295亿！巨无霸IPO来了！已预审两轮，阿里腾讯小米入股

Core Viewpoint - Changxin Technology, a leading DRAM manufacturer in China, has officially received acceptance for its IPO on the Sci-Tech Innovation Board, aiming to raise 29.5 billion yuan for various technology upgrade projects [1][5][20]. Company Overview - Changxin Technology is the largest and most advanced DRAM manufacturer in China, established in 2016, and operates under an IDM (Integrated Device Manufacturer) model [9]. - The company offers a diverse range of products including DRAM wafers, chips, and modules, covering DDR and LPDDR series, with applications in servers, mobile devices, personal computers, and smart vehicles [9]. Market Position - According to Omdia, Changxin Technology ranks first in China and fourth globally in DRAM production capacity and shipment volume [6]. - Despite its growth, the company still lags behind the top three global players: Samsung, SK Hynix, and Micron, which collectively hold a market share of 94.27% [7]. Financial Performance - From 2022 to 2025, Changxin Technology's revenue is projected to grow significantly, with a compound annual growth rate of 72.04% in its main business revenue [11]. - However, the company has reported substantial losses, totaling over 408.57 billion yuan by mid-2023, despite a revenue increase of 97.79% year-on-year in the first nine months of 2023 [10][13]. Future Outlook - The company anticipates a turnaround in profitability in 2025, projecting a net profit of 2 billion to 3.5 billion yuan, with a significant improvement in gross margins [14][15]. - The ongoing global DRAM supply shortage, expected to last until at least 2027, presents a favorable market environment for Changxin Technology's growth [7][8]. IPO Details - The IPO is notable as it is the first pre-review project accepted on the Sci-Tech Innovation Board, reflecting the high level of attention from various stakeholders [1][20][23]. - The company has a diverse shareholder structure, with significant stakes held by various investment entities, including state-owned funds and private investors [24][25].