内容概要：只读存储器（ROM）作为一种半导体存储器，近年来在数据存储和处理领域发挥着核心作 用。随着云计算、大数据、人工智能等新兴技术的发展，对ROM等存储器件的需求不断增加。数据显 示，2020-2024年中国只读存储器行业市场规模从1208.4亿元增长至1706.8亿元，年复合增长率为9%。 未来，随着技术的不断创新，ROM的存储容量将进一步扩大，读写速度会更快，功耗也会更低，这将 极大地满足不断增长的数据存储和处理需求，推动ROM行业的持续发展。 相关上市企业：江波龙（301308）、兆易创新（603986）、复旦微电（688385）、聚辰股份 （688123）、普冉股份（688766）、东芯股份（688110）、恒烁股份（688416）、上海贝岭 （600171）、深科技（000021）等。 相关企业：深圳市鼎芯电子集成电路有限公司、深圳市邦尔得电子有限公司、长江存储科技有限责任公 司等。 关键词：只读存储器行业产业链、只读存储器行业市场规模、EEPROM产量、只读存储器行业竞争格 局、只读存储器行业发展趋势 从产业链来看，只读存储器行业上游主要涉及半导体材料、光刻胶、掩模版等关键原材料和组件的供应 ...

Market Overview - The global NOR Flash market revenue is expected to exceed $2.6 billion by 2025, with applications divided into four main categories: PC (approximately 13%), automotive (approximately 21%), industrial (approximately 27%), and consumer (over 30%) [2] - Emerging consumer applications, including AI headphones, glasses, and toys, show significant demand growth, making them the most prosperous sector [2] - AI server shipments have increased significantly, with strong price support, while demand for AI PCs, automotive electronics, and industrial sectors (non-AI server) has also risen considerably [2] Competitive Landscape - Domestic AI server manufacturers are shifting from "copying" to self-replacement, with an expected replacement share of around 20% this year, indicating a clear trend of replacing Taiwanese manufacturers [2] - This shift presents new market opportunities for A-share storage chip manufacturers such as Zhaoyi Innovation, Beijing Junzheng, Fudan Microelectronics, Dongxin Co., Puran Co., Jucheng Co., and Hengsuo Co. [2] R&D Investment - Zhaoyi Innovation leads in R&D investment with 567.68 million yuan, followed by Fudan Microelectronics with 508.61 million yuan, and Beijing Junzheng with 348.28 million yuan [5] - In terms of R&D expenses as a percentage of revenue, Dongxin Co. ranks first at 30.74%, followed by Fudan Microelectronics at 27.66%, and Hengsuo Co. at 24.58% [7] R&D Personnel - Zhaoyi Innovation has the highest number of R&D personnel at 1,481, followed by Fudan Microelectronics with 1,113, and Beijing Junzheng with 760 [8] Product Development - Zhaoyi Innovation has a diverse product matrix including NOR Flash, SLC NAND Flash, and niche DRAM, covering various applications in consumer electronics, industrial, communications, and automotive sectors [9] - The company launched a dual-voltage supply SPI NOR Flash product for 1.2V SoC applications, enhancing its strategic layout in embedded storage solutions [10] - Beijing Junzheng's storage chip categories include SRAM, DRAM, and Flash, with a strong presence in automotive and industrial markets [11] - Fudan Microelectronics has a comprehensive product layout in non-volatile memory, with new SONOS platform products entering mass production [12] - Puran Co. offers a full range of EEPROM and NOR Flash products, catering to various applications including smartphones and AI devices [13] - Hengsuo Co. is expanding its product line to include DRAM memory products and has launched DDR4 products in 2025 [15] - Dongxin Co. has achieved mass production of its 1xnm flash memory products and is continuously optimizing its design and process [16]

Core Viewpoint - The memory and flash memory sectors experienced a significant rally on September 19, with multiple companies seeing substantial stock price increases, indicating a positive market sentiment and potential growth in the industry [1]. Group 1: Stock Performance - Companies such as Demingli, Jiangbolong, and Lankai Technology saw stock price increases of over 10%, with Demingli reaching a peak increase of 9.33% and Jiangbolong at 10.02% [1][2]. - The market capitalization of Jiangbolong is reported at 34.41 billion, while Demingli's market cap stands at 22.39 billion [2]. Group 2: Price Increase Trends - U.S. storage companies, including Micron Technology and SanDisk, saw stock prices rise over 5%, reaching historical highs [3]. - Samsung is expected to increase prices for DRAM products by 15%-30% and NAND products by 5%-10% in Q4 [3]. - Micron has halted pricing for various storage products, indicating potential price increases of 20%-30% [3]. Group 3: Market Dynamics - The DRAM market is anticipated to experience a comprehensive price increase by the second half of 2025 due to supply-demand imbalances [4]. - The NAND market is under pressure to improve profit margins as some applications have not yet reached profitability [4]. - AI-driven demand is significantly boosting the storage sector, leading to supply shortages and price hikes [5]. Group 4: Future Outlook - The global DRAM market is expected to expand continuously, benefiting the storage industry as AI computing needs grow [5]. - The transition of NAND production lines to newer technologies is causing a significant drop in overall capacity, further driving price increases [5]. - Innovations in DRAM architecture, such as 3D DRAM, are being developed to enhance efficiency and meet growing demand [5].

Core Viewpoint - The company, Purun Semiconductor, plans to acquire a controlling stake in a target company through cash transactions with existing shareholders, which will lead to indirect control over SHM and inclusion in the company's consolidated financial statements [1]. Group 1: About SHM - SHM is a semiconductor company registered in Hong Kong, focusing on high-performance 2D NAND and derivative memory products, with core competencies in firmware algorithm development, memory chip testing solutions, integrated packaging design, and customized memory products [4]. - SHM has engineering centers in South Korea and Japan, and sales offices across Asia, Europe, and North America, establishing a mature global sales network to provide high-quality flash memory solutions [5]. Group 2: About Purun Semiconductor - Purun Semiconductor (Shanghai) Co., Ltd. was established in 2016 and went public in 2021, headquartered in Shanghai, with branches in Chengdu and sales/support centers in Shenzhen and South Korea, as well as a research center in Suzhou [6]. - The company's main products include NOR Flash and EEPROM non-volatile memory chips, MCU microcontroller chips, and analog products, widely used in IoT, smartphones, wearables, servers, optical modules, industrial control, automotive electronics, and security [7]. Group 3: Impact of Acquisition - If the acquisition is completed, the company will gain control of the target company, leading to significant business synergies, as the main products of both companies (NOR Flash, EEPROM, SLC NAND, eMMC, MCP) will effectively complement each other, forming a complete non-volatile memory product layout [8]. - The company's revenue primarily comes from the Chinese market, while the target company generates most of its revenue from overseas markets, allowing for effective complementarity in sales channels and the formation of a global sales network [9]. - As an IC design enterprise, the company possesses strong independent R&D capabilities, while the target company has rich experience in product performance optimization and manufacturing processes, leading to effective complementarity in design and engineering capabilities [10]. - Overall, the acquisition is expected to create synergies in products, markets, and technologies, enhancing the company's scale and core market competitiveness [11].

格隆汇9月17日丨普冉股份(688766.SH)在互动平台表示，公司目前的产品线主要包括NOR FIash、 EEPROM两大类非易失性存储器芯片、MCU、VCM Driver产品，这些产品广泛应用于手机、计算机、 工控、通信及物联网等领域。根据已披露信息，公司目前未涉及HBM(High Bandwidtnh Memory)相关技 术或产品的研发、生产或销售。公司始终严格遵守信息披露法规，所有业务进展均以公告及定期报告为 准。 ...

Core Viewpoint - The stock price of Puran Co., Ltd. surged significantly following the announcement of its intention to acquire control of Zhuhai Noah Changtian Storage Technology Co., Ltd., aiming to enhance its competitiveness in the memory chip sector and expand its product line [1][2]. Company Summary - Puran Co., Ltd. is a chip design company, with its storage series chips being the core business, generating revenue of 673 million yuan in the first half of the year, accounting for 74.23% of total revenue, although this represented a year-on-year decline of 6.98% [3]. - The company reported total revenue of 907 million yuan, a year-on-year increase of 1.2%, but net profit attributable to shareholders fell by 70% to 40.73 million yuan, with a significant drop in non-recurring net profit by 82.4% to 26.65 million yuan [3]. - The company primarily operates in the NOR Flash and EEPROM markets, which are relatively smaller segments within the broader memory chip market dominated by DRAM and NAND Flash [3]. Industry Summary - The acquisition of SHM, which specializes in high-performance 2D NAND and derivative memory products, is seen as a strategic move to enter the NAND Flash segment and diversify the product offerings [4]. - The demand for high-performance storage chips is expected to grow significantly due to the rise of AI applications, with AI servers requiring DRAM and NAND at rates significantly higher than traditional servers [4]. - The 2D NAND technology, while less advanced than the mainstream 3D NAND, offers lower manufacturing costs and could allow Puran to capture market share in traditional sectors as larger companies shift focus to higher-margin products [5].

2025.09.16 作者 | 第一财经 魏中原 9月16日，芯片设计厂商普冉股份（688766.SH）股价大幅高开，开盘五分钟便"20cm"涨停，涨停板虽 在盘中数次打开，收盘仍强势涨停，报105.6元，总市值156亿元，创下2021年11月以来新高。 市场热情的直接催化剂是普冉股份15日晚发布的一则公告：公司拟以现金收购参股公司珠海诺亚长天存 储技术有限公司（下称"诺亚长天"）控制权，从而实现间接控股SkyHigh Memory Limited（下 称"SHM"）。 SHM是一家主要提供高性能2D NAND及衍生存储器产品的半导体公司。普冉股份表示，此次交易目的 是为增强公司在存储器芯片领域的核心竞争力，进一步丰富产品线。 9月16日第一财经记者以投资人身份致电普冉股份，公司相关负责人表示，本次交易仍处于意向阶段， 仍需评估收购目标公司的估值情况。 2D NAND是一种高性能的非易失性存储解决方案，也是普冉股份现有产品矩阵中不具备的产品，上市 公司期望通过此次收购间接控股SHM，布局NAND FLash细分市场，丰富存储器芯片的产品线。 AI高速发展的背景下，普冉股份启动了此次上市以来的首笔收购。目前AI ...

Core 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].

上市公司方面，普冉股份是一家芯片设计厂商，存储系列芯片是公司的核心业务，公司上半年存储系列 芯片业务实现营业收入6.73亿元，占总收入比例74.23%，收入金额同比下降6.98%。受整体消费市场的 复苏缓慢，存储芯片出货量同比下降等因素影响，普冉股份上半年实现营收9.07亿元，同比增长1.2%， 归母净利润4073.34万元，同比减少70%，扣非后归母净利润下滑82.4%至2664.94万元。 普冉股份创近四年新高。 9月16日，芯片设计厂商普冉股份（688766.SH）股价大幅高开，开盘五分钟便"20cm"涨停，涨停板虽 在盘中数次打开，收盘仍强势涨停，报105.6元，总市值156亿元，创下2021年11月以来新高。 市场热情的直接催化剂是普冉股份15日晚发布的一则公告：公司拟以现金收购参股公司珠海诺亚长天存 储技术有限公司（下称"诺亚长天"）控制权，从而实现间接控股SkyHigh Memory Limited（下 称"SHM"）。 SHM是一家主要提供高性能2D NAND及衍生存储器产品的半导体公司。普冉股份表示，此次交易目的 是为增强公司在存储器芯片领域的核心竞争力，进一步丰富产品线。 9月16日第一财 ...

Group 1 - Company is planning to acquire a controlling stake in Zhuhai Noah Changtian Storage Technology Co., Ltd. through cash payment, which will enhance its core competitiveness in storage chips and expand its product line [2] - The acquisition will lead to indirect control over SkyHigh Memory Limited, a semiconductor company focused on high-performance 2D NAND and derivative storage products [2] - SkyHigh Memory has a solid global customer base and operates independently in various regions, including Asia, Europe, and North America, with applications in industrial control, security, wearables, and smart terminals [2] Group 2 - The global semiconductor industry is experiencing rapid growth, with new opportunities in the storage chip market driven by AI applications, smart vehicles, 5G communication, and IoT [3] - The SLC NAND market is projected to grow from $2.31 billion in 2024 to $3.44 billion by 2029, with a compound annual growth rate of 5.8% [3] - Achieving independent research and mass production of advanced 2D NAND technology is crucial for promoting domestic alternatives and accumulating high-end storage experience [3] Group 3 - The integration of the two companies will result in product, market, and technology synergies, enhancing overall competitiveness in the storage chip sector [4] - The product portfolio will be complemented by combining NOR Flash, EEPROM, and MCU from the company with SLC NAND, eMMC, and MCP from SkyHigh Memory [4] - The merger will create a global sales network, leveraging the company's focus on the Chinese market and SkyHigh Memory's overseas presence [4]