Puya semiconductor(SH:688766) 21世纪经济报道·2025-11-18 11:37Core Viewpoint - The acquisition of a controlling stake in Zhuhai Noah Changtian Storage Technology Co., Ltd. by Puran Semiconductor aims to enhance its storage product portfolio amid profit pressures in its main business [1][4]. Group 1: Acquisition Details - Puran Semiconductor plans to invest 144 million yuan to acquire 31% of Noah Changtian, increasing its stake from 20% to 51% [1]. - The primary target of the acquisition is SkyHigh Memory Limited (SHM), which is fully owned by Noah Changtian [1]. Group 2: Strategic Intent - The strategic intent is to integrate Puran's existing NOR Flash and EEPROM business with SHM's NAND flash product line, creating a comprehensive non-volatile storage product layout [4]. - SHM specializes in high-performance 2D NAND and related storage solutions, with applications in various sectors including industrial control and smart devices [4][5]. Group 3: Financial Performance - SHM reported a revenue of 687 million yuan and a net profit of 47.49 million yuan for the first eight months of 2025 [5]. - Puran's recent financial report indicated a revenue increase of 11.94% to 527 million yuan, but a significant net profit decline of 79.37% to 18.32 million yuan [9]. Group 4: Market Dynamics - The NAND market is expected to experience structural shortages driven by rising AI storage demands and insufficient HDD supply, with a projected continuation of this trend through 2026 [10][11]. - The global market for SLC NAND is anticipated to grow from 2.31 billion USD in 2024 to 3.44 billion USD by 2029, reflecting a compound annual growth rate of 5.8% [6]. Group 5: Technological Advancement - The acquisition is seen as a significant step towards achieving independent R&D capabilities in advanced 2D NAND technology, which is crucial for domestic substitution and future advancements to 3D NAND technology [7].