国产存储赛道或迎新巨头，长鑫科技完成IPO辅导

Group 1 - Changxin Technology has completed its IPO counseling, with the counseling period lasting approximately three months, and if successful, it will become the first storage chip company listed on A-shares [1] - The company, founded in 2016, specializes in the design, research, production, and sales of DRAM chips, and has launched multiple commercial DRAM products, including DDR4/DDR5 and LPDDR4/LPDDR5 series [2] - The LPDDR5 chip has a 50% increase in capacity and speed compared to the previous generation LPDDR4X, reaching 12Gb and 6400Mbps, while reducing power consumption by 30% [2] Group 2 - The storage chip market is the second largest segment in the semiconductor industry, with a projected market size of 460 billion RMB in China by 2024 and expected to exceed 550 billion RMB by 2025 [5] - The global storage chip market is forecasted to surpass 230 billion USD by 2025, driven by AI model training and data center construction [5] - Domestic storage companies are beginning to break the long-standing monopoly held by international giants like Micron and Samsung [5] Group 3 - Changxin Storage's revenue is expected to exceed 1 billion USD in Q1 2025, with a projected capacity growth of nearly 50% and an increase in market share from 6% to 8% by the end of 2025 [6] - The market share for DDR5/LPDDR5 is anticipated to rise from approximately 1% in Q1 to 7% and 9%, respectively, by the end of 2025 [6] Group 4 - Changxin Technology's market valuation has exceeded 100 billion RMB, positioning it among the top in the A-share storage chip sector [7] - The company has a registered capital of over 60 billion RMB and is backed by local state-owned enterprises and several foreign investments [7] - Notable shareholders include Hefei Qinghui and the National Integrated Circuit Industry Investment Fund, with significant collaboration with companies like Zhaoyi Innovation [7][8] Group 5 - The performance of companies in Changxin Storage's supply chain is expected to show stable growth, with several companies projected to achieve significant profit increases in 2025 and 2026 [11] - For instance, Jingzhida is expected to see a net profit increase of over 130% in 2025, while Jingyi Equipment and Tongfu Microelectronics are also forecasted to have substantial profit growth [11][12]