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, a domestic DRAM storage giant, has submitted its IPO application to the Sci-Tech Innovation Board, aiming to raise up to 29.5 billion RMB for technology upgrades and R&D projects, with expectations of turning a profit by 2025 [1][2]. Group 1: Financial Performance - From 2022 to 2024, Changxin Technology's revenue is projected to grow at a compound annual growth rate (CAGR) of 70.81%, despite a cumulative loss of 40.857 billion RMB as of June 30, 2025 [2]. - For the first nine months of 2025, the company reported revenue of 32.084 billion RMB, nearly doubling year-on-year, with a net loss of 5.28 billion RMB, indicating a slight reduction in losses [2]. - By the end of 2025, revenue is expected to reach between 55 billion and 58 billion RMB, representing a year-on-year growth of 127.48% to 139.89%, with net profit projected to be between 2 billion and 3.5 billion RMB, marking a turnaround from losses [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, and has since introduced the first domestically produced DDR5 product [3]. - The company has diversified its product offerings, including DDR and LPDDR series, with LPDDR series contributing nearly 70% of revenue, primarily from mobile devices, while DDR series accounted for about 28% [3]. - The gross margin has shown significant improvement, rising from -3.13% in 2022 to 13% in the first half of 2025, driven by a recovery in the DRAM market and an optimized product mix [3][4]. Group 3: Capacity Expansion and Market Share - Changxin Technology operates three 12-inch DRAM wafer fabs in Hefei and Beijing, with capacity utilization increasing from 85.45% to 94.63% during the reporting period [5]. - The company is projected to continue increasing its market share, with a global market share of 3.97% as of Q2 2025, positioning it as the largest DRAM manufacturer in China and the fourth globally [6]. - The company plans to invest 34.5 billion RMB in its fundraising projects, with over 40% allocated to DRAM technology upgrades, aiming to enhance competitiveness and meet growing market demand [5][6]. Group 4: Corporate Structure and Governance - Changxin Technology operates without a controlling shareholder or actual controller, with significant shareholders including Qinghui Jidian and Changxin Integration, among others [7]. - The company has established a cooperative relationship with Zhaoyi Innovation, which has been involved in several rounds of financing and has engaged in direct sales and contract manufacturing of DRAM products [8][9].