Core Viewpoint - The storage chip sector continues to show strength, with companies like Puran Co., Ltd. (688766.SH) experiencing significant stock price increases, driven by market expectations of a price upcycle in the industry [3][5]. Group 1: Company Performance - Puran Co., Ltd. is expected to achieve a revenue of 2.32 billion yuan in 2025, a year-on-year increase of 28.63%, but a net profit of 205 million yuan, a decrease of 29.89% [5][6]. - The company anticipates a substantial increase in net profit for Q4 2025, projected at 1.46 billion yuan, representing a quarter-on-quarter growth of 711.1% [6][9]. - The growth in Q4 is attributed to product price increases and the successful launch of the "Storage+" series, which has gained market share [6][9]. Group 2: Market Trends - The storage chip industry is experiencing a price upcycle, with several leading companies, including Dongxin Co., Ltd. (688110.SH) and Jiangbolong (301308.SZ), also reaching historical stock price highs [3][8]. - The market is currently characterized by high expectations for 2026 earnings, with a significant focus on whether companies can sustain the high growth rates seen in Q4 2025 [9][10]. - The global storage chip market is projected to grow significantly, with TrendForce forecasting a 134% year-on-year increase in industry value in 2026, reaching $551.6 billion [9][10]. Group 3: Valuation and Expectations - The current high valuations in the storage sector reflect market optimism about future growth potential, with Puran Co., Ltd.'s price-to-earnings ratio (PE) at approximately 298 times [8][9]. - The sustainability of these high valuations will depend on the companies' ability to deliver on earnings expectations in 2026, particularly in the first quarter [9][11]. - Analysts emphasize the importance of identifying companies that can convert cyclical benefits into sustainable growth, focusing on those with technological advantages and strong customer loyalty [10][11].

存储大周期中的极致预期演绎 1月27日，存储芯片板块延续强势，普冉股份（688766.SH）收盘股价创255元历史新高，单日涨幅 14.75%，年内累计涨幅已翻倍，当前公司的总市值达378亿元，动态市盈率接近300倍。 普冉股份预告2025年全年净利润约2.05亿元，同比下滑29.89%，预告业绩的亮眼之处是该公司第四季度 净利润预计1.46亿元，环比激增超过7倍，业绩增长主要原因是产品涨价与"存储+"系列放量。 普冉股份在业绩预告中明确提到"产品涨价对业绩的拉动作用"。公司还称，2025 年第二季度开始，受 益于存储芯片市场供给格局的有利变化，以及AI 服务器、高端手机、PC 换机等终端需求的集中释放带 来的结构优化，同时，公司的MCU 产品以及Driver 等模拟类新产品推出后，使得公司"存储+"系列产品 市场份额持续快速提升，共同推动整体收入增长。 预期拔高后的2026业绩兑现挑战 "股价涨在业绩前"是资本市场的常见现象，尤其是当资金对赛道板块达成一致共识，这会迅速推动个股 进入加速上涨趋势。 1月以来，普冉股份的累计涨幅超过100%，2025年以来累计涨幅达254%。相比业绩增幅，公司的估值 已远远跑 ...

证券代码：688766 证券简称：普冉股份 公告编号：2026-006 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性依法承担法律责任。 重要内容提示： ● 普冉半导体（上海）股份有限公司（以下简称"公司"）预计2025年年度实现归属于母公司所有者的净 利润约为20,500万元，与上年同期（法定披露数据）相比，将减少8,741.66万元左右，同比减少29.89% 左右； ● 公司预计2025年年度实现归属于母公司所有者的扣除非经常性损益的净利润约为17,000万元，与上年 同期（法定披露数据）相比，将减少9,926.79万元左右，同比减少36.87%左右； ● 公司预计2025年年度实现营业收入约为232,000万元，与上年同期（法定披露数据）相比，将增加 51,643.03万元左右，同比增加28.63%左右。 一、 本期业绩预告情况 （一）业绩预告期间 2025年1月1日至2025年12月31日（以下又称"报告期"）。 （三）本次业绩预告未经注册会计师审计。 二、 上年同期业绩情况 2024年度，公司上年同期业绩情况如下： （一）利润总额 ...

Core Viewpoint - The company expects a significant decrease in net profit for 2025, projecting approximately 205 million yuan, a reduction of about 29.89% compared to the previous year, despite an increase in revenue [1][2]. Group 1: Financial Projections - The company anticipates a net profit attributable to shareholders of approximately 205 million yuan for 2025, down by about 87.42 million yuan year-on-year [1]. - The projected net profit after deducting non-recurring gains and losses is around 170 million yuan, reflecting a decrease of approximately 36.87% compared to the previous year [1]. - Expected operating revenue for 2025 is about 2.32 billion yuan, an increase of approximately 28.63% year-on-year [1]. Group 2: Business Impact Factors - The increase in revenue is attributed to favorable changes in the supply landscape of the memory chip market and a surge in demand from AI servers, high-end mobile phones, and PC upgrades, leading to a structural optimization [2]. - The company is investing in the continuous iteration and optimization of its memory chip products and increasing R&D expenditures to maintain its competitive edge [2]. - The total employee compensation has significantly increased due to the expansion of the workforce, particularly in R&D, alongside rising management and operational costs, which collectively grew by approximately 90 million yuan year-on-year [2]. Group 3: Inventory and Asset Management - The company has adopted a proactive supply chain strategy, resulting in higher inventory levels and a decrease in inventory turnover rate, leading to an increase in asset impairment losses by approximately 63 million yuan [3]. - To enhance competitiveness in the memory chip sector, the company acquired a 51% stake in Zhuhai Noah Changtian Storage Technology Co., which is expected to positively impact profits [3][4]. Group 4: Acquisition Details - The acquisition of Zhuhai Noah Changtian Storage Technology Co. is expected to contribute approximately 35 million yuan to net profit attributable to shareholders and around 27 million yuan to net profit after excluding non-recurring gains and losses [5]. - The newly acquired company is projected to contribute about 210 million yuan to operating revenue and approximately 20 million yuan to net profit for the reporting period [5].