长鑫科技科创板IPO获受理，内存涨价潮助推营收激增

Core Viewpoint - Changxin Technology, a leading domestic storage chip manufacturer, is seeking an IPO on the Sci-Tech Innovation Board, with its application accepted, marking it as the first company to utilize the pre-review system since its introduction [1][2]. Group 1: IPO Details - The IPO aims to raise up to 29.5 billion yuan, making it the largest fundraising project on the Shanghai Stock Exchange since China Telecom's listing in August 2021, which raised approximately 54.2 billion yuan [1][2]. - The funds will be allocated as follows: 7.5 billion yuan for upgrading the wafer manufacturing production line, 13 billion yuan for DRAM technology upgrades, and 9 billion yuan for advanced DRAM chip R&D [2]. Group 2: Market Position and Competition - Changxin Technology ranks first in China and fourth globally in terms of production capacity and shipment volume, following Samsung, SK Hynix, and Micron, which collectively hold over 90% of the global DRAM market share [3]. - The DRAM industry is characterized by high investment, high monopoly, and strong cyclicality, with current market conditions described as a "super cycle" due to significant price increases [2][3]. Group 3: Financial Performance - Revenue for Changxin Technology is projected to reach approximately 55 billion to 58 billion yuan in 2025, reflecting a year-on-year increase of 127.48% to 139.89% [4]. - Despite the revenue growth, the company has not yet achieved profitability, with net losses of approximately 8.33 billion yuan, 16.34 billion yuan, and 7.14 billion yuan from 2022 to 2024, and a loss of 5.28 billion yuan in the first three quarters of 2025 [4]. Group 4: Production Capacity and Product Development - Changxin Technology operates three 12-inch DRAM wafer fabs in Hefei and Beijing, with planned production capacity exceeding 300,000 wafers per month, potentially accounting for 10% of global output [5]. - The company has transitioned its production focus from DDR4 to DDR5 and is ramping up LPDDR5X production, with DDR5 mass production achieved in 2024 [6][7]. Group 5: Supply Chain and Partnerships - Changxin Technology's DRAM chips are integrated into the supply chains of major companies such as Alibaba Cloud, ByteDance, and Xiaomi [6]. - Alibaba Cloud has become the sixth-largest shareholder in Changxin Technology, holding 3.85% of the shares after a capital increase of 6.1 billion yuan [10][12].