募资295亿元，国内DRAM龙头冲刺科创板IPO

Core Viewpoint - Changxin Technology plans to raise 29.5 billion yuan through an IPO on the Sci-Tech Innovation Board, aimed at advancing DRAM technology and capacity upgrades to enhance competitiveness in the highly concentrated global DRAM market [1][2]. Company Overview - Changxin Technology, established in 2016 and headquartered in Hefei, Anhui, is the largest and most advanced DRAM IDM (Integrated Device Manufacturer) in China, with a production capacity ranking first in China and fourth globally [5]. - The company has successfully iterated products from DDR4 to DDR5 and LPDDR5/5X, operating three 12-inch wafer fabs in Hefei and Beijing [5]. Market Context - The global DRAM market is projected to reach 97.6 billion USD in 2024, accounting for approximately 59% of the total storage chip market [5]. - China's DRAM market is expected to be around 25 billion USD in 2024, representing over a quarter of the global market, but the country remains heavily reliant on imports, indicating significant growth potential for domestic DRAM manufacturers [5]. Business Strategy - The IPO proceeds will be allocated to three main projects: 1. Upgrading the manufacturing line for memory wafers (7.5 billion yuan) 2. Upgrading DRAM technology (13 billion yuan) 3. Research and development of advanced DRAM technologies (9 billion yuan) [9][10][12]. Financial Performance - The company has shown continuous revenue growth, with projected revenues of 24.178 billion yuan in 2024 and 32.084 billion yuan for the first nine months of 2025, marking a year-on-year increase of 97.79% [10]. - Despite the growth, the company has not yet achieved profitability due to high depreciation and R&D costs, but EBITDA turned positive in 2024, and cash flow from operating activities significantly improved in 2025 [10]. R&D Investment - Cumulatively, the company has invested over 18.8 billion yuan in R&D, accounting for 33.11% of total revenue, with nearly 30% of its workforce dedicated to R&D [11]. - As of June 30, 2025, the company holds 3,116 domestic patents and 2,473 foreign patents, ranking 22nd globally in international patent applications in 2023 [11]. Shareholder Composition - The shareholder structure includes significant state-owned entities and private investors, reflecting strong interest in national key industry projects. Major shareholders include Qinghui Jidian, Changxin Integration, and the National Integrated Circuit Industry Investment Fund [11][13].