长江存储母公司完成股改，最新估值超1600亿元

Company Overview - Yangtze Memory Technologies Co., Ltd. (YMTC) has recently completed its shareholding reform by holding a founding meeting for its joint-stock company, which indicates a step towards enhancing operational efficiency and governance [1] - YMTC is the only domestic 3D NAND manufacturer in China and is valued at 160 billion yuan, ranking ninth among China's top ten unicorns according to Hurun Research Institute [1] - In April 2023, a subsidiary of Yangyuan Beverage announced an investment of 1.6 billion yuan in YMTC, acquiring 0.99% of its shares, which raises YMTC's valuation to 161.6 billion yuan [1] Investment and Financing - YMTC has attracted investments from 16 institutions, including Qianhong Investment and Agricultural Bank of China Investment, with total financing exceeding 10 billion yuan in April and July 2023 [1] - A new employee stock ownership plan has been established, further diversifying the shareholder base of YMTC [1] Market Position and Competition - The NAND Flash market is predominantly occupied by foreign manufacturers, but domestic companies are making significant progress [2] - According to TrendForce, the top five NAND Flash brands, including Samsung and SK Group, held a combined market share of 91.3% in Q1 and 93% in Q2 of 2023 [4] - Domestic storage manufacturers are expected to double their market share to around 10% compared to the previous year, driven by improved production yields and advancements in 3D hybrid bonding technology [4] Industry Trends - The demand for storage solutions is experiencing a resurgence, particularly due to AI-related investments from North American cloud companies, which is expected to boost enterprise SSD demand significantly in Q3 2023 [5] - NAND Flash prices are anticipated to rise in the third quarter of 2023 as a result of this increased demand [5]