新股前瞻|力积存储：营收不过7亿，内存芯片新势力如何撬动大产业？

Core Viewpoint - The semiconductor storage chip industry is becoming a key battleground in global technology competition, driven by domestic substitution and the explosive demand for AI computing power. The global storage chip market is projected to reach 1,189.7 billion RMB in 2024, with DRAM accounting for 697.9 billion RMB and a 58.7% market share [1]. Group 1: Company Overview - Zhejiang Liji Storage Technology Co., Ltd. focuses on memory chip design and AI computing solutions, having evolved into a leading memory chip design company in China after acquiring Zentel Japan in 2020 [2]. - The company's business model revolves around memory chip design, packaging, and testing, with products including memory chips, memory modules, and KGD wafers [2]. - Memory chips constitute the core business of the company, maintaining a revenue share of 70.2% to 88.2% from 2022 to 2024 [3]. Group 2: Financial Performance - The company experienced revenue of 610 million RMB in 2022, 580 million RMB in 2023, and is projected to reach 646.4 million RMB in 2024, indicating a "first decline then rise" trend [5]. - Cumulative losses over three years amount to nearly 500 million RMB, with annual losses of 139 million RMB, 244 million RMB, and 109 million RMB from 2022 to 2024 [7]. - The gross margin improved from -2.1% in 2022 to 9.3% in 2024, driven by a recovery in memory chip prices and an increase in high-margin module business [7]. Group 3: Market Position and Growth Potential - By 2024, the company ranks fourth among domestic players in the niche DRAM market, with a market share of 11.3% in China and 0.8% globally [3][4]. - The global DRAM market is expected to grow at a compound annual growth rate (CAGR) of 5.1% from 2024 to 2029, while the Chinese market is projected to grow at a CAGR of 7.6% [11]. - The company is enhancing its core competitiveness through continuous technological innovation and optimizing its business structure to expand its market share [14]. Group 4: Future Strategies - The company plans to use funds from its potential IPO to enhance R&D capabilities, improve production and testing capacities, and expand global sales and marketing efforts [14]. - Measures will be taken to improve financial conditions, including better inventory management and optimizing accounts receivable and payable [14].