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Driven by both higher prices and increased volumes, domestic storage leader Cxmt Corporation (688825) has once again delivered explosive results, with net profit for the first three quarters expected to exceed 130 billion yuan. Daily candlestick chart of Cxmt Corporation.
On the evening of October 16, Cxmt Corporation released its performance forecast for the first three quarters of 2026. The company expects operating revenue of approximately 265 billion yuan to 270 billion yuan, an increase of 232.916 billion yuan to 237.916 billion yuan compared with the same period last year. It expects net profit attributable to shareholders of the listed company of approximately 131 billion yuan to 132.5 billion yuan, an increase of 136.28 billion yuan to 137.78 billion yuan compared with the same period last year. Based on the upper end of the estimated net profit, Cxmt Corporation earned an average of 485 million yuan per day in the first three quarters.
Regarding the reasons for the performance growth in the first three quarters, Cxmt Corporation stated that since the second half of 2025, demand for AI computing power has grown rapidly, the global DRAM industry's prosperity has improved, products have been in short supply, and prices have risen sharply. The company has steadily advanced capacity construction, product research and development, and process technology upgrades, further improving unit wafer output and capacity utilization, and the company's scale effect has continued to emerge. At the same time, the company has continued to optimize operational management, actively expand the market, and continuously deepen collaborative cooperation across the upstream and downstream of the industrial chain, driving the continued expansion of business scale. During the reporting period, the company accurately grasped industry development opportunities and, relying on sustained research and development investment and iterative process upgrades, promoted continuous optimization of its product structure. Capacity utilization remained at a high level, and overall performance achieved significant improvement.
From a fundamental perspective, Cxmt Corporation is China's largest, most technologically advanced, and most comprehensively positioned integrated DRAM research and development, design, and manufacturing enterprise. Its shareholder lineup behind it includes about 60 institutional investors, including national-level industrial funds, local state-owned capital platforms, banks and insurance funds, leading industrial capital, and market-oriented venture capital institutions. Around the construction of the upstream and downstream industrial chain, subsequent capacity expansion, and advanced process research and development, the company has built a supply system covering all links including equipment, materials, packaging and testing, and distribution. This has also made it regarded as a core asset of the domestic storage industrial chain since its listing.
However, after the profit forecast announcement and the buyback plan were disclosed one after another, Cxmt Corporation's share price suffered a sharp decline after the market opened on October 19, falling more than 8% at one point during the session, then continuing to fluctuate, with the closing decline fixed at 7.77%, closing at 41.52 yuan. In addition, on October 19, Cxmt Corporation's single-day turnover reached 18.098 billion yuan, the highest in the A-share market that day, far exceeding Zhongji Innolight's 12.878 billion yuan and New Easy Electronics' 10.064 billion yuan.
Industry analyst Chen Meng, who was interviewed by Financial Investment News, said: "The core reason why Cxmt Corporation's performance forecast shows substantial growth but its share price continues to decline is the mismatch between 'performance realization' and 'expectation trading.' From an industry perspective, storage price increases and profit recovery had already been fully reflected in the earlier share price. The market is more worried about subsequent price declines, capital expenditure for capacity expansion, and depreciation pressure, so the positive performance news instead triggered 'selling on good news.' In addition, pressure on overseas technology stocks also spread to A-shares, and funds withdrew from high-valuation growth stocks, making it difficult for individual stocks to strengthen independently. In the short term, the share price is dominated by expectations, capital, and risk appetite, and performance growth has not yet reversed the sector's adjustment trend. But in the medium to long term, after valuation returns, Cxmt Corporation remains one of the important investment targets in the semiconductor industry."
It is worth noting that against the backdrop of recent sharp volatility in global technology stocks, Cxmt Corporation has also seen a clear correction. Some analysts pointed out that on the revenue side, Cxmt Corporation benefits from an increase in the domestic substitution rate, capacity release, and a rebound in storage prices, with shipments maintaining growth. On the profit side, it is jointly affected by depreciation and amortization, research and development investment, and product price fluctuations, and its performance elasticity is highly tied to the storage cycle. The high valuation the market gives it includes both long-term expectations for the domestic DRAM space and relatively high requirements for advanced process breakthroughs and profit realization. The synchronized downturn in global technology stocks is due, first, to loosening holdings caused by overly crowded trading, and second, to rising concerns that share prices have already priced in future performance growth.
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