国产DRAM存储大厂长鑫科技登陆科创板IPO申请获受理 2025年净利润有望扭亏为盈

Core Viewpoint - Changxin Technology has submitted its application for listing on the Sci-Tech Innovation Board, aiming to raise up to 29.5 billion yuan for various technology upgrade projects in the DRAM sector [1] Group 1: Financial Performance - From 2022 to 2024, Changxin Technology's revenue compound annual growth rate (CAGR) is projected at 70.81%, with a cumulative loss of 40.857 billion yuan as of June 30, 2025 [2] - For the first nine months of 2025, the company reported revenue of 32.084 billion yuan, nearly doubling year-on-year, while net profit attributable to shareholders was a loss of 5.28 billion yuan, indicating a slight reduction in losses [2] - Revenue for 2025 is expected to reach between 55 billion and 58 billion yuan, representing a year-on-year growth of 127.48% to 139.89%, with net profit projected to turn positive [2] Group 2: Product Development and Market Position - Changxin Technology launched its first self-designed 8Gb DDR4 product in September 2019, marking a significant breakthrough in China's DRAM industry [3] - The company has diversified its product offerings, including DDR and LPDDR series, with LPDDR series contributing nearly 70% of revenue in the first half of the year [3] - As of the second quarter of 2025, Changxin Technology's global market share in DRAM has increased to 3.97%, making it the largest DRAM manufacturer in China and the fourth globally [7] Group 3: Production Capacity and Expansion Plans - Changxin Technology operates three 12-inch DRAM wafer fabs in Hefei and Beijing, with capacity utilization rates increasing from 85.45% to 94.63% during the reporting period [5] - The company plans to invest a total of 34.5 billion yuan in its fundraising projects, with over 40% allocated to DRAM technology upgrades [5][6] Group 4: Corporate Structure and Governance - Changxin Technology is recognized as having no controlling shareholder or actual controller, with significant shareholders including Qinghui Jidian and Changxin Integration [8] - The company has established a commitment to avoid conflicts of interest in its transactions with Zhaoyi Innovation, which has been a partner since 2017 [9]