公司报告 | 半年报点评 普冉股份（688766） 证券研究报告 2025H1 营收创新高，"存储+"增速显著，战略投入筑牢未来发展根基 事件：公司发布 2025 半年报。公司实现营业总收入 9.07 亿元，同比增加 1.19%，创历史新高；实现归母净利润 4073.34 万元，同比下降 70.05%；扣非净利润 2,664.94 万元，同比下降 82.40%。虽受行业周期波动及研发投入 增加影响同比有所下降，但"存储+"战略下的新产品线放量、持续的项目和客户突破及研发储备的厚积薄发，正为 公司构筑长期增长的护城河。 点评：2025H1公司实现营收新高，存储业务巩固基石，"存储+"系列持续放量。公司2025H1营收创新高主要系： 1）公司把握契机，不断开拓市场领域和客户群体，同时根据客户需求及时进行技术和产品创新，持续丰富和优化 产品品类和结构。2）在产品线布局方面，随着公司近年持续高投入的研发项目逐步落地，如大容量 NOR Flash、 M0+、M4、Driver、SPD 等逐步放量，公司快速把握新增领域增量市场机遇，提高新产品市场渗透率。 存储主业巩固优势，工业、车规等打开增量市场。作为国内 NOR Fl ...

Core Viewpoint - The company, Purun Co., Ltd. (688766.SH), reported a slight increase in revenue and net profit for the first half of 2025, indicating resilience amid a challenging consumer electronics market [1] Financial Performance - In the first half of 2025, the company achieved total revenue of 907 million yuan, a year-on-year increase of 1.19%, and a net profit attributable to shareholders of 41 million yuan [1] Industry Context - The consumer electronics industry is experiencing a slow recovery after a prolonged destocking period, influenced by factors such as US-China tariffs and a gradual market consolidation [2] - The industry has not yet seen the ideal recovery characterized by simultaneous increases in volume and price [2] Strategic Initiatives - The company is expanding its market share by leveraging the trend of industry consolidation and focusing on a dual strategy of "Storage" and "Storage+" [2] - The company is enhancing its product lines, including low-power NOR Flash and high-reliability EEPROM, while also developing new products that combine general microcontrollers with storage [2] Product Development - The company has achieved full capacity coverage in its NOR Flash product line, with successful mass production of various series and plans for further capacity increases by the end of the year [3] - The company is also expanding its EEPROM product line, which has seen breakthroughs in applications for server memory and other devices [4] Market Expansion - The company is actively entering emerging markets such as automotive and imaging, having achieved key breakthroughs and established a first-mover advantage [5] - The company’s products have received automotive-grade certification, allowing entry into the vehicle storage market [5] AI and Future Growth - The rise of AI-driven products is expected to create new market opportunities, with significant growth projected in AI smartphones and smart glasses [6] - The global semiconductor market is anticipated to reach $700.9 billion by 2025, with the storage market expected to grow to $189 billion [6] Overall Outlook - The semiconductor and consumer electronics industries are undergoing a critical phase of restructuring and transformation, with the company positioned to capitalize on emerging trends and market demands [7] - The company is expected to achieve significant growth and strengthen its position in the global semiconductor value chain [7]

Company Summary - In the first half of 2025, the company achieved total revenue of 907 million yuan, representing a year-on-year growth of 1.19% [2] - The company is a leading player in the NOR Flash and EEPROM sectors in China, continuously investing in technology research and development to enhance product competitiveness [2] - The company's NOR Flash products utilize SONOS and ETOX dual-process platforms, covering a full capacity range from 512Kbit to 1Gbit, with significant cost advantages [2] - The company’s small and medium capacity SONOS NOR Flash automotive products have completed AEC-Q100 certification, and the full capacity ETOX NOR Flash series has passed automotive certification, facilitating entry into the high-growth automotive storage market [2] - The company’s automotive EEPROM has also received AEC-Q100 Grade 1 certification, leading to bulk deliveries for applications such as vehicle cameras and central control systems, thereby increasing the revenue share from automotive electronics [2] Industry Analysis - The automotive-grade storage market is entering a high-growth phase, with the global automotive NOR Flash market expected to reach approximately 810 million USD in 2024 and grow to 1.685 billion USD by 2031, reflecting a compound annual growth rate (CAGR) of 11.2% [3] - The automotive EEPROM market is projected to grow from 373 million USD in 2024 to 786 million USD by 2031, with a CAGR of about 11.1% [3] - Future demand for NOR Flash, EEPROM, and MCU in smart vehicles is anticipated to increase rapidly [3] - The company expects significant revenue growth in the automotive electronics sector as multiple products gain automotive certification and are integrated into the supply chains of major domestic and international automotive manufacturers [3]

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has issued guidelines to encourage listed companies to establish long-term incentive mechanisms, emphasizing the alignment of interests between management, employees, and the company to enhance value creation [1] Group 1: Company Overview - Puran Co., Ltd. specializes in the design and sales of non-volatile memory chips, including NOR Flash and EEPROM, as well as microcontroller chips and analog products [2] - The company went public on the Shanghai Stock Exchange's Sci-Tech Innovation Board in August 2021, raising a net amount of 1.246 billion yuan from the issuance of 9.0572 million shares at a price of 148.90 yuan per share [2] Group 2: Equity Incentive Plans - Puran has implemented four equity incentive plans since its listing, with the first plan proposed just two months after the IPO, indicating a proactive approach to incentivizing employees [3][4] - The 2021 incentive plan aimed to grant 350,000 restricted stocks at a price of 44.67 yuan per share, significantly lower than the average trading price prior to the announcement [3] - The performance targets for the 2021 plan were not met in the first two assessment periods, with revenues of 9.25 billion yuan and 11.27 billion yuan in 2022 and 2023, respectively, falling short of the required targets [3][4] Group 3: Performance and Targets - The 2022 incentive plan also set ambitious revenue targets, with the company achieving 11.27 billion yuan in 2023, which did not meet the first target but was close to the trigger value for the second [4] - The 2024 plan set a target of 18.04 billion yuan for 2024, which was achieved, resulting in a 100% vesting rate for that period [6] - The 2025 plan has set even higher targets, with required revenue growth rates of 70% and 120% for the first two assessment periods [7] Group 4: Shareholder Actions - Major shareholders and executives have been actively reducing their holdings, with significant amounts of shares sold shortly after the expiration of lock-up periods [9][11] - The total shares sold by major shareholders amounted to approximately 2.8027 million shares, generating around 390 million yuan, while another major shareholder completely exited their position, realizing about 584 million yuan [12]

Core Viewpoint - The article discusses the termination of the acquisition of Yunyinggu Technology by Huizhi Technology, highlighting the reasons behind the decision and the financial status of Yunyinggu Technology [2][3][5]. Group 1: Termination of Acquisition - Huizhi Technology announced the termination of the acquisition of 100% shares of Yunyinggu Technology due to failure to reach an agreement on the transaction price and commercial terms [2][3]. - The decision was made after thorough analysis and discussions with the transaction parties, aiming to protect the interests of the company and its shareholders [3]. Group 2: Yunyinggu Technology Overview - Yunyinggu Technology specializes in OLED display driver chips (DDIC) and is classified under the "new generation information technology industry" as a strategic emerging industry [3][4]. - The company operates a Fabless model, focusing on integrated circuit design, quality control, and sales, while outsourcing manufacturing and testing [4]. Group 3: Financial Performance - As of September 30, 2024, Yunyinggu Technology reported total assets of 1.27 billion, total liabilities of 170 million, and a revenue of 704 million with a loss of 162 million for the first three quarters of the year [5]. - The losses are attributed to high early-stage R&D investments, which exceed 100 million annually, but are expected to improve as commercial applications scale up [5][6]. Group 4: Competitive Landscape - Yunyinggu Technology's main competitors are South Korean and Taiwanese firms, and it is currently in a revenue growth phase with relatively high production costs [6]. - The company has established stable partnerships with leading Micro-OLED panel manufacturers, positioning itself as a key supplier in the market [5].