CXMT revenue set for sharp acceleration as memory prices surge

Chinese memory-chip maker CXMT Corp. (SSE: 688825) is set for a sharp acceleration in revenue in 2026 as AI-driven demand tightens the global memory market and pushes up DRAM prices. Visible Alpha consensus shows revenue to rise 506% year-on-year to CNY374 billion in 2026.

Traditional DRAM is expected to account for the bulk of the increase, with revenue projected to jump 507% to CNY366 billion, driven by a 206% increase in average selling prices and a 79% rise in shipments. High-bandwidth memory (HBM), a nascent product category for CXMT, is expected to account for the remainder.

The forecast comes as CXMT rapidly expands production and gains share in a supply-constrained market. Global DRAM demand continues to outstrip supply as AI infrastructure drives demand for both conventional DRAM and HBM, while major suppliers including Samsung Electronics Co. Ltd., SK hynix Inc. and Micron Technology Inc. are directing more capacity towards AI-related memory.

The revenue surge is expected to translate into a sharp improvement in profitability. Gross profit is forecast to increase 1,167% year-on-year to CNY320 billion in 2026, pushing gross margin to 85.7%. DRAM gross profit alone is projected to reach CNY317 billion, up 1,189%, highlighting the earnings leverage to higher memory prices.
CXMT is also set to maintain heavy investment in production capacity, with capital expenditure forecast to rise 62% to CNY80.5 billion in 2026.

CXMT raised about $8.6 billion in its July 27 Shanghai STAR Market listing, providing funding for further capacity expansion and technology development. The company is expected to report third-quarter results on October 31.

This article was published by Visible Alpha, part of S&P Global Market Intelligence and not by S&P Global Ratings, which is a separately managed division of S&P Global.