Soaring by 310 billion! The valuation bubble of storage giant Dapuwei has emerged.
The super cycle in the storage industry has given rise to a remarkable market trend.
The storage industry has emerged from a super cycle, and the enthusiasm for the sector's market has reached an unprecedented level. In the face of a significant short - term market surge, the divergence between bulls and bears in the market has been continuously widening. Some viewpoints hold that the sector's market has officially entered the performance realization stage from the previous speculative phase based on expectations, and there is still room for upward movement in the subsequent market. On the other hand, some point out that the valuations of some leading stocks have been over - priced in advance, and the trading chips at high levels are crowded. Therefore, one needs to be vigilant against the adjustment risk of "valuation killing" in the market.
Against this backdrop, the market popularity of leading storage enterprises will continue to rise until the end of this round of the industry's super cycle. During the process of industrial iteration and upgrading, the wealth - creating effect in the capital market continues, and Dapu Micro is a typical target in this round of the market.
Public information shows that on April 16th, Dapu Micro was officially listed on the Growth Enterprise Market. The issue price was 46.08 yuan per share, and the total funds raised were 2.01 billion yuan. On the first day of listing, the company's opening price soared directly to 207.23 yuan, with a maximum intraday increase of over 450%. As of the latest closing, Dapu Micro's total market value has climbed to 330.6 billion yuan. Calculated based on the issue price, the cumulative increase since the company's listing has exceeded 1500%, and the increase in market value has exceeded 310 billion yuan.
The significant increase in the stock price has also directly boosted the net worth of the company's actual controller. According to the statistics of equity penetration information, Yang Yafei, the controlling shareholder, holds a total of 11.15% of Dapu Micro's shares. Based on the latest closing price, the market value of his personal shareholding has reached 36.8 billion yuan. If calculated based on the issue price, Yang Yafei's personal wealth has increased by more than 34.5 billion yuan in just one and a half months.
The extreme increase in Dapu Micro's stock price is a direct manifestation of the bubble in the current storage industry's market.
From the perspective of the company's fundamentals, Dapu Micro is one of the few domestic enterprises in the enterprise - level SSD track that has achieved full - stack self - research of "main control chip + firmware algorithm + module" and stable mass production and shipment. The self - developed main control system enables the company to directly meet the core needs of the Internet, cloud computing, and AI terminals, with a faster customized response speed and product adaptation ability. Currently, the company's customer matrix covers domestic leading cloud providers such as ByteDance, Tencent, and Alibaba, and it has successfully entered the top - tier overseas AI supply chain system such as Google.
Although the long - term growth prospects of the industry are broad, the issue of performance bubbles in the sector and individual stocks has become very prominent. According to the company's latest quarterly report, in the first quarter, the company achieved a revenue of 1.31 billion yuan, a year - on - year increase of 340.95%; the net profit attributable to the parent company was 370 million yuan, achieving a turnaround from loss to profit year - on - year, with an increase of 398.88%; the non - recurring profit after deduction was 368 million yuan, a year - on - year increase of 391.25%. However, due to the relatively low base of past performance, the company's current profitability is difficult to match the current ultra - high valuation.
Previously, Dapu Micro has issued relevant risk warning announcements. The company stated that affected by the pace of AI commercialization, the capital expenditure of cloud computing enterprises, and the fluctuations in the prosperity of the downstream application market, the demand in the AI - driven enterprise - level SSD industry has certain fluctuations and uncertainties. It reminded investors to view the market rationally and carefully control investment risks.
The Super Cycle of Storage
Yang Yafei, the founder of Dapu Micro, holds a bachelor's degree from Beijing University of Posts and Telecommunications and a doctorate in electrical engineering from the University of Rhode Island in the United States. After graduation, he has long worked in leading industry enterprises such as Qualcomm, accumulating rich industry experience and technical foundation.
During his overseas study and work, Yang Yafei accurately perceived the huge development potential of the data center industry and found that the domestic enterprise - level storage main control chip field was almost blank. In 2016, Yang Yafei returned to China and settled in Shenzhen, founded Dapu Micro, and focused on the development of the enterprise - level SSD track in data centers.
The core logic behind the current concentrated speculation of Dapu Micro by market funds is based on the industry trend of the SSD track.
The so - called SSD, or solid - state drive, is an electronic storage device with NAND Flash memory as the core storage medium.
Traditional mechanical hard drives (HDD) rely on disk rotation and head movement to complete data reading and writing, while SSDs have no mechanical movement structure. Data is stored in flash memory cells in the form of electric charges and direct addressing access is completed through the main control chip. The essential difference in architecture has enabled a comprehensive leap in the overall performance of SSDs. The read and write speed can be dozens or even hundreds of times that of traditional mechanical hard drives, the data latency has been reduced from the millisecond level to the microsecond level, and the overall power consumption of the device has also been effectively controlled.
Thanks to its all - around performance advantages, SSDs have long been fully popularized in the personal consumer electronics field. However, in the much larger enterprise commercial market, the industry implementation rhythm and technical standards are completely different.
Public information shows that the technical requirements of enterprise - level data centers for SSD products are much higher than those of ordinary consumer - level devices. Enterprise - level SSDs need to meet the reliability standards of 7×24 - hour non - stop high - load operation. At the same time, they have extremely strict assessment indicators in terms of data read and write latency, concurrent processing capacity, and product service life. In short, enterprise - level SSDs and consumer - level SSDs are not products of the same level, and their service customers, technical standards, and product positioning are completely different.
Limited by the extremely high technical threshold, for a long time in the past, domestic data centers mainly relied on traditional mechanical hard drives (HDD) to store large - scale cold data, and SSDs were only used in small - scale scenarios for hot data with high read and write performance requirements. As the AI industry has fully entered the commercial inference stage from the model training stage, the demand structure for enterprise - level SSDs in the market has undergone fundamental changes.
On the one hand, the single - machine storage capacity of AI servers has increased significantly. According to the latest industry statistics, the SSD configuration capacity of a single AI training server has exceeded 256TB, and the configuration capacity of inference servers can reach 70TB to 100TB, a 2.5 - to 3 - fold increase compared to 2023. The single - rack SSD capacity of NVIDIA's new - generation Vera Rubin architecture AI server can reach up to 1152TB. The continuous expansion of AI computing infrastructure has directly driven the steady increase in the market demand for SSDs.
On the other hand, the AI inference scenario has given rise to a new demand for high - speed storage. In the process of large - model inference, each dialogue interaction requires the use of KV Cache (key - value cache) to store intermediate context data. When the input sequence length increases from 1K token to 128K token, the space occupied by the KV Cache corresponding to a single request will soar from 0.5GB to 64GB. As AI applications continue to spread and long - context interaction scenarios become normal, the market demand for high - speed enterprise - level storage shows a linear or even exponential growth. Against the background of this industry change, the industrial strategic value of enterprise - level SSDs has been redefined by the market.
As one of the few domestic semiconductor storage enterprises with the full - stack self - research ability of "main control chip + firmware algorithm + module" for enterprise - level SSDs and stable mass production and shipment, Dapu Micro has quickly received enthusiastic support from capital market funds after its listing. As of now, the company has been listed for only one and a half months, and its overall market value has increased by 15 times.
Undoubtedly, relying on the high prosperity of the enterprise - level SSD track, Dapu Micro has good long - term development prospects. However, in contrast to the company's real fundamentals, the bubble risk contained in the current valuation cannot be ignored.
Beware of the Industry Cycle
The reason why Dapu Micro can continuously attract market funds is not only due to the top - tier industry trend of enterprise - level SSDs but also its high - barrier technical system, which is a core supporting factor.
As mentioned earlier, there are very few domestic enterprises that can achieve full - stack self - research and mass production and delivery of "main control chip + firmware algorithm + module" for enterprise - level SSDs. The independent implementation of the entire technical system is extremely difficult to develop.
Specifically, the main control chip is equivalent to the core "brain" of the SSD, responsible for coordinating data reading and writing, storage verification, and error correction; the firmware algorithm is equivalent to the device's underlying operating system, directly determining the operation stability and read and write efficiency of the SSD in actual application scenarios; the module, as the carrier of the terminal finished product, integrates hardware components such as chips and flash memory particles to form a complete and usable storage product. Currently, most domestic storage manufacturers only master the module assembly ability, and the core main control chips and firmware algorithms rely on external procurement, which fully highlights Dapu Micro's core competitive advantage.
According to public reports from industry media, Dapu Micro spent five years in technical breakthroughs to complete the full - stack self - research product from the design of enterprise - level storage main control chips to the implementation of the entire technical system.
In 2021, Dapu Micro launched the domestic enterprise - level PCIe 4.0 SSD main control chip and a full range of domestic PCIe 4.0 SSD products, filling the domestic industrial gap. Since then, the company's products have continued to be iterated and upgraded, and the proportion of self - developed main control chips in shipments has exceeded 75%, with a cumulative total shipment of over 4900PB. According to IDC statistics, in 2023, Dapu Micro's market share in the domestic enterprise - level SSD market reached 6.4%, ranking fourth in the industry and second among domestic independent manufacturers.
Even with the scarce technical barriers, the valuation bubble of the stock price cannot be concealed. At present, behind Dapu Micro's market value of over 330 billion yuan, the valuation is seriously mismatched with the fundamentals, and the bubble risk has become prominent.
From the perspective of the industry competition pattern, although Dapu Micro's full - stack self - research ability is prominent among domestic manufacturers, the dominance of the domestic enterprise - level SSD market is still firmly in the hands of international giants.
IDC data shows that in 2023, the top two manufacturers in the domestic enterprise - level SSD market were Samsung (25.5%) and Solidigm under SK Hynix (23.1%). The two foreign giants together accounted for nearly half of the market share, and Dapu Micro ranked fourth with a share of 6.4%. In 2024, the company's market share dropped to 3.0%, and its industry ranking dropped to fifth, and its ranking among domestic manufacturers dropped to third, which fully reflects the fierce competition in the enterprise - level SSD track.
While being strongly suppressed by foreign giants, Dapu Micro also faces significant pressure in domestic peer - to - peer competition. For example, although Yihang Chuangyuan, a domestic manufacturer, does not have independently developed main control chips, through cooperation with Alibaba's T-Head to customize main control chips and combined with its mature commercial operation ability, it ranks second among domestic brands with a market share of about 4.7%. The latest financial report data shows that Yihang Chuangyuan's net profit in the first quarter exceeded 450 million yuan, and its profit performance is significantly better than that of Dapu Micro.
In addition to the intensifying industry competition, Dapu Micro also has a prominent risk of over - dependence on major customers. The prospectus shows that during the reporting period, the revenue share of the company's top five customers has long fluctuated in the range of 57% to 78%, and in the first half of 2025, this share was 68.40%. According to industry estimates, ByteDance alone contributes about 35% of the company's revenue, and Alibaba contributes about 20% of the revenue. Once the purchase orders from leading customers are reduced, the company's overall revenue is likely to be greatly affected.
There is also a high - concentration risk on the supply chain side. The financial report shows that the company's core raw material, NAND Flash, completely relies on external procurement, and the procurement share of the top five suppliers has always exceeded 92%, with the procurement share of the largest supplier always higher than 65%. The upstream supply end is monopolized by international storage original manufacturers such as Samsung, SK Hynix, and Kioxia, and the industry concentration is extremely high. Dapu Micro, which is at the downstream of the industrial chain, has very limited bargaining power for raw materials.
Kanjian Finance believes that the explosion of the AI industry has driven the rapid expansion of the demand for enterprise - level SSDs. Dapu Micro, with its full - stack self - research technology, has received concentrated support from capital market funds. In this round of the storage super - cycle market, the market has over - priced the company's future performance growth space in advance. During the high - prosperity stage of the industry, it is a normal market phenomenon for enterprises to enjoy valuation premiums. However, the valuation bubble that deviates from the real performance fundamentals deserves high vigilance from the market.