Northeast Securities: Assigns a valuation range of ¥3.2 trillion to ¥5.7 trillion to Longxin Technology

BlockBeats News, July 27, Changxin Technology was listed today. Northeast Securities used three methods—market share anchoring, profit split PE, and unit capacity validation—to cross-validate and provided a valuation range of ¥32-57 trillion.

Northeast Securities pointed out that in 2025, Changxin's minority shareholders' income accounts for as high as 73.76%, much higher than Samsung, Hynix, and Micron (all less than 1%), and this impact must be excluded from the valuation. Assuming that the minority shareholders' income ratio remains unchanged at 24% in 2026 and 2027, the conclusions of the three methods are as follows: a reasonable valuation range of ¥32-57 trillion after excluding the impact of minority shareholders' income.