来源：钛媒体 普冉股份（688766.SH）昨晚发布停牌公告，称正在筹划通过发行股份等方式购买珠海诺亚长天存储技术有限公司（下称"诺亚长天"）49%股权并募集配套资金。 这是今年以来，普冉股份对诺亚长天进行的第三笔投资，今年2月通过参投天使轮融资获得20%股权；今年9月筹划收购控股权，此后持股比例上升至51%；如果这次收购顺利完成，普冉股份将持 诺亚长天控制着有SK海力士"血统"的半导体公司SkyHigh Memory Limited（简称"SHM"），这才是普冉股份看中的最终标的。收购时间上，与SK海力士出售SHM的时机"无缝衔接"。 身处存储芯片超级周期中，普冉股份执着于将赚得盆满钵满的存储巨头的"断舍离"资产收入囊中，意味深长。 年内三次出手，接盘存储巨头"断舍离"资产 熟悉普冉股份的投资者，对诺亚长天并不陌生，这是今年以来普冉股份第三次投资诺亚长天。 AI制图 密集收购背后，普冉股份的盘算是通过诺亚长天间接100%控股SkyHigh Memory Limited（简称"SHM"）。SHM有着半导体巨头"血统"，在时机把握上，普冉股份可谓无缝衔接。 | 序号 | 变更日期 | 变更项目 | 变更前 | ...

图源：公司官网 普冉股份（688766.SH）昨晚发布停牌公告，称正在筹划通过发行股份等方式购买珠海诺亚长天存储技术有限公司（下称"诺亚长天"）49%股权并募集配套 资金。 这是今年以来，普冉股份对诺亚长天进行的第三笔投资，今年2月通过参投天使轮融资获得20%股权；今年9月筹划收购控股权，此后持股比例上升至51%； 如果这次收购顺利完成，普冉股份将持有诺亚长天100%股权。 诺亚长天控制着有SK海力士"血统"的半导体公司SkyHigh Memory Limited（简称"SHM"），这才是普冉股份看中的最终标的。收购时间上，与SK海力士出 售SHM的时机"无缝衔接"。 身处存储芯片超级周期中，普冉股份执着于将赚得盆满钵满的存储巨头的"断舍离"资产收入囊中，意味深长。 年内三次出手，接盘存储巨头"断舍离"资产 熟悉普冉股份的投资者，对诺亚长天并不陌生，这是今年以来普冉股份第三次投资诺亚长天。 今年3月，普冉股份先是参股诺亚长天，持有20%股权；今年9月，公司进一步收购诺亚长天控股权，持股比例增至51%。公司观察向公司了解到，目前这笔 交易已经交割完毕。此次收购意在收购诺亚长天剩余49%股权，实现100%控股。 ...

随着存储价格不断上涨，大小容量存储芯片进入供应紧张态势，产业链各方都处于"找货、备货"的状态。 在谷歌Gemini 3.0、阿里千问、灵光等AI大模型应用爆发的带动下，从硅谷到北京，全球投资者正在重拾对AI的信心。作为AI基础设施最重要的物料之一， 存储芯片再度受到投资者青睐。11月24日至25日，国内外存储概念股纷纷反弹。 "我现在不是在跪求货源，就是在跪求货源的路上""不管是NAND还是NOR，现在都一样，不仅涨价还开始缺货了"……上海证券报记者调研获悉，业内普遍 认为存储芯片的涨价空间依然很大，且至少将持续至明年年中，后续DDR5的价格涨幅将更为可观；在国际存储大厂不断调高产品价格的态势下，国内存储 厂商正在跟进涨价。 随着技术和产品的提升，中国存储企业越来越被视为全球产业中日渐重要的力量。11月23日，长鑫存储正式发布其最新DDR5产品系列，展现出中国存储日 益健壮的"肌肉"。 供应全面紧张，价格上涨还有50%空间 "我现在不是在跪求货源，就是在跪求货源的路上。"某存储芯片分销商负责人如此对上海证券报记者形容其11月的工作内容，随着价格上涨，他已经很难拿 到全部订单量的芯片。某国内存储芯片公司相关人士 ...

在谷歌Gemini 3.0、阿里千问、灵光等AI大模型应用爆发的带动下，从硅谷到北京，全球投资者正在重 拾对AI的信心。作为AI基础设施最重要的物料之一，存储芯片再度受到投资者青睐。11月24日至25 日，国内外存储概念股纷纷反弹。 展望今年第四季度及明年，存储芯片价格还有多少上涨空间？ "相较于9月的价格，我们认为至少还有50%的上涨空间。"对此，某国内存储厂商人士表示乐观。据介 绍，从今年初到9月，该公司的DRAM价格已经上涨了2倍，NAND价格上涨了1倍，NOR Flash价格上涨 了约30%。 "我现在不是在跪求货源，就是在跪求货源的路上""不管是NAND还是NOR，现在都一样，不仅涨价还 开始缺货了"……上海证券报记者调研获悉，业内普遍认为存储芯片的涨价空间依然很大，且至少将持 续至明年年中，后续DDR5的价格涨幅将更为可观；在国际存储大厂不断调高产品价格的态势下，国内 存储厂商正在跟进涨价。 随着技术和产品的提升，中国存储企业越来越被视为全球产业中日渐重要的力量。11月23日，长鑫存储 正式发布其最新DDR5产品系列，展现出中国存储日益健壮的"肌肉"。 供应全面紧张 价格上涨还有50%空间 随着存 ...

Core Viewpoint - The storage market remains robust, with PuRan Co. planning to acquire the remaining 49% stake in Noah Changtian Storage Technology Co., following a previous acquisition of 31% to gain control of the company [1][2]. Company Summary - PuRan Co. has announced a plan to acquire the remaining 49% stake in Noah Changtian, with the transaction still in the planning stage and the valuation yet to be finalized [1]. - The initial transaction involved acquiring a 31% stake for approximately 144 million yuan, which would give PuRan a 51% controlling interest in Noah Changtian [2]. - Noah Changtian is a holding company for SkyHigh Memory Limited (SHM), which specializes in high-performance 2D NAND and derivative storage products [2]. Financial Performance - SHM reported a revenue of 863 million yuan and a net profit of 23.74 million yuan for the fiscal year 2024, with revenues of 687 million yuan and a net profit of 47.49 million yuan for the first eight months of 2025 [3]. - PuRan Co. has faced declining profits, with a total revenue of 1.433 billion yuan in the first three quarters of the year, a year-on-year increase of 4.89%, but a net profit decline of 73.73%, amounting to only 59.04 million yuan [3]. - The acquisition is expected to enhance PuRan's product matrix and strengthen its competitive position in the global storage market [3]. Industry Insights - The DRAM and NAND Flash industries are shifting focus from merely expanding capacity to upgrading process technology and developing high-value products [3]. - The demand for NAND Flash is driven by the rapid increase in storage capacity needs due to AI and a supply shortage of HDDs, leading cloud service providers to switch orders [3]. - The structural shortage in the NAND Flash market is expected to persist throughout 2026 [3].

普冉股份当时表示，公司主营NOR Flash、EEPROM等非易失性存储器芯片，收购完成后，将与SHM形 成产品、市场、技术层面的互补，进一步完善非易失性存储产品布局，拓展全球销售网络，提升核心竞 争力。同时，公司提示本次交易存在经营业绩波动、整合效果不达预期、估值偏离实际等风险。 在11月26日，普冉股份发布停牌公告称，公司正筹划通过发行股份等方式购买诺亚长天剩余49%股权并 募集配套资金，股票自2025年11月26日开市起停牌，预计停牌时间不超过10个交易日。 公告显示，本次交易仍处于筹划阶段，初步确定的交易对方仍为珠海诺延、元禾璞华、横琴强科，公司 已与意向方签署《收购意向协议》。本次交易预计不构成重大资产重组及关联交易。 11月17日，普冉股份与诺亚长天的3名股东珠海诺延长天股权投资基金合伙企业(有限合伙)(简称"珠海诺 延")、安徽高新元禾璞华私募股权投资基金合伙企业(有限合伙)(简称"元禾璞华")、珠海市横琴强科七号 投资合伙企业(有限合伙)(简称"横琴强科")签署《股权转让协议》，以1.44亿元收购诺亚长天31%股权。 交易完成后，普冉股份对诺亚长天的持股比例升至51%，实现对该公司控股，并间接 ...

20 November 2025 | 7:36PM HKT Equity Research Gigadevice (603986.SS): Specialty DRAM continuous ramp up in 2026E with product expansion; TP raised to Rmb257; Buy We remain constructive on Gigadevice's specialty DRAM ramp-up and long-term opportunities in customized DRAM applications. We raise our Gigadevice target price by 14% to Rmb257 on both higher EPS (NI +64% CAGR in 2025-27E) and P/E multiple, supported by (1) strong specialty DRAM business in 2026E on rising demand from AI infrastructure and tight su ...

Core Viewpoint - The storage industry is experiencing significant price increases across various products, driven by supply-demand dynamics and the growing demand for DRAM and Flash products, particularly in AI applications [1][4]. Price Updates - DDR4 prices have increased by 20%-46%, with specific products showing the following changes: - 16Gb at $18, up 20% - 8Gb at $8.1, up 11% - 4Gb at $3.7, up 19% - LPDDR4/4x at $1.1/Gb, up 46.7% - LPDDR5/5x at $0.62/Gb, up 29.2% - V-NAND prices have also risen: - 128GB at $11.4, up 30% - 64GB at $7.2, up 33% - 32GB v6 at $6.5, up 39% - eMMC prices increased as follows: - 64GB at $13.2, up 20% - 32GB at $7.2, up 20% - 16GB at $6.2, up 29% - 8GB at $4.55, up 38% - 4GB at $4.45, up 39% [1]. Company Performance - In Q3, the company reported a revenue increase of 31.4% year-on-year to 2.68 billion yuan, and a net profit increase of 61.1% to 508 million yuan [2]. - The gross margin improved by 3.7 percentage points to 40.72% due to rising storage product prices [2]. - The company anticipates that its DRAM products will surpass MCU business to become the second-largest product line [2]. Product Development - The company plans to mass-produce its self-developed LPDDR4X series products in 2025 and is also working on LPDDR5 small-capacity products [2][3]. - The company has successfully captured market share with its new DDR4 8Gb product, which has achieved sales comparable to the DDR4 4Gb product [2]. Customer Relationships - The company is focusing on building long-term strategic partnerships with quality customers across various sectors, including TV, industrial applications, and AI-related fields [3]. - The company is not currently planning DDR5 products, despite competitors launching their DDR5 series [3]. Market Outlook - The company expects the price increase trend to continue for the next two quarters, supported by strong demand in the DRAM market, particularly for niche DRAM products [4]. - The NOR Flash segment is also benefiting from a price increase due to rising demand driven by AI developments [4]. - The company is optimistic about the potential of customized storage solutions in AI applications, with projects entering trial production stages [5][6].

受益于旺季备货需求与存储周期进一步改善，A股Nor Flash存储龙头兆易创新(603986)今年第三季度盈 利同比增长约六成。 11月24日，公司高管在第三季度业绩说明会上表示，利基型DRAM市场呈现明显的供不应求现象，初步 预计涨价趋势在未来的两个季度有望得以延续，并在明年后续几个季度维持相对较高的价格水平。另 外，公司将结合实际经营需求与DRAM核心供应商积极协商，争取得到产能支持。 今年第三季度，兆易创新营业收入同比增长31.4%至26.8亿元，归母净利润同比增长61.1%至5.08亿元， 环比增长49%。得益于存储产品涨价的拉动，第三季度单季毛利率环比提升3.7个百分点至40.72%。 据介绍，在主要产品线方面，公司利基型DRAM产品今年一季度末价格回暖，下半年利基型DRAM收入 有明显增长，有望超越MCU业务成为公司第二大产品线；Flash同样受益于存储周期的改善，NOR Flash 处于温和涨价周期中，SLC NAND产品开始涨价；MCU收入环比持平略增，依然保持了较好的水平； 模拟、传感业务等方面，公司与赛芯的整合顺利推进；定制化存储解决方案进展顺利，进入年末，陆续 有部分项目进入客户送样、小 ...

Core Viewpoint - The company, Purun Co., Ltd. (688766.SH), plans to acquire a 31% stake in Zhuhai Noah Changtian Storage Technology Co., Ltd. for 144 million yuan, increasing its ownership to 51% and achieving control over the company, which indirectly controls SkyHigh Memory Limited (SHM) [1][3]. Group 1: Acquisition Details - The acquisition aims to enhance the company's core competitiveness in the memory chip sector, expand its product line, and deepen business synergies [1]. - Following the acquisition, the company expects to tap into a potential market space of approximately 8 billion USD, combining the SLC NAND and eMMC markets [4]. Group 2: Market Context - SHM, established in December 2018 as a joint venture between SK Hynix and Cypress Semiconductor, focuses on high-performance 2D NAND and derivative memory products, with a strong competitive edge in firmware algorithm development and customized services [3]. - The global SLC NAND market is projected to grow from approximately 2.31 billion USD in 2024 to 3.44 billion USD by 2029, driven by applications in AI and automotive electronics [3]. Group 3: Strategic Integration - The integration with SHM is expected to create synergies across product, market, and technology dimensions, enhancing the overall technical strength and solution competitiveness of the company [4]. - The company plans to extend its market focus from primarily China to a global customer base, leveraging its existing product lines alongside SHM's offerings [4].