Northeast Securities: Assign a valuation range of RMB 32 trillion to RMB 57 trillion for Changxin Technology

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ME News, July 27 (UTC+8). ChangXin Technology was listed today. Northeast Securities used three cross-validation methods—market-share anchoring, earnings split PE, and unit production capacity—to arrive at an implied valuation range of RMB 3.2 trillion to RMB 5.7 trillion. Northeast Securities said that ChangXin’s 2025 minority shareholders’ profit and loss contribution is as high as 73.76%, far higher than Samsung, SK hynix, and Micron (all below 1%), so the valuation must exclude the impact of this portion. Assuming the minority shareholders’ profit and loss contribution remains at 24% in 2026 and 2027, the conclusions from the three methods are as follows: after excluding the impact of minority shareholders’ profit and loss, a reasonable valuation is RMB 3.2~5.7 trillion. (Source: BlockBeats)
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