Puru Tong (002769) Limit-Up Reasons and Market Trend Analysis

Puru Tong’s limit-up is mainly driven by multiple factors:

1. Earnings reversal signal
   : The Q3 report achieved revenue of 505 million yuan (+14.13%) and net profit attributable to shareholders of 35.9921 million yuan, turning from loss to profit year-on-year [1]. The market’s expectation for the company’s profit recovery has increased.
2. Computing power industry chain opportunities
   : The company provides semiconductor storage and computing power server supply chain services to domestic leading computing power customers, and has established Pufang Storage Technology to focus on domestic replacement storage hardware, benefiting from the explosion of AI computing power demand [1].
3. SOE attributes and business expansion
   : The company’s ultimate controller is the State-owned Assets Supervision and Administration Commission (SASAC) of Huadu District, Guangzhou, with SOE reform attributes. Its business covers new energy, supply chain management and other hot areas, attracting market attention [1].

Over the past 10 trading days, the stock price rose from 9.83 yuan to 12.94 yuan (limit-up price), with a cumulative gain of 31.64% [0]. In terms of volume, it reached a recent peak of 47.76M on November 28, and the volume on the limit-up day (December 3) was 21.68M. Although it fell back, it was still significantly higher than the previous average level, indicating active capital participation [0].

• Combined effect of hot concepts
  : The company has multiple hot labels including “AI computing power + new energy + SOE reform + earnings reversal”, aligning with the current market investment main line, which is an important reason for being sought after by capital.
• Market sentiment differentiation
  : Investors on the Snowball Community have mixed views on the company’s development prospects. Some are optimistic about its business focus and earnings reversal, while others worry about the uncertainty after the rapid stock price rise [2].
• Obvious short-term speculation characteristics
  : The Dragon and Tiger List (LHB) does not show large-scale institutional inflows or outflows. The volume expansion is more due to retail and short-term capital participation, and speculative sentiment has warmed up [2].

1. Overstretched valuation risk
   : The current dynamic P/E ratio is 100.66 times, which is at a high level compared to the company’s profit situation, and the valuation may be overstretched [2].
2. Uncertainty about the sustainability of fundamentals
   : The company’s previous performance fluctuated greatly, and whether the growth of storage/computing power business can continue to meet market expectations still needs to be observed.
3. Short-term correction pressure
   : The stock price has risen too much in the short term, entering the overbought range technically, facing correction risks.

• Sustained growth of AI computing power demand
  : The company’s storage/computing power business directly benefits from the development of the AI industry. If the business expansion goes smoothly, it is expected to support long-term performance growth.
• SOE reform potential
  : As a state-owned enterprise holding company, there may be more reform and resource integration opportunities in the future.

Puru Tong’s limit-up is the result of multiple factors, including earnings reversal, computing power industry chain opportunities, and SOE background support. Market sentiment is optimistic yet cautious. The stock price has risen sharply in the short term, facing risks of overstretched valuation and correction. Investors need to pay attention to the continuous improvement of the company’s fundamentals and the sustainability of hot concepts.

• Resistance Level
  : The current limit-up price of 12.94 yuan is the main short-term resistance level; a breakthrough requires sustained volume expansion support.
• Support Level
  : Recent support levels can refer to the November 25 low of 9.79 yuan and the November 24 low of 9.55 yuan.