Ge Long Hui·2025-09-10 00:56Core Insights - Yangtze Memory Technologies Co., Ltd. (YMTC) has established its third phase with a registered capital of 20.72 billion yuan, aiming to increase its global NAND market share from 8.1% to 15% by the end of 2026 [1][2] Company Overview - Yangtze Memory Technologies was founded in July 2016 and focuses on 3D NAND flash memory and storage solutions [2] - The major shareholder of the newly established Yangtze Memory Technologies Phase III is Yangtze Memory Technologies itself, holding 50.19% of the shares, while Hubei Changsheng Phase III Investment Development Co., Ltd. holds 49.81% [2] Market Demand and Supply - There is a significant gap in domestic advanced storage and logic capacity, with an estimated future demand of approximately 2 million wafers per month [3] - The current domestic semiconductor equipment localization rate is about 30%, with certain equipment types having even lower localization rates [3] Future Projections - The semiconductor equipment procurement demand is expected to exceed $30 billion annually, driven by the expansion of domestic advanced logic and storage wafer fabs over the next 3 to 5 years [3] - Domestic storage fabs are actively promoting semiconductor equipment localization to reduce reliance on foreign suppliers, with notable progress in etching and deposition processes [3] Investment Strategy - The demand for domestic advanced storage wafer fabs is expected to remain stable in 2025, with a rapid increase anticipated in 2026 due to new production lines and upstream localization needs [5]