300x PE vs 5x PB! Changxin Tech (688825): is it the next 10-bagger in AI storage, or just a bag-holder?
Family members, the biggest IPO in the A-share market this year—Changxin Tech—has priced at 8.66 yuan, valuing it at 580-666 billion. The whole internet was screaming for above one trillion before; now at this price, is it an undervalued alpha, or are we buying at a high-price handoff? Let’s look directly at hard-core data:
[Valuation extremes are wildly split]
From a PE perspective, it’s ridiculously expensive: the offering PE is stretched to 308–313x! Samsung is 33x, Hynix 30x, Micron 62x. Just by earnings pace, Changxin is priced way too high.
From a PB perspective, it’s shockingly cheap: the offering PB is only 4.78–5.06x. Meanwhile Hynix is 10.9x and Micron 16.7x. This means hard assets—plant, lithography machines, etc.—are seriously undervalued.
[Profit curve literally takes off]
In the first two years, accumulated losses exceeded 23.4 billion. Then, when the 2025 AI memory cycle kicked in, it turned profitable. Even more outrageous is 2026 Q1:
Revenue was 50.8 billion (YoY +719%), and attributable net profit was 24.762 billion (a near-17x surge)!
Latest official guidance: estimated net profit for H1 2026 is as high as 50–57 billion!
If 2H can maintain this momentum, full-year profit could break 100 billion, and the dynamic valuation would be hammered back to single digits. This AI-driven demand for compute-storage is essentially a “Bitcoin halving”-level catalyst for the storage sector.
[Top-tier whales go all-in—clear tell]
Alibaba Cloud: strategic allocation locks shares for 36 months!
Industrial capital: Meituan-related, NIO, ZTE, Chery—each locked for 18 months.
Private fund giants: Fangfang Quant (controlled by Liang Wenfeng) has 153 private fund products, going after the IPO at crazy premiums.
With the national team + industrial capital + top quant all onboard, the tradable float is extremely scarce.
[High-risk reminder]
DRAM is a pure “cycle king.” AI demand is indeed strong right now, but once future capacity overshoots and supply becomes excessive, price pullbacks will be brutal. Then the high PE will explode all at once—typical of a high-volatility cycle-driven track.
Now market sentiment is clearly split: some think this is a milestone in AI storage, while others worry it’s a celebration at the peak of the cycle.
Brothers, what do you think? Will it surge and double on opening, or surge then fade? Do we keep chasing long, or wait for a pullback to get onboard again?
Drop your real thoughts and your [target price] in the comments! 👇$MU $BTC
Family members, the biggest IPO in the A-share market this year—Changxin Tech—has priced at 8.66 yuan, valuing it at 580-666 billion. The whole internet was screaming for above one trillion before; now at this price, is it an undervalued alpha, or are we buying at a high-price handoff? Let’s look directly at hard-core data:
[Valuation extremes are wildly split]
From a PE perspective, it’s ridiculously expensive: the offering PE is stretched to 308–313x! Samsung is 33x, Hynix 30x, Micron 62x. Just by earnings pace, Changxin is priced way too high.
From a PB perspective, it’s shockingly cheap: the offering PB is only 4.78–5.06x. Meanwhile Hynix is 10.9x and Micron 16.7x. This means hard assets—plant, lithography machines, etc.—are seriously undervalued.
[Profit curve literally takes off]
In the first two years, accumulated losses exceeded 23.4 billion. Then, when the 2025 AI memory cycle kicked in, it turned profitable. Even more outrageous is 2026 Q1:
Revenue was 50.8 billion (YoY +719%), and attributable net profit was 24.762 billion (a near-17x surge)!
Latest official guidance: estimated net profit for H1 2026 is as high as 50–57 billion!
If 2H can maintain this momentum, full-year profit could break 100 billion, and the dynamic valuation would be hammered back to single digits. This AI-driven demand for compute-storage is essentially a “Bitcoin halving”-level catalyst for the storage sector.
[Top-tier whales go all-in—clear tell]
Alibaba Cloud: strategic allocation locks shares for 36 months!
Industrial capital: Meituan-related, NIO, ZTE, Chery—each locked for 18 months.
Private fund giants: Fangfang Quant (controlled by Liang Wenfeng) has 153 private fund products, going after the IPO at crazy premiums.
With the national team + industrial capital + top quant all onboard, the tradable float is extremely scarce.
[High-risk reminder]
DRAM is a pure “cycle king.” AI demand is indeed strong right now, but once future capacity overshoots and supply becomes excessive, price pullbacks will be brutal. Then the high PE will explode all at once—typical of a high-volatility cycle-driven track.
Now market sentiment is clearly split: some think this is a milestone in AI storage, while others worry it’s a celebration at the peak of the cycle.
Brothers, what do you think? Will it surge and double on opening, or surge then fade? Do we keep chasing long, or wait for a pullback to get onboard again?
Drop your real thoughts and your [target price] in the comments! 👇$MU $BTC