Core Viewpoint - Shenzhen Dapu Microelectronics Co., Ltd. (Dapu Micro) has received approval for its IPO on the Shenzhen Stock Exchange's ChiNext board, aiming to raise approximately 1.87785 billion yuan [1] Group 1: Company Overview - Dapu Micro specializes in the research and sales of enterprise-level SSD products for data centers, being one of the few domestic semiconductor storage providers with full-stack self-research capabilities in "controller chips + firmware algorithms + modules" [1] - The company focuses on enterprise-level SSDs, covering product generations from PCIe 3.0 to 5.0, meeting diverse customer needs [1] - Dapu Micro has shipped over 4,900 PB of enterprise-level SSDs, with more than 75% of shipments featuring self-developed controller chips [1] Group 2: Market Position and Technology - According to IDC data, Dapu Micro maintains a leading market share in the domestic enterprise-level SSD market over the past three years, although international manufacturers still dominate [1] - The company emphasizes technology and innovation, launching internationally competitive products and solutions, with its PCIe SSD series exhibiting excellent read/write speeds, durability, low latency, and failure rates significantly below JEDEC standards [1][2] Group 3: Research and Development - Dapu Micro is among the first global manufacturers to mass-produce enterprise-level PCIe 5.0 SSDs and large-capacity QLC SSDs, and is one of the few with capabilities in SCM SSD and computational storage SSD [2] - The company has a dedicated R&D team with expertise in advanced storage technologies, continuously investing in R&D to maintain market competitiveness [2] - As of June 30, 2025, Dapu Micro has obtained 162 domestic and international invention patents, with several enterprise-level SSD technologies being industry-leading [2] Group 4: Financial Performance - For the fiscal years 2022 to 2025, Dapu Micro reported revenues of approximately 557 million yuan, 519 million yuan, 962 million yuan, and 748 million yuan respectively, with net losses of approximately -534 million yuan, -617 million yuan, -191 million yuan, and -354 million yuan [3] - As of June 30, 2025, the total assets of the company amounted to approximately 1.981 billion yuan, with a debt-to-asset ratio of 63.40% [4] - The company’s R&D expenditure as a percentage of revenue was 17.74% in 2025, down from 51.72% in 2023 [4]

Core Viewpoint - The demand for data storage driven by AI continues to impact storage prices, with major cloud service providers placing large orders, leading to a supply shortage in the non-server market [1] Group 1: Market Dynamics - The supply-demand relationship for storage chips has remained tight throughout the year, intensifying after the third quarter, resulting in rapid price increases for NAND Flash and DDR4/DDR5 products [2] - Major manufacturers are initiating a new round of price increases starting in Q3 2025, with Samsung planning to raise some DRAM prices by 15%-30% and Micron's new prices increasing by approximately 20% after resuming quotes [3] - The current price fluctuations in the storage market are attributed to a combination of industry cycle and AI demand, creating a new logic of "AI application wave - capacity focus on high-end - accelerated technology evolution - price structure rise" [3] Group 2: Production Shifts - Starting in 2024, major storage manufacturers like Samsung, SK Hynix, and Micron will significantly shift their production capacity towards high-density and high-performance products [4] - Micron announced a strategic contraction of its Crucial brand, which has been operational for nearly 30 years, while still supplying consumer channels until early 2026 [4] - The expansion of high-bandwidth memory (HBM) and DDR5/LPDDR5 production capacity is unprecedented, with Micron and SK Hynix investing in new factories and modifying existing lines to focus on HBM production [5] Group 3: Price Trends - The price of memory has increased by approximately 50% this year, with an expected further rise of 30% in Q4, potentially continuing into early 2026 [6] - The forecast for Q1 2026 indicates continued upward trends in prices for various memory products, including a 25%-30% increase for Mobile eMMC/UFS and 30%-35% for LPDDR4X/5X [6] Group 4: Capacity Expansion and Caution - Despite the demand for storage, manufacturers are adopting a cautious approach to capacity expansion due to past market cycles, where increased supply led to significant losses when demand fell [10] - Some manufacturers, like Demingli, are planning to expand SSD and DRAM production capacity, including both DDR4 and DDR5 technologies [11] - The demand for storage foundry capacity is rising, with companies like SMIC reporting a surge in orders for storage products, indicating a shift in market dynamics favoring smaller suppliers [12] Group 5: Technological Advancements - Domestic manufacturers are leveraging advanced technologies like Xtacking and CBA to enhance 3D NAND and DRAM performance, indicating a competitive edge in the market [13] - The introduction of a contract manufacturing model (TCM) is gaining traction among storage manufacturers, with increased acceptance during rising price phases [13] - The potential for logic wafers to adopt a foundry model could optimize system-level performance, facilitating collaboration between storage and logic industries [14]

Core Viewpoint - Shenzhen Dapu Microelectronics Co., Ltd. (Dapu Micro) is set to hold its listing meeting on the ChiNext board, with Guotai Junan Securities as the sponsor. The company specializes in the research and sales of enterprise-level SSD products for data centers, boasting comprehensive self-research capabilities in "controller chips + firmware algorithms + modules" and has established a customer base that includes major domestic internet companies such as Alibaba, Tencent, ByteDance, and Meituan [1]. Group 1: Company Overview - Dapu Micro was established in April 2016, originally as Dapu Micro Limited, fully owned by Dapu Haide. The company underwent a shareholding reform in September 2023, increasing the number of shareholders to 46, with major shareholders including Dapu Haide, Shenzhen Guozhong, and Nanjing Qilin, totaling 58 shareholders [1]. - The controlling shareholder is Dapu Haide, which holds a direct stake of 13.72%. However, due to special voting rights associated with its shares, Dapu Haide effectively controls 54.78% of the voting rights in the company [1]. Group 2: Management and Shareholder Changes - Yang Yafei, born in 1979, is the actual controller of Dapu Micro, holding a combined 16.71% of the shares through Dapu Haide and Dapu Haiju, which translates to 66.74% of the voting rights due to special voting rights [1][4]. - Significant changes in the shareholder structure occurred, with three original shareholders—Yang Qing, Li Weijun, and He Haibo—resigning from their positions. Yang Qing, who held a U.S. citizenship, left due to personal choices and changes in U.S.-China relations, while He Haibo and Li Weijun also cited similar reasons for their departures [4][9]. - As of March 2022, Yang Yafei's shareholding increased to 50.78%, while Yang Qing and Li Weijun's shares decreased to 10% and 16.62%, respectively. By the end of May 2022, Yang Yafei's stake rose to 87.37%, effectively consolidating control over the company [6][9].

Summary of Storage Industry Conference Call Industry Overview - The storage industry is expected to see a demand growth of approximately 30% for DRAM and NAND Flash from overseas CSPs and domestic internet companies between 2026 and 2027, driven by increased capital expenditure [1][2] - Major manufacturers have not significantly expanded production capacity in recent years, with new capital expenditures primarily focused on HBM, leading to a supply-demand imbalance in the storage sector [1][2] Key Insights and Arguments - Storage prices began to rise in Q2 2025 and are expected to continue increasing steadily from Q1 2026 onwards, particularly for AI-related storage due to strong demand and tight supply [1][5] - Micron has raised its capital expenditure guidance by $2 billion to $20 billion, indicating a positive outlook for the supply chain amid ongoing supply constraints [5] - The storage industry is projected to remain in a supply-demand deficit for the next two years, with new production capacity unlikely to be realized until late 2027 or later [4] Company-Specific Highlights - **兆易创新 (GigaDevice)**: Expected to achieve a profit of 3.5 to 4 billion RMB in 2026, with a market cap target of around 40 times its earnings. The company is well-positioned to leverage its customized storage products and strong customer relationships [1][7] - **北京君正 (Beijing Junzheng)**: Anticipates a comprehensive price increase in the automotive-grade DRAM market, projecting profits of 1.5 billion RMB in 2026, with potential for 50% to 100% growth [1][8] - **聚辰股份 (Jucheng)**: Aiming for small-scale production of a new enterprise-level SSD product in 2026, targeting a 50% market share, which could add 500 to 600 million RMB in profits [1][9] - **澜起科技 (Lanqi Technology)**: Benefiting from the increased penetration of DDR5, with expectations for continued growth driven by AI server and general server shipments [3][10] Additional Important Insights - The upstream supply chain of the storage industry is benefiting from the expanding supply-demand gap and rising prices, with significant capital expenditure increases from companies like Micron [12] - The potential for significant growth in the IC design sector is highlighted, with companies like GigaDevice, Beijing Junzheng, Jucheng, and Lanqi being recommended for investment [11] - The packaging and testing sector is evolving, with new players like 新风科技 (New Wind Technology) rapidly expanding and focusing on high-end packaging solutions [16][18] Conclusion The storage industry is poised for significant growth driven by AI-related demand and a supply-demand imbalance. Key companies within the sector are expected to capitalize on these trends, presenting potential investment opportunities.

证券日报网讯 12月22日，万润科技在互动平台回答投资者提问时表示，公司积极抢抓半导体存储行业 的发展机遇，加快开展半导体存储产品、市场及品牌等方面的工作，努力扩大销售规模，以期提高新一 代信息技术主业占比。 （编辑 任世碧） ...

证券研究报告 行业研究 / 行业深度 2025 年 12 月 22 日 电子 强于大市 投资要点： 一年内行业指数与沪深 300 指数对比走势： 资料来源：聚源数据，爱建证券研究所 朱俊宇 S0820125040021 021-32229888-25520 zhujunyu@ajzq.com 行业及产业 存储芯片涨价将延续至 2026 年 相关研究 《电子行业周报：TPU 需求上涨带动 Google 产业链发展》2025-12-21 《人工智能月度跟踪：摩尔线程、沐曦股份 IPO 首发成功》2025-12-19 《电子行业周报：NVIDIA H200 芯片放松出口 限制》2025-12-16 《爱建电子专题报告：iPhone 折叠屏有望带来 产业发展拐点》2025-12-15 《电子行业周报：字节跳动发布豆包手机助手》 2025-12-08 许亮 S0820525010002 0755-83562506 xuliang@ajzq.com ——爱建电子专题报告 | 1.1 | 三大存储巨头纷纷上调产品价格 | 5 | | --- | --- | --- | | 1.2 | 存储周期历史复盘 | 6 | | 1. ...

半导体存储作为集成电路产业占比第二大的核心细分行业，在数字经济的发展中具备先导性和需求刚 性。其中，具备高性能、高可靠性、低延迟特点的企业级存储重要性与日俱增，市场前景广阔。 深圳大普微电子股份有限公司（以下简称"大普微"），作为业内领先、国内极少数具备数据中心企业级 SSD"主控芯片+固件算法+模组"全栈自研能力，并实现批量出货的半导体存储产品提供商。公司在企业 级SSD领域纵深布局，形成了从主控部件到模组产品的协同优势，为AI、数据中心、云计算客户提供具 备高性能竞争力的国产替代方案。 企业级PCIe SSD替代HDD大势所趋 PCIe代际演进进行时 近年来，随着AI基础设施建设持续提速，大规模GPU集群广泛部署，数据存储系统成为算力释放的关 键环节。在高吞吐量、低延迟的AI训练与推理环境中，如何高效地为计算集群提供持续、稳定的数据 供给，是产业关注重点。AI应用场景下的数据总量与访问频率均显著上升，温热数据占比显著增加， 对存储系统的大容量、随机读写IOPS、带宽提出了更高要求。相比主要面向冷数据归档的HDD，企业 级SSD在随机访问速度上具备数千倍优势，在顺序读写带宽上亦数十倍优于HDD。同时，近年推 ...

Group 1: New IPOs - This week (December 22 to 26), there are three new stocks available for subscription: one on the Shanghai Stock Exchange, one on the ChiNext, and one on the Beijing Stock Exchange [1] - The IPOs include Shaanxi Tourism (603402) with an issue price of 80.44 yuan and a price-to-earnings (P/E) ratio of 12.37, New Guangyi (301687) with an issue price of 21.93 yuan and a P/E ratio of 28.59, and Hengdongguang with an issue price of 31.59 yuan and a P/E ratio of 14.99 [2] Group 2: Shaanxi Tourism - Shaanxi Tourism integrates tourism performance, cable cars, dining, and project investment and management, leveraging resources like Huaqing Palace and Mount Hua to create high-quality cultural tourism experiences [3] - The company aims to raise 1.555 billion yuan through its IPO, primarily for projects such as the expansion of the Taishan Xiucheng (Phase II) and Shaohua Mountain National Forest Park cableway, as well as acquiring related equity and assets [3] Group 3: New Guangyi - New Guangyi focuses on the research, production, and sales of high-performance special functional materials, with products including anti-overflow adhesive special films and strong resistance special films [4] - The company plans to raise 638 million yuan through its IPO to fund functional material projects [4] Group 4: Upcoming IPOs - Nine companies are scheduled for IPO meetings this week, including Fuen Co. and Shenglong Co. on the Shenzhen Main Board, Shiya Technology on the Sci-Tech Innovation Board, and Sanrui Intelligent, Dapu Micro, and others on the ChiNext and Beijing Stock Exchange [5] - Dapu Micro will be the first unprofitable company to attend an IPO meeting on the ChiNext, focusing on enterprise-level SSD products and aiming to raise 1.878 billion yuan for R&D and production projects [5]

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]

博主智慧芯片案内人援引Counterpoint数据指出，2025年第三季度SK海力士以34%的份额位居DRAM市场第一，三星与美光紧随其 后，三大巨头垄断超90%市场。 市场研究机构Counterpoint Research的最新数据显示，2025年第三季度全球DRAM市场呈现高度集中态势。 SK海力士、三星电子和 美光科技三大巨头合计占据约93%的市场份额，主导全球市场格局。 在增长迅速的HBM细分领域，SK海力士更是以 57%的绝对优势占据领先地位，三星和美光分别占据22%和21%的市场份额。随着 AI服务器需求持续爆发，存储芯片市场正经历结构性转变。 01 三强争霸格局稳固 2025年第三季度，全球DRAM市场保持了三足鼎立的竞争格局。SK海力士以 34%的市场份额保持领先，三星电子以33%的份额紧 随其后，美光科技则占据26%的市场份额。 三巨头之间的竞争异常激烈。三星电子在HBM3E等高带宽内存产品上取得进展，并开始向英伟达等客户供货，这帮助其缩小了与 SK海力士的差距。该季度全球DRAM销售额环比大幅增长，增幅约30%，达到403亿至414亿美元，主要受价格上涨和AI相关需求 推动。 三大存储巨头 ...