Northeast Securities gives Changxin Technology a valuation range of RMB 3.2 trillion to RMB 5.7 trillion

Northeast Securities adopts three methods: market share anchoring, profit splitting of PE, and unit production capacity, to give Changxin Technology a valuation range of 3.2 trillion to 5.7 trillion RMB. Northeast Securities pointed out that the minority shareholder profit and loss ratio of Changxin in 2025 is 73.76%, much higher than Samsung, Hynix, and Micron, and the valuation excludes the impact of this part. Assuming that the proportion of minority shareholders' profit and loss remains unchanged at 24% in 2026 and 2027, the reasonable valuation after excluding the impact of minority shareholders' profit and loss is 3.2 trillion to 5.7 trillion RMB.