Puya semiconductor(SH:688766) Minsheng Securities·2024-04-30 07:30Investment Rating - The report maintains a "Recommended" rating for the company [3][10]. Core Insights - The company reported a significant year-on-year revenue increase of 98.52% in Q1 2024, reaching 405 million yuan, with a net profit of 49.92 million yuan, marking an improvement of 78.07 million yuan compared to the same period last year [10]. - The gross margin has shown a continuous increase for three consecutive quarters, reaching 31.80% in Q1 2024, benefiting from the recovery in demand for consumer electronics and an increase in market share [10]. - The company is experiencing a recovery in NOR Flash utilization rates and has begun mass deliveries of automotive EEPROM products, which have been certified for A1 grade applications [10]. - The MCU prices have reached a bottom and are beginning to rebound, with the company expanding its product series across various applications [10]. - The company has increased its R&D investment, with a total of 191 million yuan in 2023, up 28.74% year-on-year, enhancing product competitiveness and coverage [10]. - The company is expected to achieve net profits of 203 million yuan, 271 million yuan, and 325 million yuan for the years 2024, 2025, and 2026, respectively, with corresponding PE ratios of 41, 30, and 25 [10]. Financial Forecasts - The projected revenue for 2024 is 1.127 billion yuan, with a growth rate of 21.9%, followed by 1.685 billion yuan in 2025 and 2.107 billion yuan in 2026, with growth rates of 49.5% and 25% respectively [2][10]. - The net profit attributable to shareholders is forecasted to be -48 million yuan in 2023, turning positive with 203 million yuan in 2024, 271 million yuan in 2025, and 325 million yuan in 2026, reflecting a significant turnaround [2][10]. - The company’s gross margin is expected to improve from 24.29% in 2023 to 30.88% in 2024, and then stabilize around 29.35% by 2026 [13].