风口研报公司苹果功能件核心供应商，扣非净利润连续11个季度，这家公司还为算力服务器存储服务

Summary of Conference Call Notes Industry and Company Overview - Industry: AI Hardware and Storage Solutions - Companies: Hengmingda (恒铭达), Puran (普冉股份) Key Points and Arguments Hengmingda (002947) 1. Apple's AI Terminal Strategy: The acceleration of Apple's AI terminal layout is expected to drive upgrades in cooling and shielding components, leading to a new growth cycle in the die-cutting industry due to terminal replacements and product upgrades [2][3] 2. Financial Performance: Hengmingda has seen its non-net profit grow for 11 consecutive quarters since Q3 2021, with a projected net profit of 5.0/8.0/10.3 billion CNY for 2024-2026, up from previous estimates of 5.0/7.0/9.0 billion CNY [2][3] 3. Market Position: The company is recognized as a core supplier for Apple and Google, benefiting from increased production capacity and a recovery in consumer electronics [2][3] 4. Revenue Growth: Projected total revenue for 2023-2026 is expected to grow from 1.818 billion CNY in 2023 to 7.452 billion CNY in 2026, with a CAGR of 86.3% in 2024 [4] 5. Risks: Potential risks include lower-than-expected downstream demand and slower expansion progress [2][3] Puran (688766) 1. Storage Market Recovery: The niche storage market is entering an upward cycle, with a projected revenue increase from 1.804 billion CNY in 2024 to 2.677 billion CNY in 2026, reflecting a growth rate of 60.1% in 2024 [10][12] 2. Product Expansion: Puran is expanding its SONOS technology advantages into the MCU sector, which is expected to benefit from emerging consumer market opportunities [10][12] 3. Financial Forecast: Expected net profit for 2024-2026 is projected to be 2.52/3.13/3.87 billion CNY, with significant growth rates of 622.3% in 2024 [10][12] 4. Market Position: Puran is recognized as a leading supplier in the storage and MCU chip market, with a strong sales capability and product advantages based on SONOS technology [10][12] 5. Risks: Risks include potential delays in new product introductions [10][12] Additional Important Information - Hengmingda's Product Range: The company offers a wide range of precision functional components, including various adhesive, foam, and metal parts, catering to major clients like Foxconn and Luxshare [4][5] - Hengmingda's New Projects: The company is expanding its production capacity with a new project in Kunshan, which is expected to enhance its growth in the consumer electronics sector [5] - Puran's Competitive Edge: Puran's ability to leverage SONOS technology for both NOR Flash and MCU products positions it well in the semiconductor market, especially as it expands into new sectors like e-cigarettes [12][18] This summary encapsulates the essential insights from the conference call, highlighting the growth trajectories and strategic positions of Hengmingda and Puran within the AI hardware and storage industries.