3 6 Ke·2025-07-30 12:18Core Viewpoint - Shenzhen-based Dapu Microelectronics is seeking an IPO on the ChiNext board, focusing on enterprise-level SSDs for data centers, and is the first unprofitable company to be accepted for listing on the board [1][2]. Company Overview - Dapu Microelectronics, founded in April 2016, specializes in semiconductor storage products, particularly enterprise-level SSDs [3][4]. - The company has a full-stack self-research capability in "controller chip + firmware algorithm + module" for enterprise-level SSDs and outsources assembly production to EMS factories [4][6]. - The founder, Yang Yafei, controls 66.74% of the voting rights and has a background in Qualcomm [3]. Financial Performance - Dapu Microelectronics has experienced significant revenue fluctuations, with revenues of 5.57 billion yuan in 2022, 5.19 billion yuan in 2023, and projected 9.62 billion yuan in 2024 [8]. - The company reported net losses of 5.34 billion yuan in 2022, 6.17 billion yuan in 2023, and a projected loss of 1.91 billion yuan in 2024, totaling over 13 billion yuan in losses over three years [8]. - The company's gross profit margins have been unstable, with rates of 0.46%, -26.36%, and 27.26% over the past three years [13]. Market Position - Dapu Microelectronics ranks fourth in the domestic enterprise-level SSD market with a market share of 6.4% as of 2023 [6][28]. - The global enterprise-level SSD market was valued at $20.454 billion in 2022 and is expected to reach $51.418 billion by 2027, with a CAGR of 20.25% [24]. Industry Dynamics - The semiconductor storage industry is heavily influenced by the semiconductor cycle, with significant price fluctuations observed [28]. - Major global players like Samsung, SK Hynix, Western Digital, Micron, and Kioxia dominate over 90% of the market, impacting pricing and production decisions [28]. - Dapu Microelectronics plans to raise 1.878 billion yuan for R&D and production projects, indicating a focus on innovation and market competitiveness [28].