Puya semiconductor(SH:688766) 第一财经·2025-09-16 12:18Core Viewpoint - The article discusses the significant stock price increase of Puran Co., Ltd. (688766.SH) following its announcement to acquire control of Zhuhai Noah Changtian Storage Technology Co., Ltd. This move aims to enhance its competitiveness in the memory chip sector and expand its product line [2][4]. Company Overview - Puran Co., Ltd. is a semiconductor design firm, with its core business focused on storage series chips. In the first half of the year, the storage chip business generated revenue of 673 million yuan, accounting for 74.23% of total revenue, which saw a year-on-year decline of 6.98% [4]. - The overall revenue for Puran in the first half was 907 million yuan, reflecting a year-on-year growth of 1.2%. However, the net profit attributable to shareholders dropped by 70% to 40.73 million yuan, with a significant decline in non-recurring net profit by 82.4% to 26.65 million yuan [4]. Acquisition Details - Puran currently holds a 20% stake in Noah Changtian and plans to acquire additional shares from existing shareholders to gain control. The valuation of Noah Changtian will be determined through audits and negotiations [3][4]. - The acquisition will include SkyHigh Memory Limited (SHM), a Hong Kong-registered semiconductor company specializing in high-performance 2D NAND and derivative memory products [3][4]. Market Context - The storage chip market consists of various segments, with DRAM and NAND Flash dominating. Puran primarily operates in the smaller NOR Flash and EEPROM markets [4]. - SHM's products are targeted at mid-to-high-end markets and are used in various applications, including industrial control and smart devices [4]. Strategic Implications - The acquisition of SHM is seen as a strategic move for Puran to enter the NAND Flash segment, particularly 2D NAND, which is currently not part of its product matrix. This is expected to enhance its product offerings in response to the growing demand for high-performance storage chips driven by AI applications [5][6]. - Despite the potential benefits, the 2D NAND market is not the mainstream segment of NAND technology, as 3D NAND has become the market leader due to its higher performance and storage density [5][6].