新股前瞻|欲打造A+H双平台抢占存储产业机遇，聚辰股份能否实现关键一跃？

Core Viewpoint - The storage industry is experiencing a vibrant growth phase, with companies like Juchen Technology and others successfully listing on the Hong Kong Stock Exchange, indicating a strong interest in the A+H dual financing platform [2] Group 1: Company Overview - Juchen Technology has been focused on the storage chip sector for over 16 years, evolving into a leading global designer of high-performance non-volatile storage chips [3] - The company has established three core business lines: storage chips, mixed-signal chips, and NFC chips, with storage chips being the primary revenue driver, contributing 88.5% of total revenue in the first three quarters of 2025 [3][4] Group 2: Market Position - Juchen Technology holds a leading market position in several segments, being the top supplier of EEPROM in China and the third globally, with a projected global market share of approximately 14% in 2024 [4] - The company is also the second-largest global supplier of DDR5 SPD chips, with a market share exceeding 40% in 2024 [4] Group 3: Financial Performance - The company's total revenue grew from 703.477 million RMB in 2023 to 1,028.277 million RMB in 2024, with a revenue of approximately 933.81 million RMB in the first three quarters of 2025, reflecting a year-on-year growth of 21.29% [5][6] - Adjusted net profit increased from 141.34 million RMB in 2023 to 297.735 million RMB in 2024, marking a growth rate of 110.7% [7][8] Group 4: Growth Drivers - Revenue growth is driven by three main factors: the accelerated adoption of servers, personal computers, and AI infrastructure, leading to increased demand for SPD chips; the rise in demand for automotive-grade chips due to smart transportation development; and the expansion of industrial control applications [6] - The ongoing "super bull market" in storage is primarily driven by the AI computing revolution, which has created a structural supply-demand imbalance, particularly for high-bandwidth memory (HBM) and DDR5 [10][11] Group 5: Future Outlook - Juchen Technology's SPD chips are expected to be the core engine of growth during this high prosperity cycle, with significant demand anticipated in the third and fourth quarters of 2026 [11] - The company is also expanding its product line with the introduction of VPD chips, which are critical for next-generation enterprise SSD modules and CXL memory expansion modules [11] Group 6: Challenges - The company faces potential risks, including high customer concentration, with the largest customer accounting for 41.1% of revenue, which may impact negotiation power and revenue stability [13] - Supply chain risks are also a concern, as the company relies heavily on external wafer manufacturing, with 85.8% of procurement coming from the top five suppliers [14]