Venture(US:VEMLY) Di Yi Cai Jing·2025-06-29 05:42Core Viewpoint - DaPu Microelectronics, established in 2016, is initiating an IPO despite being unprofitable, aiming to raise 1.878 billion yuan for R&D and production projects in the enterprise SSD market, which is crucial for domestic semiconductor development [2][3]. Group 1: Company Overview - DaPu Microelectronics focuses on the R&D and sales of enterprise-level SSD products, with its production outsourced to EMS manufacturers [3]. - The company claims to be one of the few domestic SSD manufacturers with full-stack self-research capabilities, including main control chips and firmware algorithms [3]. - As of 2023, DaPu ranks fourth in the domestic enterprise SSD market with a market share of 6.4% [3]. Group 2: Financial Performance - From 2022 to 2024, DaPu Microelectronics reported total losses of 1.342 billion yuan, with revenues of 557 million yuan, 519 million yuan, and 962 million yuan for the respective years [2][3]. - The company expects to achieve profitability by 2026, with a significant reduction in losses projected for 2024 [2][3]. Group 3: Shareholding Structure - DaPu Microelectronics has a dispersed shareholding structure with 58 shareholders, including 40 private equity funds [6]. - The company has implemented a special voting rights mechanism to maintain control for its major shareholders, allowing them to hold a disproportionate amount of voting power [5][6]. Group 4: Market Context - The domestic enterprise SSD market is primarily dominated by international players, with a strong push from the government for self-sufficiency in digital infrastructure components [3]. - The company faces significant competition from established global brands, particularly in the context of rising demand driven by AI and cloud computing applications [8]. Group 5: Operational Metrics - DaPu Microelectronics has experienced significant fluctuations in gross margin, with figures of -0.09%, -27.13%, and 27.28% over the reporting period [8]. - The company's inventory turnover ratio has been declining, indicating potential issues with sales or inventory management, with ratios of 1.97, 1.68, and 0.88 [10].