Linghang Technology, which focuses on memory solutions, will hold a pre-listing performance presentation meeting on the 15th. The company's main business is the comprehensive design and manufacturing of memory and storage devices, operating cros...
Linghang Technology, which focuses on memory solutions, will hold a pre-listing performance presentation meeting on the 15th. The company's main business is the comprehensive design and manufacturing of memory and storage devices, operating cross-brand operation, ODM OEM and international systems integration markets, and focusing on ultra-frequency and electrical competition and industrial control niche markets.
Linghang Chairman Zeng Zhen said that by crossing complete product lines such as DRAM memory ICs, modules, Flash flash memory ICs and SSD solid drives, we have actively cultivated niche markets such as power competition, AI PC/Server, and industrial control to create a "one-stop memory integration service" and successfully established differentiated competition advantages.
Chairman Zeng Zhen further pointed out that Linghang avoids the frontal competition with general consumer memory manufacturers and sells not single memory ICs, but a complete memory system solution for the international memory manufacturers and the application scenario of the end electronic product. For example: AI applications, IPC industrial control, etc., provide customized module design and integration services to shape and shape the city; its products are widely used in electronic video ultra-frequency, AI edge computing, embedded devices, enterprise-level servers and cloud data centers, and also have the ability to solve B2G (enterprise-to-government) customer problem of enterprise and government bids.
In terms of operation model, Linghang adopts a dual-brand operation strategy, and its DRAM, Flash, and SSD products are mainly provided by Korean manufacturers. The dual brands goldkey and Neo Forza combine ODM business, covering diverse product lines such as Gaming and Industrial. The marketing version covers five continents and have obtained certification from many international computer manufacturers. The market layout of B2B and B2G is also becoming more and more mature, especially in the rapid expansion of government bidding markets such as international education notebooks and electronic whiteboards, showing strong connectivity.
In terms of market distribution, Linghang's three major customer groups account for a balanced proportion. In 2024, the system integration and bidding market accounted for 47%, the power competition and brand market accounted for 46%, and the industrial control market accounted for 7%, effectively dispersing risks and improving the stability of business and harvesting. In terms of product combination, DRAM products account for 68%, and Flash flash memory products account for 31%, with good product balance and flexible fluctuations in market prices.
In addition, the company's per capita production value in 2024 was higher than NT$86 million, and its operating performance was significantly better than other peers. Regarding the recent market changes, Linghang Technology pointed out that the increase in memory prices in the second quarter of 2025 is expected to affect the offset exchange rate, and the outlook for revenue and gross profit margin remains stable. Looking ahead to the third quarter, DDR4 is a market for the seller, and the company has also increased its inventory significantly. The research and development agency estimates that the contract price of DDR4 is expected to increase by 40-50% in the quarter. DDR5 is also due to the ability of large factories to concentrate HBM, which has caused the RDIMM to rise in price in shipments, and the estimated price will continue to the third quarter.
Linghang Technology's EPS in 2024 is NT$2.37, higher than NT$0.30 in 2022 and NT$1.3 in 2023, and allocated cash dividends of NT$1.5, with an allocation rate of more than 63%. Linghang also plans to be launched in early August.
