CITIC Securities: Changxin Storage initiates listing guidance, benefiting from the continued development of domestic storage chain.

CICC's research report believes that Changxin Storage, the largest domestic DRAM storage enterprise, has started the listing guidance process. The DRAM storage chip market is monopolized by South Korean and American manufacturers, but Changxin's technology is accelerating to catch up with global advanced levels, and its production capacity is expected to double by 2024. In the future, Changxin's listing is expected to continue to drive expansion, leading to a gradual increase in the localization rate of equipment. It is recommended to focus on opportunities in the supply chain of Changxin's equipment, testing, module, and IC carrier boards.