长鑫存储 IPO 辅导，重视上游设备材料产业链 20251009 摘要 全球 DRAM 市场需求上行，受益于传统需求复苏及人工智能等新兴应用， 预计年复合增速接近 5%。中国市场占比超 30%，增速预计高于行业平 均水平，达 8%左右，主要驱动力来自消费电子和汽车产业。 长兴存储在全球 DRAM 市场份额虽不足 10%，但成长空间巨大，尤其 是在国内市场，其份额有望从当前不到 10%提升至 30%以上。 全球 DRAM 月产能截至 2024 年底约为 180 万片，预计 2025 年底增 至 190-200 万片。长兴存储 2024 年底月产能约 20 万片，预计 2025 年底增至 30 万片，占全球总产能 15.6%左右，同比增长 50%。 长兴存储加速 DDR5 过渡，推出 16GB DDR5 产品，采用 16 纳米工艺。 预计 2025 年四季度 DDR5 出货份额提升至 7%左右，LPDDR 产品份额 提升至 9%，整体出货市占率从年初的 6%提升到年底 8%。 长兴存储产能扩张及产品迭代将带动上游设备材料需求，关注北方华创、 中微公司、拓荆科技、华海清科等半导体设备公司，以及 3D DRAM 带 ...

港交所官网信息显示，9月29日，深圳市晶存科技股份有限公司（以下简称"晶存科技"）在港交所递交 招股书，公司联席保荐人为招商证券国际、国泰君安国际。 | [編纂]的[編纂]數目 : [編纂]股H股(視乎[編纂]行 | | | --- | --- | | 使與否而定) | | | [编纂]數目 .. | [編纂]股H股(可予重新分配) | | [編纂]數目 | 編纂 股H股(可予重新分配及 | | 視乎[編纂 行使與否而定) | | | 最高 编纂] : | 每股H股[編纂]港元,另加1.0%經 | | 紀佣金、0.0027%證監會交易徵 | | | 賽 · 0.00015%會財局交易徵賽及 | | | 0.00565%香港聯交所交易費,須於申 | | | 請時以港元繳足且多繳股款可予退還) | | | 面值 | : 每股H股人民幣1.00元 | | [编纂] | : [編纂] | 晶存科技招股书封面 ▍专注于嵌入式存储产品，于全球该市场独立存储器厂商中排名第二 招股书显示，晶存科技成立于2016年，作为一家全球领先的嵌入式存储产品独立厂商，主要专注于嵌入 式存储产品及其他存储产品的研发、设计、生产和销售。公司 ...

Core Viewpoint - The 2025 ELEXCON Shenzhen International Electronics Show highlighted the importance of domestic innovation in the AI sector, with Demingli Technology showcasing its comprehensive storage solutions aimed at empowering industrial intelligence upgrades [1][3]. Group 1: Company Achievements - Demingli Technology was awarded the "Annual AI Market Leader Award" at the ELEXCON conference, recognizing its commitment to domestic substitution and independent innovation in the AI field [3]. - The company has developed a full-stack product ecosystem for AI, including consumer, enterprise, and industrial-grade solutions, enhancing its self-controllable capabilities through a "chip + algorithm + scenario" approach [3][11]. Group 2: Product Offerings - Demingli's embedded storage products, including LPDDR, UFS, and eMMC, are designed to meet the high concurrency and low latency demands of AI applications, with LPDDR 5X and UFS 2.2/3.1 achieving speeds of up to 8533 Mbps and 2000 Mbps respectively [3][4]. - The company has completed compatibility certification for its eMMC 5.1 and LPDDR4X products with mainstream SoC platforms, ensuring industry-leading consistency and durability [4]. Group 3: Industrial Solutions - Demingli focuses on high-value industrial control markets, offering customized solutions such as SATA SSDs and PCIe SSDs that meet stringent industrial performance standards [7]. - The fully domestically produced industrial-grade SSD solutions, including the DS1420, ES1020, and VS1030 series, utilize self-developed SATA SSD controllers, supporting the domestic replacement of critical information infrastructure [7]. Group 4: Consumer Solutions - The company has launched a new generation of consumer-grade storage products tailored for various scenarios, including entertainment and professional creation, with PCIe 5.0 SSDs achieving read/write speeds of 14 GB/s [9]. - Demingli's portable SSDs feature a lightweight design with capacities up to 4TB and transfer speeds of 2000 MB/s, catering to the diverse needs of young and professional users [9]. Group 5: Strategic Vision - Demingli positions storage as a core infrastructure for the intelligent development of industries, aiming to inject new momentum into domestic substitution and promote the deep integration of AI across consumer electronics, industrial control, and edge intelligence [11].

Core Viewpoint - Demingli is actively expanding its product offerings in AI PC, smart wearables, and data center storage solutions, benefiting from the depreciation of the RMB and achieving significant revenue growth in recent periods [2][4][9]. Group 1: Product Development - Demingli has launched DDR5 SO-DIMM and U-DIMM memory modules for AI PCs, with a single module capacity of up to 48GB and a theoretical bandwidth of 32GB/s, aimed at providing efficient and stable storage solutions for complex computing challenges [2]. - The company has developed a complete product matrix for embedded storage, including UFS, LPDDR, and eMMC protocols, targeting the long-cycle durability needs of smart wearable devices and edge AI applications [2]. - Demingli's data center storage solutions are designed to meet high capacity, performance, reliability, and scalability requirements, supporting modern enterprises' data storage, processing, and analysis tasks [2]. Group 2: Company Recognition - Demingli has been recognized as a "specialized, refined, distinctive, and innovative" small giant enterprise by the Ministry of Industry and Information Technology, highlighting its strong innovation capabilities and market share in niche markets [3]. Group 3: Financial Performance - In the first half of 2025, Demingli achieved a revenue of 4.109 billion yuan, representing a year-on-year growth of 88.83%, while the net profit attributable to shareholders was -118 million yuan, a decrease of 130.43% year-on-year [9]. - The company's overseas revenue accounted for 69.74% of total revenue, benefiting from the depreciation of the RMB [4]. Group 4: Market Activity - On August 28, Demingli's stock price increased by 1.16%, with a trading volume of 1.048 billion yuan and a turnover rate of 6.82%, bringing the total market capitalization to 22.235 billion yuan [1].

Fundraising Plan - The company plans to raise a total of no more than 129.38 million yuan, which will be used for specific projects after deducting related issuance costs [1] - The total investment for the projects is 163.77 million yuan, with the raised funds covering 12.94 million yuan [1] Project Necessity and Feasibility Embedded Storage Chip Expansion Project - The project aims to expand the production capacity of embedded storage chips, focusing on LPDDR, EMMC, and SD NAND, to meet the growing market demand [2] - The embedded storage market is expected to grow significantly due to the increasing data volume and the proliferation of smart devices [2] - The project aligns with national policies promoting semiconductor localization and aims to enhance the company's competitiveness in the semiconductor storage sector [2] AI-Driven Market Expansion - The rapid development of AI technology is driving the demand for high-performance embedded storage solutions, particularly in AI applications [3][4] - The company plans to introduce high-performance embedded storage products to support AI terminals and edge computing devices, creating new growth engines [4] Advanced Production Equipment Introduction - The project will introduce advanced automated production equipment to enhance manufacturing precision and product consistency [5] - This upgrade is essential for meeting the increasing demand for high-performance storage chips in various applications, including smart wearables and smartphones [5] SSD High-End Upgrade Project - The project focuses on upgrading existing SSD products to high-capacity and high-performance models to capture the growing AI data center market [7][8] - The global enterprise SSD market is projected to grow from approximately 29 billion USD in 2024 to 51.4 billion USD by 2027, with a CAGR of about 21% [8][9] - The company aims to transition from traditional consumer SSDs to enterprise-grade SSDs, which are increasingly in demand due to their reliability and performance [9][10] Funding for Working Capital - The company plans to allocate 36 million yuan from the raised funds to supplement working capital, addressing the financial pressures from its ecological environment business [14][15] - This funding will help optimize the company's capital structure, reduce financial risks, and improve overall profitability [15] Overall Impact on Operations and Financial Status - The fundraising will enhance the company's capital strength and improve its capital structure, although short-term returns may decline until projects are completed [15][16] - Successful implementation of the projects is expected to boost the company's competitive edge and sustainable development, benefiting shareholders in the long run [16]

Industry Overview - The storage industry is experiencing price stabilization and recovery, driven by seasonal stocking momentum and strong demand from emerging applications like AI glasses, indicating continued industry prosperity [3] - Major storage companies such as SanDisk, Longsys, and Micron have issued price increase notices for Q1 2025, with some product prices already stabilizing [3] - The NAND supply-demand imbalance has significantly improved due to production cuts and inventory reduction in the first half of the year [3] - In the DRAM sector, Samsung, Micron, and SK Hynix are focusing on high-end products, reducing supply of DDR4 and Mobile LPDDR4X, leading to shortages and price increases [3] Company Performance - In the mobile sector, the company has achieved continuous breakthroughs with first-tier mobile clients, entering partnerships with vivo and maintaining deep cooperation with OPPO, Transsion, and Motorola [3] - In the PC sector, the company has made further inroads into the global pre-installed market with major PC manufacturers like Lenovo, Xiaomi, Acer, HP, and Tongfang, with Xiaomi being a new client in the first half of 2025 [3] - The company has shown strong performance in the consumer PC market, with continuous revenue growth [3] Product Applications - The company's products are being utilized in AI/AR glasses and smartwatches by renowned companies such as Meta, Google, Xiaomi, and Rokid [4] - In the enterprise sector, the company is rapidly developing, having gained core supplier status with AI server manufacturers and leading internet firms, and is actively deepening its domestic ecosystem partnerships [4] - In the smart automotive sector, the company has delivered LPDDR and eMMC products in bulk to leading automotive manufacturers and is pushing for new product validation [4]

Core Viewpoint - The company, Jiangbolong (301308.SZ), is actively engaging with investors regarding its embedded storage products, which include UFS, eMMC, ePOP, and LPDDR, indicating that NAND Flash products still constitute a significant portion of its embedded storage revenue [1][3]. Group 1 - The company confirmed that UFS and eMMC NAND Flash products continue to represent a large share of its embedded storage revenue [1]. - An investor inquired about the inclusion of LPDDR revenue in the annual report's embedded storage revenue and noted significant price increases in memory-related products, including LPDDR4(x) and eMMC [3]. - The company’s embedded storage revenue is projected to account for 48.24% of total revenue in the 2024 annual report, prompting questions about the specific contributions of LPDDR and eMMC [3].

Core Viewpoint - The semiconductor industry is shifting focus from speed and capacity to power efficiency, driven by the increasing power demands of artificial intelligence (AI) applications [1][2]. Group 1: Power Consumption in AI Chips - AI chips are known for their high power consumption, with Nvidia's upcoming B100 chip requiring 1000 watts, while previous models A100 and H100 required 400 watts and 700 watts respectively [1]. - The development of low-power chips is becoming increasingly competitive, as they are essential for devices like smartphones and laptops that need to perform AI computations without internet connectivity [1]. Group 2: Advancements in Low-Power DRAM - Samsung has developed LPDDR5X, a low-power DRAM chip that offers over 30% increased capacity and 25% reduced power consumption compared to its predecessor [2]. - SK Hynix has commercialized LPDDR5T DRAM, which enhances performance by five times and can process 15 full HD movies per second while significantly lowering power usage [2]. - LPDDR stacking technology is being advanced to improve capacity and speed while minimizing power consumption [2]. Group 3: Next-Generation Materials - Development of next-generation materials, such as glass substrates, is underway to enhance semiconductor power efficiency, with the potential to significantly increase data processing speeds without additional power consumption [2][3]. - Companies like SKC and Samsung are investing in glass substrate production, with plans for mass production by 2026 [3]. Group 4: GaN and SiC Technologies - Low-power, high-performance chips based on Gallium Nitride (GaN) and Silicon Carbide (SiC) are being developed as potential alternatives to traditional silicon [4]. - Samsung has established a dedicated GaN semiconductor business team, aiming for mass production by 2025 [4].

Summary of Storage Industry Conference Call Industry Overview - The storage industry in China is experiencing a significant transformation driven by domestic substitution, with upstream manufacturers improving technology and downstream domestic brands rising, creating opportunities for local module manufacturers to enter the mid-to-high-end market [1][5][18]. Key Points Market Dynamics - The storage industry has faced cyclical fluctuations, with a significant loss in 2022 followed by price increases in 2023 due to upstream production cuts. However, demand weakened in Q2 2024, leading to a price decline [1][6]. - By the end of 2023, upstream manufacturers began reducing production again, resulting in a price recovery in March 2024, with NAND prices showing moderate recovery in May and DDR4 prices rising due to supply-side control [1][6][7]. Price Trends - The overall storage industry is currently in a healthy recovery phase, with controlled production rates from manufacturers and ongoing process iterations in NAND technology. DDR4 prices are rising quickly, indicating potential absorption phenomena [1][7]. - In Q2 2025, storage market prices are expected to exceed expectations, particularly in the DRAM sector, with NAND benefiting from cautious production and increased SSD demand from CSP manufacturers [9][12]. Demand Drivers - The main growth drivers for the Chinese storage industry include domestic opportunities, with upstream manufacturers gaining market share and technology improvements, and the rise of domestic brands responding to localization and national security needs [5][13]. - The enterprise storage market is seeing increased demand, particularly from major domestic clients like Tencent and Alibaba, with orders accelerating since late 2024 [8][15]. Product Performance - In Q2 2025, NAND wafer prices are expected to recover slightly, while DDR market prices are showing significant increases, especially for DDR4, while DDR5 remains stable [9][10]. - The embedded storage market for mobile devices is experiencing healthy growth, with LPDDR showing strong demand [9][10]. Profitability and Margins - The elasticity of gross margins for storage module manufacturers varies based on customer structure and downstream application demand. Companies focusing on the spot market tend to see more significant margin increases compared to those serving large brand clients [11][14]. - The enterprise storage market is expected to see revenue growth outpacing profit growth due to ongoing investments in R&D and capacity, with profitability expected to improve around 2027 [13][15]. Future Outlook - The storage market is projected to show moderate recovery throughout 2025, driven by supply-side constraints and gradual increases in consumer demand [12][18]. - Key companies to watch in the current storage industry trend include Demingli, Jiangbolong, Baiwei, and Zhaoyi Innovation, with Demingli and Baiwei expected to show more significant growth due to their smaller size [19]. Additional Insights - The mid-to-high-end mobile storage market is focusing on three main development directions: packaging technology, embedded main control chips, and optimizing human efficiency to enhance profitability [16][17]. - The overall performance of the storage module industry in Q2 2025 is expected to show a positive trend, driven by price recovery and increased demand from mid-to-high-end mobile and server markets [18].

Financial Data and Key Metrics Changes - The company reported a net debt reduction to $3 billion, down significantly from the previous quarter [9] - Liquidity reached a record level of $15.7 billion, including untapped facilities [10] - The gross margin guidance for Q4 was raised by 300 basis points sequentially, driven by favorable mix effects [78] Business Line Data and Key Metrics Changes - DRAM bit demand outlook for calendar 2025 was raised to high teens from mid-teens, driven by robust AI demand in data centers [6][7] - NAND volumes were strong, but the market environment remains challenging, leading to careful capacity management [15][16] - LPDDR business in data centers is expected to grow significantly, with a focus on expanding the customer base [19][20] Market Data and Key Metrics Changes - Improvements in demand were noted in broad distribution and industrial markets, contributing positively to the overall bit growth estimates for 2025 [7][44] - The company observed a constructive demand environment for the remainder of calendar 2025, despite uncertainties related to tariffs [45][46] Company Strategy and Development Direction - The company aims to maintain technology leadership and invest in capacity for high-value markets like HBM [10] - There is a focus on leveraging the sole source position in the LPDDR market for data centers, anticipating increased penetration over time [19][20] - The company is preparing for the transition to HBM4, which is expected to have higher pricing and better specifications compared to HBM3 [50][52] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the growth trajectory of the HBM business, with significant customer engagement and trust established [36][39] - The overall market environment is seen as constructive, with expectations for continued demand growth in DRAM driven by AI and data center applications [44][45] - Management acknowledged the complexities in customer demand forecasting for HBM products due to rapid transitions in technology [39] Other Important Information - The company is focused on balancing capital return to shareholders through dividends and opportunistic share repurchases while maintaining a strong balance sheet [10] - The pricing dynamics in the HBM market are stable, with the overall mix affecting the average selling prices [66] Q&A Session Summary Question: DRAM bit demand outlook for 2025 - The company raised its DRAM bit demand outlook for 2025 due to robust AI demand in data centers, with no impact from tariff-related pull-ins [6][44] Question: Prioritization of net leverage versus share buybacks - The company is pleased with its deleveraging progress and has substantial liquidity, allowing for continued investment and capital return to shareholders [9][10] Question: Gross margin guidance and NAND business dynamics - Management indicated that gross margin guidance reflects improved demand dynamics and careful capacity management in the NAND business [12][15] Question: HBM pricing and customer engagement - The company expects HBM pricing to remain steady, with significant customer engagement and trust established for future growth [36][39] Question: Impact of tariffs on demand - The overall impact of tariffs on customer order patterns is considered modest, with healthy aggregate demand signals for the remainder of 2025 [45][46]