ChangXin Memory Technologies (CXMT) reported third-quarter net profit of 54.4 billion yuan (about $8.1 billion) on revenue of 118.71 billion yuan, up 613.2% from a year earlier, in its first quarterly report since its July IPO, Reuters reported on October 30.
Revenue rose 19.3% from the second quarter and gross margin reached 89.53%. Over the first nine months, revenue was 269.02 billion yuan and profit 132.04 billion yuan, against a 5.28 billion yuan loss a year earlier, according to Reuters.
Gizmochina reported that CXMT has benefited as Samsung, SK hynix and Micron shifted capacity toward high-bandwidth memory (HBM) for AI, tightening supply of standard DRAM.
The company now wants into HBM itself. Unnamed sources told Reuters that CXMT plans limited HBM3E production within two months, with yields of 20% to 30% versus about 70% at SK hynix. Those figures were not confirmed, and they suggest the AI-memory gap is not yet closed.
Investors have not simply followed the profits: CXMT shares have fallen 32% from an August peak, Reuters said.
