力积存储递表香港联交所 主要产品价格持续走低

Core Viewpoint - Niche DRAM manufacturer Lijichuang intends to list on the Hong Kong Stock Exchange, focusing on memory chip design and AI storage solutions [1] Group 1: Company Overview - Lijichuang ranks fourth among mainland Chinese companies in the global niche DRAM market based on revenue projections for 2024 [1] - The company operates under a Fabless model, meaning it does not own its own wafer fabrication facilities, relying instead on Lijichuang as its sole third-party foundry supplier [1][5] Group 2: Market Characteristics - The DRAM market is divided into mainstream and niche segments, with mainstream products characterized by high capacity and speed, primarily used in standardized electronic devices [2] - Niche DRAM products have less stringent performance requirements and cater to diverse applications in automotive, communication, industrial, and medical sectors, focusing on customization and reliability [2] Group 3: Financial Performance - Lijichuang's revenue from DRAM chip sales has declined from 537 million yuan in 2022 to 454 million yuan in 2024, reflecting a downward trend in average selling prices [3] - The company reported net losses of 139 million yuan, 244 million yuan, and 109 million yuan for 2022, 2023, and 2024, respectively, with adjusted net losses decreasing over the same period [3] Group 4: Production and Supply Chain - Lijichuang emphasizes business expansion over short-term profitability, citing significant market potential in the niche DRAM sector [4] - The company relies heavily on Lijichuang for production, and any disruptions in their relationship or supply chain could impact Lijichuang's ability to meet production needs [5] - A recent agreement with Lijichuang aims to develop memory products using advanced 19nm process technology, positioning Lijichuang among the few Chinese chip design companies with such capabilities [5]