力积存储拟赴港上市：三年累亏4.92亿，利基DRAM市场“黑马”能否逆袭？

Core Viewpoint - Zhejiang Lijichuang Storage Technology Co., Ltd. (Lijichuang) has submitted its main board listing application to the Hong Kong Stock Exchange, aiming to leverage the niche DRAM market and capitalize on the tech stock wave, despite facing significant losses and high customer concentration risks [1][2]. Financial Performance - Lijichuang reported cumulative losses of 492 million yuan over the past three years, with revenues of 610 million yuan, 580 million yuan, and 646 million yuan from 2022 to 2024, and a gross margin improvement from -2.1% to 9.3% during the same period [2]. - The company’s annual losses were 139 million yuan, 244 million yuan, and 109 million yuan from 2022 to 2024, attributed to high R&D and market expansion costs, as well as fluctuations in raw material prices [2]. Market Position - In the niche DRAM market, Lijichuang ranked fourth among domestic manufacturers in mainland China in 2024, with a market share of 11.3%, selling over 10 million memory chips and generating revenue of 646 million yuan [2]. - The company’s core products include 8Gb DDR4 and earlier generations of DRAM chips, which are widely used in consumer electronics, automotive electronics, and industrial control [2]. Competitive Advantages and Risks - Lijichuang's competitive edge lies in its customized memory chip design capabilities, with over 50% of its workforce dedicated to R&D, and advanced technologies such as WoW 3D heterogeneous integration and custom 3D-IC stacking [3]. - However, the company faces high customer concentration risk, with revenue from its top five customers accounting for 64.0%, 66.8%, and 52.0% of total revenue from 2022 to 2024, indicating a reliance on a few major clients [3]. IPO and Future Prospects - The IPO proceeds will primarily be used to expand R&D teams for high-bandwidth storage and memory products, enhance production capacity, and strengthen global sales and marketing efforts [4]. - Lijichuang aims to achieve profitability through continuous revenue growth, economies of scale, and operational efficiency improvements, while navigating the fast-evolving semiconductor industry and benefiting from strong demand in AI and high-performance computing sectors [4].