代码型闪存王者，扭亏闯港股！

Core Viewpoint - The article discusses the IPO of Shenzhen-based storage chip company, ChipX, which aims to capitalize on the growing demand for storage driven by AI and the recovery of the storage industry. The company faces challenges from market competition and supply chain fluctuations while leveraging its technological strengths in the code-type flash memory segment [1][4][7]. Company Overview - ChipX was established in April 2014 and focuses on code-type flash memory, which is critical for system operations. The company operates under a Fabless model, offering a product line that spans from 1Mbit to 8Gbit, and has diversified into analog chips and MCUs [3]. - According to data from Zhaoshang Consulting, ChipX ranks sixth globally among fabless code-type flash manufacturers by revenue in 2024, with fourth place in SLC NAND Flash and fifth in NOR Flash [3]. Market Performance - The global flash memory market size decreased from $58.5 billion in 2020 to $40.9 billion in 2023, impacting ChipX, which reported a 33.3% revenue drop in 2024 and incurred losses exceeding 51 million yuan over two years. However, a recovery began in 2025, with the market size rebounding to $68.4 billion, a 67% year-on-year increase [4][5]. - In the first nine months of 2025, ChipX achieved a profit of 380 million yuan, with a revenue increase of approximately 10% and a gross margin of 18.8% [4]. Industry Trends - The code-type flash segment's market share increased from 6.1% in 2020 to 7.2% in 2024, with projections to reach 9.3% by 2030, driven by the rapid development of edge AI [5]. - Despite the industry's recovery, ChipX faces intense competition, with pricing strategies from peers affecting its pricing power. The company's revenue growth has been relatively slow, with a 10% increase in the first nine months of 2025 [6]. Challenges and Risks - ChipX's R&D expenditures have fluctuated, decreasing from 85.2 million yuan in 2023 to 33.3 million yuan in the first nine months of 2025, which raises concerns about maintaining competitiveness in a rapidly evolving industry [6]. - The company's reliance on external suppliers for wafer manufacturing and testing has increased, with procurement from five major suppliers rising from 75.4% to 83.2% between 2023 and 2025. This dependency, coupled with high wafer-related costs, poses risks to profit margins [6]. - The anticipated surge in storage chip prices due to rising demand for AI CPUs and memory could lead to increased costs for ChipX, further squeezing profit margins [6]. Conclusion - ChipX's decision to pursue an IPO aligns with the recovery of the global storage industry and the deepening of domestic alternatives. Its technological expertise and market position in the code-type flash segment are significant assets. However, challenges such as slow growth, reduced R&D investment, and supply chain concentration must be addressed for the company to solidify its market presence [7].