3D DRAM先进封装
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汇成股份(688403):DRAM存储封装开启布局
Xin Lang Cai Jing· 2025-10-22 10:29
Core Insights - The company is strategically investing in DRAM packaging through direct investment in Xinfeng Technology and establishing a partnership with Huadong Technology to expand its advanced packaging business focused on 3D DRAM [1][2] Investment Details - The direct investment involves acquiring an 18.4414% stake in Xinfeng Technology for RMB 90.4841 million [1] - The indirect investment includes participation in private equity funds to acquire an additional 44.5756% stake in Xinfeng Technology, resulting in a total ownership of 27.5445% [1] Strategic Partnership - The collaboration with Huadong Technology aims to leverage both companies' resources to enhance DRAM packaging capabilities and address the growing market demand for 3D DRAM solutions, particularly in the context of AI infrastructure [2] Xinfeng Technology's Capacity - Xinfeng Technology currently has a packaging capacity of approximately 20,000 wafers per month, with plans to increase this to 60,000 wafers per month by the end of 2027 [3] - The company is positioned as a key partner for Changxin Storage, particularly in LPDDR5 packaging, benefiting from the expansion of leading storage manufacturers [3] Financial Projections - Revenue projections for the company are estimated at RMB 1.78 billion, 2.05 billion, and 2.4 billion for the years 2025, 2026, and 2027, respectively, with net profits of RMB 190 million, 250 million, and 320 million [4]