科创板史上第二大IPO来了：国产DRAM龙头长鑫科技的真实份量

Core Viewpoint - Changxin Technology, a leading domestic DRAM manufacturer, plans to raise up to 29.5 billion yuan through its IPO, marking the second-largest IPO in the history of the STAR Market, which has stimulated the entire storage chip sector [1][2] Group 1: Company Overview - Changxin Technology is the largest DRAM manufacturer in China and the fourth largest globally, with a significant market presence despite the dominance of three major players: Samsung, SK Hynix, and Micron, who collectively hold over 90% market share [2][3] - The company was founded in 2016 and has adopted an IDM model, focusing on self-sufficient design and manufacturing processes [2][3] Group 2: Financial Performance - From 2022 to September 2025, Changxin Technology's cumulative revenue is projected to reach 73.636 billion yuan, with a compound annual growth rate of 72.04% in main business revenue from 2022 to 2024 [3][4] - The company achieved revenue of 32.084 billion yuan in the first nine months of 2025, accounting for over 40% of its cumulative revenue, indicating rapid demand growth [3] Group 3: Market Position and Strategy - Changxin Technology's production capacity and shipment volume have positioned it as "China's first and the world's fourth" DRAM manufacturer, representing a significant variable in a traditionally oligopolistic market [3][4] - The company has made substantial investments in R&D, totaling 18.867 billion yuan from 2022 to mid-2025, which constitutes 33.11% of its cumulative revenue, indicating a strong commitment to technological advancement [4] Group 4: Investment and Future Outlook - The IPO proceeds will be allocated to upgrading DRAM storage technology and manufacturing capacity, with 13 billion yuan for technology upgrades and 7.5 billion yuan for production line enhancements [7] - The company is expected to achieve a net profit of 2.8 to 3 billion yuan in 2025, marking its first annual profit from core operations, driven by improved pricing power and market conditions [6][7] Group 5: Industry Context - The current market environment, characterized by a surge in demand driven by AI and data needs, has created a favorable window for Changxin Technology to expand its market share and enhance its competitive position [6][7] - The IPO is seen as a pivotal moment for the domestic semiconductor industry, reflecting a shift towards a more collaborative ecosystem involving state and private capital [9][10]