大普微（301666）：注册制新股纵览20260327：领先的本土企业级SSD供应商

Investment Rating - The report assigns a rating of "Neutral" to the company based on its AHP score of 3.26, which places it in the 44.6% percentile of the non-technology innovation system AHP model [7][8]. Core Insights - The company, Dapu Micro, is the first unprofitable IPO on the ChiNext board, utilizing a proportionate allocation model for offline subscriptions with a lock-up ratio of 40% [2]. - Dapu Micro has established itself as a leading domestic enterprise-level SSD supplier with comprehensive self-research capabilities across the entire stack, including "controller chips + firmware algorithms + modules" [2][9]. - The company has shown significant growth in overseas revenue, increasing from 8.11% in 2022 to 35.13% in the first half of 2025, with notable clients including ByteDance, Google, and China Telecom [9][12]. - The company is expected to turn profitable in 2026, driven by domestic substitution and AI demand, with a projected compound annual growth rate (CAGR) of 20.25% for the global enterprise SSD market from 2022 to 2027 [12][15]. Summary by Sections AHP Score and Expected Allocation Ratio - Dapu Micro's AHP score is 3.26, ranking in the 44.6% percentile, indicating a strong position in the market [7][8]. Company Fundamentals and Highlights - Dapu Micro has a complete product matrix for enterprise-level SSDs, covering PCIe generations from 3.0 to 5.0, and is among the first to mass-produce PCIe 5.0 SSDs [9]. - The company has achieved a cumulative shipment of over 4,900PB of enterprise SSDs, with over 75% utilizing self-developed controller chips [12]. - The company is expanding into the AI sector, with significant growth in revenue expected due to the increasing demand for AI infrastructure [11][12]. Comparable Company Financial Metrics - Dapu Micro's revenue for 2022, 2023, and 2024 was 5.57 billion, 5.19 billion, and 9.62 billion respectively, with a CAGR of 31.46% from 2022 to 2024 [22]. - The company has not yet achieved profitability, with net losses of -5.34 billion, -6.17 billion, and -1.91 billion for the same years [22][26]. - The gross margin has shown improvement, moving from -0.09% in 2022 to 27.28% in 2024, although it remains below the industry average [27]. Investment Projects and Development Vision - The company plans to raise funds for the development of next-generation controller chips and enterprise SSDs, as well as for a mass production testing base for SSD modules [35][37]. - The total investment for the next-generation controller chip project is approximately 958.28 million, with a construction period of 3-4 years [37].