Workflow
开先系列处理器
icon
Search documents
185亿,国产CPU龙头要上市了
3 6 Ke· 2025-07-07 10:16
Core Viewpoint - The domestic CPU chip market is experiencing significant activity, with Shanghai Zhaoxin Integrated Circuit Co., Ltd. preparing for an IPO on the Sci-Tech Innovation Board, aiming to raise 4.169 billion yuan for new processor development and R&D projects [1][2]. Group 1: Company Overview - Zhaoxin Integrated was established in 2013 and is headquartered in Shanghai, with Shanghai United Investment holding a 50.07% stake [4]. - The company focuses on x86 architecture, which is crucial for compatibility with mainstream software ecosystems, positioning it favorably in the domestic CPU market [4][7]. - Zhaoxin has developed several microarchitecture generations, achieving significant domestic performance milestones, such as the KX-6000 series processor reaching a frequency of 3.0GHz [8]. Group 2: Financial Performance - Zhaoxin's revenue projections show a compound annual growth rate (CAGR) of 61.71%, with expected revenues of 3.4 billion yuan in 2022, 5.55 billion yuan in 2023, and 8.89 billion yuan in 2024 [1]. - Despite revenue growth, the company has reported net losses of 7.27 billion yuan, 6.76 billion yuan, and 9.51 billion yuan for the years 2022 to 2024, totaling approximately 23.54 billion yuan in losses [1][18]. - R&D expenses have been substantial, reaching 289.5% of revenue in 2022, and totaling 2.785 billion yuan over three years [16]. Group 3: Market Position and Competition - Zhaoxin's valuation is estimated at 18.5 billion yuan, significantly lower than competitors like Haiguang Information and Longxin Zhongke, which have market values of 328.4 billion yuan and 53.489 billion yuan, respectively [2]. - The x86 server market in China is projected to grow, with shipments expected to reach 4.47 million units by 2027, indicating a growing opportunity for Zhaoxin [14]. - The company faces intense competition from both domestic and international players, including Intel and AMD, who dominate over 90% of the global market share [15]. Group 4: Client Base and Revenue Sources - Zhaoxin's primary clients include major manufacturers like Lenovo, contributing significantly to its revenue, with the top five clients accounting for over 96% of total sales in recent years [12][13]. - The "Kaixian" series of processors, aimed at desktop and embedded devices, accounted for 86.32% of revenue in 2024, highlighting its importance to the company's growth [9]. Group 5: Industry Trends and Future Outlook - The recent policy changes in China, including the introduction of the "1+6" policy measures, aim to support tech companies like Zhaoxin, potentially easing the path for IPOs and funding [20]. - The ongoing push for domestic chip development aligns with national strategies, creating a favorable environment for companies like Zhaoxin to thrive [20].