长鑫科技冲刺科创板：三年亏损超300亿元 预计最快明年盈利

Core Viewpoint - Changxin Technology's IPO application has been accepted, aiming to raise 29.5 billion yuan, amidst a challenging market dominated by foreign manufacturers in the DRAM and NAND Flash sectors [1] Financial Performance - Revenue projections for Changxin Technology are 8.287 billion yuan for 2022, 9.087 billion yuan for 2023, 24.178 billion yuan for 2024, and 15.438 billion yuan for the first half of 2025 [2] - Despite revenue growth, the company has incurred significant losses, totaling over 30 billion yuan from 2022 to 2024, with a cumulative loss of 40.857 billion yuan by mid-2023 [2] - In the first nine months of this year, revenue reached 32.084 billion yuan, a year-on-year increase of 97.79%, but the company still reported a loss of 5.28 billion yuan [2] Market Position - Changxin Technology is the largest DRAM manufacturer in China and the fourth globally, with a market share of 3.97% as of Q2 2025 [4] - The top three global DRAM manufacturers, Samsung, SK Hynix, and Micron, hold a combined market share of 94.27% [4] Industry Dynamics - The DRAM market has been experiencing a downturn, with significant price declines in 2022 and 2023, leading to widespread losses across the industry [4] - The average selling price of Changxin's main DRAM products decreased by 43.54% in 2023, followed by an increase of 55.08% in 2024 [4] Future Outlook - The company anticipates potential profitability by 2026 or 2027, contingent on average selling prices and monthly shipment volumes [6] - There is uncertainty regarding future pricing trends, which could impact demand from consumer electronics manufacturers [6] R&D and Investment - From 2022 to mid-2025, Changxin Technology invested 18.867 billion yuan in R&D, accounting for 33.11% of cumulative revenue [7] - The company plans to use IPO proceeds for technology upgrades and research projects in DRAM storage [8] Shareholding Structure - Changxin Technology has a dispersed shareholding structure, with no controlling shareholder; the largest stakeholder holds 21.67% of the shares [8]