中国存储芯片第一股来了！长鑫科技科创板IPO获受理，预先审阅机制首单，拟募资295亿元

Core Viewpoint - Changxin Technology Group Co., Ltd. has received approval for its IPO application on the Sci-Tech Innovation Board, aiming to raise 29.5 billion yuan, marking a significant step for China's memory chip industry in the capital market [1][3]. Group 1: IPO Details - The IPO is the first project accepted under the pre-review mechanism for IPOs on the Sci-Tech Innovation Board, designed to protect sensitive information and reduce the listing exposure time [3][7]. - The company plans to issue no more than 10.622259999 billion shares, with 7.5 billion yuan allocated for upgrading manufacturing lines, 13 billion yuan for DRAM technology upgrades, and 9 billion yuan for advanced R&D projects [3][4]. Group 2: Financial Performance - In the first nine months of this year, the company reported revenue of 32.084 billion yuan, with a compound annual growth rate (CAGR) of 72.04% in main business revenue from 2022 to 2024 [3][10]. - Revenue for 2022, 2023, and 2024 is projected at 8.084 billion yuan, 9.063 billion yuan, and 23.929 billion yuan, respectively, with 15.224 billion yuan in the first half of 2025 [10]. Group 3: Market Position - Changxin Technology has become the largest DRAM manufacturer in China and the fourth globally, with a diverse product range including DDR4, DDR5, LPDDR4X, and LPDDR5/5X [3][9][13]. - The company has established a strong customer base, collaborating with major industry players such as Alibaba, Tencent, and Xiaomi, and has no single customer accounting for over 50% of its revenue [9][10]. Group 4: R&D Investment - The company has invested significantly in R&D, with a total of 18.867 billion yuan from 2022 to the first half of 2025, representing 33.11% of cumulative revenue [11][12]. - The R&D investment for 2024 is projected at 6.341 billion yuan, a 35.77% increase from 2023 [11]. Group 5: Future Outlook - Market analysts predict that Changxin Technology will achieve nearly 50% capacity growth by 2025, with market share by bit shipments expected to rise from 6% to 8% [13]. - The company aims to leverage storage technology to empower the information society and become a leading semiconductor storage enterprise [13].