One-sentence summary
Using CXMT's Q3 2026, this walks through four steps to read a domestic DRAM maker's report: revenue/profit and YoY, product mix and subsidiaries, the 4F2 node, and Q4 guidance.
Step 1: Start with Revenue, Profit and YoY
CXMT Q3 revenue was about RMB 118.714B (+613.18% YoY) and attributable net profit about RMB 54.435B, turning profitable. The steep YoY growth reflects memory price hikes and shortage; check QoQ for trend.
Step 2: Look at Product Mix and Subsidiaries
H1 DDR was 46.22% and LPDDR 52.02%; subsidiaries Xinqiao and Jidian grew over 50% QoQ in revenue and profit, the main Q3 drivers.
Step 3: Understand the Process Node
Its 6th-gen platform is based on 4F2 vertical-channel DRAM; engineering-sample verification means core specs meet targets on real wafers, allowing mass production after client verification.
Step 4: Compare Q4 Guidance
CXMT expects Q4 gross margin to stay stable and has signed long-term deals with head customers; watch client verification and capacity ramp.
Sources
- Guancha (QQ News): November 1 hard-tech brief