its product competitiveness and market coverage, particularly in the NOR Flash and MCU segments [1][23]. Financial Summary - For 2024E, the company is projected to achieve a revenue of 1.651 billion yuan, with a year-over-year growth rate of 46.5%. The net profit is expected to be 182 million yuan, reflecting a growth rate of 476.3% [4][6]. - The company plans to implement a stock option incentive plan for 2024, aiming for significant revenue growth targets over the next few years, indicating strong confidence in long-term development [1][23]. - The target price for the company's stock is set at 132.6 yuan, based on a 55 times PE valuation for 2024 [2][23].