如今，进入Q4，受益于NOR Flash开始涨价，普冉股份原本受拖累的库存影响反而会转变为优势。 DRAM涨完，NAND涨，NAND涨完，NOR Flash涨，且NOR Flash本轮涨价以10%起跳，目前部分料号一个月不到价格涨幅超30%，存储产品涨价已全面铺 开。 近期，A股NOR Flash厂商以兆易创新、普冉股份、恒烁股份等核心玩家开始涨价，全系产品涨价幅度以10%起跳，部分像32Mb/64Mb/128Mb等涨价幅度更 高，不少客户纷纷接到涨价通知函。 "因近期上游原材料上涨，晶圆厂和封装测试厂的成本随之上调，导致我司成本上浮。为了保证供应稳定，贵我双方需要共同承担成本压力，即日起我司产 品价格需要上调10%，我们将持续关注上游成本状态，最大努力服务好客户。" 如上涨价通知函，正是上述某家NOR Flash厂商所发。那么作为NOR Flash赛道的核心玩家，同时兼具并购向NAND模组领域扩张的普冉股份成色如何？ 需求和供给改善，Q4洽谈新价格 近日，普冉股份发布2025年三季报，前三季度，公司营业收入为14.3亿元，同比上升4.9%；归母净利润为5905万元，同比下降73.7%；扣非归母净利润为 37 ...

Core Viewpoint - The company, Purun Semiconductor (Shanghai) Co., Ltd., reported a revenue of 527 million yuan for Q3 2025, reflecting a quarter-on-quarter growth of 5.24%, and a net profit attributable to shareholders of 18 million yuan [1] Group 1: Financial Performance - In Q3 2025, the company achieved a revenue of 527 million yuan, with a quarter-on-quarter increase of 5.24% [1] - The net profit attributable to shareholders was 18 million yuan, while the net profit excluding non-recurring gains and losses was 10 million yuan [1] Group 2: Product Development - The company’s NOR Flash products utilize advanced SONOS and ETOX technologies, with capacities ranging from 512 kbit to 1 Gbit, suitable for applications in TWS headphones, automotive navigation, and mobile touch controls [1] - The representative product, PY25Q129HA, is a low-power 128 Mbit serial NOR Flash built on a 50 nm ETOX process, designed for various systems with a data retention of 20 years and 100,000 erase cycles [1] - The company has developed a differentiated embedded IP for its general high-performance MCU product line, based on ARM Cortex M0+/M4 cores, covering various product series with excellent energy efficiency [2] Group 3: Strategic Initiatives - The company is actively pursuing external growth through acquisitions, planning to acquire a controlling stake in Zhuhai Noah Changtian Storage Technology Co., Ltd., which is expected to enhance product, market, and technology synergies [3] - The global storage industry is entering a "super cycle," and the company’s performance elasticity and strategic value are anticipated to gain further market recognition as industry conditions improve [3]

Core Viewpoint - The report indicates that Pran Co., Ltd. has shown steady growth in its third-quarter performance for 2025, with revenue reaching 527 million yuan, a quarter-on-quarter increase of 5.24%, and a net profit of 18 million yuan, reflecting a positive trend in the global storage industry as it enters a "super cycle" phase [1][6]. Financial Performance - In Q3 2025, Pran Co., Ltd. achieved a revenue of 527 million yuan, with a net profit of 18 million yuan and a non-recurring net profit of 10 million yuan, which represents a 35.70% quarter-on-quarter increase [1]. - The company recorded significant increases in R&D, management, and sales expenses compared to the same period last year, indicating a commitment to innovation and operational efficiency [2]. Product Development - Pran Co., Ltd. has diversified its product lines, particularly in NOR Flash products, utilizing advanced SONOS and ETOX technologies, with capacities ranging from 512 kbit to 1 Gbit, suitable for various applications such as TWS headsets and automotive navigation [2]. - The company has developed a range of high-performance MCU products based on ARM Cortex M0+/M4 cores, offering advantages in chip size, power consumption, and reliability [3]. Strategic Initiatives - Pran Co., Ltd. is actively pursuing external growth through acquisitions, including a planned cash acquisition of controlling interest in Zhuhai Noah Changtian Storage Technology Co., Ltd., which is expected to enhance product, market, and technology synergies [4]. Industry Trends - The storage industry is experiencing a shift driven by AI demand, with AI servers requiring significantly more DRAM and NAND capacity compared to traditional servers, leading to a structural storage gap [5]. - The supply constraints in mainstream storage chips are causing price increases in niche products like SLC NAND, MLC NAND, and NOR Flash, with expectations of a 5-10% price increase for NOR Flash in Q4 [5]. - The storage sector is at a critical juncture, transitioning from a cyclical bottom to an upward trend in market conditions, as evidenced by the strong performance of storage-related stocks [6].