创业板首单未盈利企业IPO落地！储存独角兽注册获批

Core Viewpoint - The approval of Dapu Micro's IPO marks a significant milestone for the ChiNext board, showcasing support for hard technology enterprises and the determination to enhance the domestic semiconductor storage industry [4][7]. Group 1: Company Overview - Dapu Micro is one of the few domestic semiconductor manufacturers capable of independently managing the entire technology chain for enterprise-level storage, including "main control chips + firmware algorithms + modules" [4]. - The company has invested heavily in R&D, with 7.37 billion yuan spent over the past three years, accounting for 36.15% of total revenue during that period, which is significantly higher than the industry average [4]. Group 2: Financial Performance and Projections - Dapu Micro plans to raise approximately 1.878 billion yuan through its IPO, focusing on the development and industrialization of next-generation main control chips and enterprise-level SSDs, as well as establishing a module mass production testing base [5]. - Revenue is projected to grow from 557 million yuan in 2022 to 962 million yuan in 2024, with an expected 2.158 billion yuan in 2025, representing a 124% year-on-year increase [5]. Group 3: Market Context and Trends - The demand for enterprise-level SSDs is expected to rise significantly due to the explosive growth of artificial intelligence, with SSDs projected to account for 20% of AI server storage by 2028 [7]. - There is a pressing need for domestic brands to increase their market share in the SSD sector, as current market dominance is held by foreign companies like Samsung and SK Hynix [7][8]. Group 4: Industry Implications - Dapu Micro's successful IPO serves as a model for the ChiNext board's innovative support for technology innovation, particularly for unprofitable enterprises in high R&D investment phases [7]. - The establishment of a domestic enterprise-level SSD ecosystem is crucial for supply chain security and the high-quality development of the semiconductor industry in China [7][8].