Hi Rahul,
Well, I would say not completely correct understanding. You can rather store normalized data (and also recommended so) and use HANA information models like Analytic view with JOINS with the Master data Attribute views. You can JOIN or UNION multiple Analytic Views / Attribute Views and create Calc views for reporting.
Typically you should create one Calc view for each reporting scenario. But again this depends on the front end tool you wish to use. If you use BO tools like WebI then you can also build the universe based on multiple HANA Information model objects.
For any third party reporting tool, you can definitely use HANA Information models (and combination of Information model objects) and build SQL statements on top of these for reporting purpose.
Regards,
Ravi