大普微创业板IPO过会：AI时代国产先进存储“破局者”

Core Viewpoint - The successful IPO of Shenzhen Dapu Microelectronics Co., Ltd. (Dapu Micro) on the ChiNext board highlights the growing acceptance of high-tech and high-growth companies in the A-share capital market, reflecting a shift towards supporting innovative enterprises in China [1][2] Company Overview - Dapu Micro specializes in enterprise-level SSD products, leveraging its full-stack self-research capabilities in controller chips, firmware algorithms, and modules, with applications in AI, cloud computing, and internet data centers [1][4] - The company has established itself as a core supplier of advanced storage solutions in China, addressing the urgent demand for domestic alternatives in a market dominated by international giants [1][4] Industry Context - The enterprise-level SSD sector is a critical component of the information infrastructure industry chain, aligning with national strategic priorities such as AI model development and data circulation [1][2] - The ChiNext board has evolved to support high-growth and high-quality enterprises, providing a financing channel for companies with significant technological innovation capabilities [2] Technological Capabilities - Dapu Micro has achieved a rare full-stack self-research capability in enterprise-level SSDs, overcoming the long-standing dominance of international brands in the high-end storage market [4][6] - The company has a cumulative shipment of over 4,900 PB of enterprise-level SSDs as of June 2025, with over 75% of these products featuring self-developed controller chips [4] Client Ecosystem - Dapu Micro's client base includes leading global companies such as Google, ByteDance, Tencent, and Alibaba, as well as major domestic server manufacturers and telecom operators, providing a solid foundation for technology iteration and product deployment [5] Research and Development - From 2022 to 2024, Dapu Micro invested 737 million yuan in R&D, accounting for 36.15% of its cumulative revenue, with 69.01% of its workforce dedicated to R&D [6][7] - The company holds 162 authorized domestic and international invention patents and is involved in several national and provincial-level major research projects, contributing to technological advancement in the storage sector [7] Future Outlook - The strategic importance of enterprise-level SSDs is expected to grow, with significant market potential as digital infrastructure continues to expand [8] - Dapu Micro's successful IPO marks a significant milestone for domestic high-end storage products, supported by national industrial policies and capital market reforms [8]