Puya semiconductor(688766) 国盛证券·2024-07-16 00:31Investment Rating - The report initiates coverage with a "Buy" rating for the company [4][159]. Core Views - The company is a leading domestic storage manufacturer, focusing on non-volatile memory and microcontroller (MCU) chips, leveraging its SONOS process technology to enhance product competitiveness [3][8]. - The storage industry is expected to enter a new upward cycle, with the MCU sector continuing to grow, driven by increasing demand in various applications [116][155]. - The company has successfully expanded its market share during the previous down cycle and is poised to benefit from the recovery in the storage market [8][148]. Financial Summary - The company’s revenue for 2024-2026 is projected to be 18.04 billion, 22.33 billion, and 26.77 billion yuan, representing year-on-year growth of 60.1%, 23.8%, and 19.9% respectively [4][175]. - The net profit attributable to the parent company is expected to be 2.52 billion, 3.13 billion, and 3.87 billion yuan for the same period, with growth rates of 622.3%, 24.3%, and 23.6% respectively [4][175]. - The company’s earnings per share (EPS) for 2024-2026 are forecasted at 2.39, 2.97, and 3.67 yuan [4][175]. Business Model and Market Position - The company has a dual product line consisting of storage and "storage+" products, including NOR Flash, EEPROM, MCU chips, and analog products, with applications across various sectors such as IoT, automotive electronics, and consumer electronics [8][75]. - The company is actively expanding its MCU business by leveraging its existing NOR Flash business model, aiming to capture emerging market opportunities [14][147]. - The company’s strong sales capabilities and market insight have facilitated rapid growth in its NOR Flash business, and it is now extending these advantages to the MCU sector [14][147]. Industry Outlook - The global storage chip market is projected to grow significantly, with the NOR Flash segment expected to benefit from the exit of foreign competitors and increasing domestic demand [119][122]. - The EEPROM market is also anticipated to grow, driven by applications in smart devices and automotive electronics, with the company positioned to capture a larger market share [125][144]. - The MCU market is expected to expand due to the rise of IoT and electric vehicles, with the company’s products being well-suited for these applications [63][63].