【IPO一线】力积存储递表港交所，2024年存储芯片销量超1亿片

Core Viewpoint - Zhejiang Lijichuang Storage Technology Co., Ltd. has officially submitted its listing application to the Hong Kong Stock Exchange, aiming to leverage its strong technology and product matrix in the memory chip sector for large-scale commercialization [2] Group 1: Company Overview - Lijichuang is a leading memory chip design company in China, with projected sales of over 100 million memory chips (including modules and chips within wafers) in 2024 [2] - The company focuses on niche markets in the DRAM sector, primarily offering 8Gb DDR4 and earlier generation products, which have a more stable market share compared to mainstream DRAM products [2] - By 2024, niche DRAM is expected to account for approximately 8.5% of the global DRAM market and 15.9% of the Chinese DRAM market [2] Group 2: Product and Technology - Lijichuang specializes in high-bandwidth, low-power, and high-reliability storage solutions, with a product range that includes various generations of DRAM memory types applicable in consumer electronics, network communications, automotive electronics, and industrial control systems [3] - The total storage capacity of the company's products is projected to grow from approximately 13.8 million GB in 2022 to about 34.2 million GB by 2024, representing a compound annual growth rate of 57.4% [3] - The company has developed WoW 3D heterogeneous integration technology and is advancing the mass production of high-bandwidth memory products [2][3] Group 3: Supply Chain and Partnerships - Lijichuang has established a stable cooperation system, maintaining long-term partnerships with global foundries and major memory module manufacturers [4] - The company employs a sales model that combines direct sales and distribution, with distributor revenue accounting for a significant portion of total income from 2022 to the first half of 2025 [4] Group 4: Competitive Advantages - The company identifies its core competitive advantages as its development potential as a leading memory chip design firm, a multi-center R&D platform, a diverse range of solutions, a stable ecosystem of partners, a global customer base, and a strong management team [5] Group 5: Customer and Supplier Concentration - From 2022 to the first half of 2025, the revenue from the top five customers accounted for a significant portion of total income, while the top five suppliers represented a high percentage of procurement costs [6]