大普微（301666）：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 [6][7]. Core Insights - The company, Dapu Micro, is the first unprofitable IPO on the ChiNext board, with a 40% lock-up ratio for offline investors. The AHP score, adjusted for liquidity premium, is 3.26, indicating a competitive position in the market [2][6]. - Dapu Micro has a complete self-research capability in enterprise-level SSDs, with a product matrix covering PCIe 3.0 to 5.0, and is among the first to mass-produce PCIe 5.0 SSDs. The company has significantly increased its overseas revenue share from 8.11% in 2022 to 35.13% in the first half of 2025 [2][10]. - The company is expected to turn profitable in 2026, driven by domestic substitution and AI demand, with a projected global enterprise SSD market size of $51.42 billion by 2027, growing at a CAGR of 20.25% from 2022 [11][12]. Summary by Sections AHP Score and Expected Allocation Ratio - Dapu Micro's AHP score is 3.26, ranking in the 44.6% percentile, with expected allocation ratios for offline investors at 0.0206% for Class A and 0.0179% for Class B under neutral conditions [6][7]. Company Fundamentals and Highlights - Dapu Micro is a leading provider of enterprise-level SSDs with a complete self-research capability, achieving significant market share among domestic competitors from 2022 to 2024 [2][8]. - The company has successfully expanded its overseas customer base, including major clients like ByteDance and Google, and has a strong pipeline for future growth in AI applications [10][11]. Comparable Company Financial Metrics - Dapu Micro's revenue from 2022 to 2024 was 5.57, 5.19, and 9.62 billion yuan, with a CAGR of 31.46%. However, it has not yet achieved profitability, with net losses of -5.34, -6.17, and -1.91 billion yuan during the same period [21][25]. - The company's gross margin has been low, with rates of -0.09%, -27.13%, and 27.28% from 2022 to 2024, reflecting its early-stage development and high R&D expenditures [26][28]. Fundraising Projects and Development Vision - The company plans to raise funds for the development of next-generation SSDs and a testing base for SSD modules, aiming to enhance production efficiency and meet customer demands [34][36].