$CXMT CXMT target: 88 yuan! Domestic storage “giant dragon” space fully opens

CXMT ChangXin Memory, as the only DRAM mass-production IDM leader in China, is riding three tailwinds at once: the AI computing power boom, an upcycle in the memory cycle, and domestic substitution. It breaks the monopoly of overseas giants, keeps ramping capacity, and is set to hit a breakthrough inflection point in performance. Short-term volatility is likely to wash and grind down before bottoming, while long-term there is huge room for value re-rating. Firmly bullish on the sector’s fundamentals and the stock’s outlook, with a first target price of 88 yuan. The sector thesis hasn’t changed—any pullback is an opportunity to position; hold patiently and wait for valuation to recover.