南下深圳工程师，创出600亿存储芯片巨头，37岁二代接棒赴港IPO

Core Viewpoint - Shenzhen Baiwei Storage Technology Co., Ltd. is pursuing a dual listing on the Hong Kong Stock Exchange after less than three years of being listed on the Sci-Tech Innovation Board, driven by strong market demand for storage chips amid the AI boom [1][19]. Company Overview - Established in September 2010, Baiwei Storage focuses on the storage chip industry chain, offering products such as solid-state drives (SSD), embedded storage, mobile storage, and chip packaging and testing [1]. - Baiwei Storage is the only independent storage solution provider globally with wafer-level packaging capabilities, which has allowed it to penetrate the supply chains of major tech companies like Meta, Xiaomi, and Google [1][11]. Financial Performance - As of November 3, 2025, Baiwei Storage's market capitalization on the Sci-Tech Innovation Board reached 62.7 billion RMB, with its stock price soaring from the initial offering price of 13.99 RMB to 134.3 RMB, nearly tenfold [1]. - The company's revenue grew from 2.986 billion RMB in 2022 to 6.695 billion RMB in 2024, reflecting a compound annual growth rate (CAGR) of 49.7% [15]. - However, the company has experienced significant fluctuations in profitability, with a net profit of 71.218 million RMB in 2022, a loss of 631 million RMB in 2023, and a rebound to a net profit of 135 million RMB in 2024 [15][16]. Management Transition - The founder, Sun Rixin, has passed the leadership to his son, Sun Chengsi, who has been with the company since 2012 and currently holds a 24.74% voting power, making him the largest shareholder [6][8]. R&D and Technological Advancements - Baiwei Storage has significantly increased its R&D investment, with expenses reaching 447 million RMB in 2024, a 79% increase year-on-year, accounting for 6.7% of its revenue [8]. - The company emphasizes a "research and development packaging and testing integration" model, which allows it to convert NAND and DRAM wafers into diverse and customized storage solutions [10][11]. Market Opportunities - The company is capitalizing on the growing demand for "edge AI" applications, with expected revenue from this sector exceeding 1 billion RMB in 2024, a year-on-year increase of approximately 294% [12]. - Baiwei Storage's solutions are already being utilized by major clients, including Meta and Google, indicating a strong market position [11]. Capital Needs and IPO Strategy - The company aims to raise funds through the Hong Kong listing to support its capital-intensive operations, including expanding its production capacity and enhancing R&D capabilities [19][20]. - Baiwei Storage's total liabilities stood at 7.344 billion RMB as of June 30, 2025, with a debt-to-asset ratio of 63.6%, highlighting the need for external financing [19]. Market Valuation - As of November 3, 2025, Baiwei Storage's A-share market valuation reached 62.7 billion RMB, with a price-to-sales ratio of approximately 9.4 times and a static price-to-earnings ratio of around 465 times [20].