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First, conclusion: Based on Changxin's profits and the price-to-earnings ratios of the world's three largest storage companies, Changxin's reasonable valuation is between 1.7 trillion and 2.1 trillion yuan. Given the scarcity of leading domestic DRAM companies, the market may offer a premium valuation of 2.1 to 3 trillion yuan. If combined with a low circulation ratio of 6.73% and market sentiment from South Korea's recently announced $950 billion semiconductor cooperation, there is a possibility of an intraday impact of 3 to 4 trillion yuan. 1. Based on profits and peer price-to-earnings ratios, what is Changxin worth? As of the close on July 24, the data for the world's three major storage companies was roughly as follows: Samsung Electronics: market value about 7.35 trillion yuan, 12-month profit about 386.7 billion yuan, price-to-earnings ratio about 20 times; SK Hynix: market value about 5.95 trillion yuan, 12-month profit about 348.7 billion yuan, price-to-earnings ratio about 17 times; Micron: market value about 7.04 trillion yuan, 12-month profit about 341.8 billion yuan, price-to-earnings ratio about 21 times. Based on Changxin's 2026 net profit of 100 billion yuan: a market value of 2.1 trillion yuan, corresponding to a 21x P/E ratio; A market value of 3 trillion yuan, corresponding to a 30x price-to-earnings ratio; A market value of 4 trillion yuan corresponds to a 40x price-to-earnings ratio. As a result, Changxin reached 2.1 trillion yuan, with a valuation roughly close to international peers. Changxin is not as big as the top three in scale, technology, and customers, but it is the only A-share company capable of large-scale DRAM production, and the market may offer some domestic substitution and a scarcity premium. It should be noted that three international companies use nearly 12