A股存储芯片第一股来了：拟募资295亿元，为首单预先审阅项目

Core Viewpoint - Changxin Technology's IPO application has been accepted, marking a significant step towards its listing on the STAR Market, with plans to raise 29.5 billion yuan by issuing up to 10.622 billion new shares [1][4]. Group 1: IPO Details - Changxin Technology's IPO is the first "pre-review" project accepted on the STAR Market, indicating regulatory support for key technology firms [1]. - The company aims to use 13 billion yuan for its second-phase wafer manufacturing project, 9 billion yuan for next-generation DRAM technology R&D, and 7.5 billion yuan for upgrading production lines [4]. Group 2: Company Overview - Changxin Technology operates under an IDM model, integrating chip design, manufacturing, packaging, testing, and sales, and was founded in June 2016 [5]. - The company has a diverse shareholder structure, with no single controlling shareholder, and significant backing from state-owned enterprises and industry funds [5]. Group 3: Product Development - The company has adopted a "jump generation R&D" strategy, successfully launching four generations of technology platforms, including DDR4, LPDDR4X, DDR5, and LPDDR5/5X [6]. - Changxin's LPDDR5X product achieves a maximum speed of 10,667 Mbps, a 66% increase over the previous generation, while its first domestic DDR5 product reaches 8,000 Mbps [6]. Group 4: Market Position - According to Omdia, Changxin Technology is the largest DRAM manufacturer in China and the fourth globally, with a market share of 3.97% as of Q2 2025 [7]. - The company operates three 12-inch DRAM wafer fabs in Hefei and Beijing, with steadily increasing production capacity and utilization rates [7]. Group 5: Financial Performance - Changxin Technology's revenue has seen explosive growth, with figures of 8.287 billion yuan in 2022, 9.087 billion yuan in 2023, and projected 24.178 billion yuan in 2024, reflecting a compound annual growth rate of 70.81% [8]. - For the first nine months of 2025, revenue reached 32.084 billion yuan, a year-on-year increase of 97.79% [10]. Group 6: Future Outlook - The company anticipates turning a profit in 2025, with projected revenues between 55 billion and 58 billion yuan, and a net profit of 2 billion to 3.5 billion yuan [10]. - Changxin Technology expects to achieve profitability by 2026 or 2027, depending on market conditions and product pricing [10]. Group 7: Industry Context - The global DRAM market is transitioning from DDR4 to DDR5 and HBM, with Changxin's IPO funds aimed at upgrading processes and expanding capacity [12]. - The company is positioned to benefit from the increasing demand for AI computing power and the acceleration of domestic substitution in the semiconductor industry [12].