创业板未盈利上市第一股将来 聚焦存储赛道

Core Viewpoint - The upcoming IPO review of Shenzhen Dapu Microelectronics Co., Ltd. on December 25 is a critical moment for the company and is seen as a test of the A-share market's tolerance for high-quality unprofitable tech companies [1] Group 1: Company Overview - Dapu Micro was established in 2016 and is recognized as a leading provider of enterprise-level SSD controller chips and storage solutions in China, with a full-stack self-research capability [2] - The company has shipped over 4,900 PB of enterprise SSDs, with more than 75% of shipments utilizing self-developed controller chips, positioning it well in the domestic storage replacement wave [2] - Dapu Micro has a strong client base, including major internet companies and key industries such as finance and power, and has invested over 700 million yuan in R&D [2] Group 2: Financial Performance - From 2022 to the first half of 2025, Dapu Micro incurred cumulative losses of nearly 1.7 billion yuan, with retained earnings at -945 million yuan and continuous negative cash flow exceeding 1.8 billion yuan [2] - The company has a high short-term debt ratio of 95.76% as of June 2025, indicating significant pressure on its cash flow [2] Group 3: Profitability Goals - Dapu Micro aims to achieve profitability by 2026, with a projected revenue increase to 2.732 billion yuan and an expected gross margin improvement due to a rise in high-end product sales [3] - The company has secured 1.941 billion yuan in orders and anticipates a quarterly revenue nearing 900 million yuan in Q4, with a gross margin expected to rise to 7.68% [3] Group 4: Market Challenges - The company's profitability is highly dependent on fluctuations in NAND Flash prices, which have led to negative gross margins in recent periods [4] - Despite an industry growth rate of 187.9% in 2024, Dapu Micro's revenue growth is only projected at 85.3%, with its market share declining from 6.4% to 3.0% [6] Group 5: Implications for the Industry - Regardless of the outcome of Dapu Micro's IPO, it will provide valuable insights for unprofitable tech companies seeking to list, influencing future capital flows towards core technology sectors [7] - The review results will help balance support for tech innovation with financial risk prevention in the A-share market [7]