Changxin Technology Company Deep Dive: The Rising Leader in China's DRAM, Fully Benefiting from the High-Prosperity Memory Cycle

English summary

The company is one of the few IDM enterprises in mainland China that have achieved large-scale DRAM production. According to the prospectus, the company's global market share in 25Q2 was nearly 4%, ranking fourth globally and first in China. The company is committed to promoting the autonomous controllability of the domestic storage industry and is a key carrier of the national integrated circuit industry strategic layout. With AI-driven demand rising, we are now at the starting point of a new round of memory supercycle. We are optimistic about the long-term and massive pull on memory demand after model and application deployment. According to the company's prospectus data, the global memory chip market size is expected to grow to RMB 571 billion by 2030, with a market size CAGR of 30.56% from 2025 to 2030. For a long time, the global DRAM market has been dominated by Samsung, SK Hynix, and Micron, which occupy over 90% of the global market share, forming a highly concentrated oligopolistic competitive landscape. As one of the few enterprises in mainland China with independent DRAM manufacturing capability, the company is gradually changing the competitive landscape of the global market through technological breakthroughs and capacity ramp-up.