互联类芯片高速成长，看好 DDR5 渗透率提升 2024 年 08 月 28 日 核心观点 澜起科技（688008.SH） 推荐 维持评级 主要财务指标预测 ⚫ 事件 公司发布 2024 半年度报告，公司 24H1 实现收入 16.65 亿元，同比 +79.49%，实现归母净利润 5.93 亿元，同比+624.63%，业绩高速成长，整体业 绩符合预期。 ⚫ 毛利率稳步提升，规模效应逐步显现。从公司 24Q2 营收水平来看，24Q2 营 收 9.28 亿元，同比+83%，环比+26%，归母净利润 3.70 亿元，同比+495%，环 比+66%；扣非归母净利润 3.25 亿元，同比+9133%，环比+48%，单季度扣非归 母净利润创新高。从业务拆分来看，公司 24H1 互联芯片实现收入 15.28 亿元， 同比 67.89%，毛利率为 62.43%，津逮®服务器平台收入 1.30 亿元，同比+846%， 毛利率为 3.87%。其中 24Q2，互连类芯片二季度收入 8.33 亿元，同比+67.3%， 环比+19.92%，创该产品线单季度历史新高，主要系 DDR5 渗透率提升推动内存 接口及模组配套芯片收入增长。公司 ...

Investment Rating - The investment rating for the company is "Outperform the Market" [4] Core Views - The company achieved a record high in non-net profit attributable to the parent company in Q2, with a revenue growth of 83% year-on-year and a significant increase in profitability [1][2] - The company is actively advancing new product development and iteration, expanding its product categories, particularly in interconnect chips and server platforms [2] - The forecast for net profit attributable to the parent company for 2024-2026 is 1.354 billion, 1.941 billion, and 2.641 billion yuan respectively, with corresponding PE ratios of 45, 32, and 23 times [2][3] Financial Performance Summary - In the first half of 2024, the company achieved a revenue of 1.665 billion yuan, a year-on-year increase of 79.49%, and a net profit of 593 million yuan, a year-on-year increase of 624.63% [1] - The gross profit margin improved to 57.78%, with R&D expenses increasing by 21% to 367 million yuan, while the R&D expense ratio decreased by 10.6 percentage points to 22% [1] - The interconnect chip revenue for the first half of 2024 was 1.528 billion yuan, accounting for 92% of total revenue, with a gross margin of 62.43% [1] Product Development and Market Position - The company has launched the DDR5 fourth-generation RCD chip and is preparing for mass production of the DDR5 CKD chip, while also making significant progress in developing PCIe 6.0 Retimer chips [2] - The server platform product line saw a revenue increase of 846% year-on-year, indicating strong market demand and successful product launches [1][2]

电子 | 证券研究报告 — 业绩评论 2024 年 8 月 27 日 688008.SH 买入 原评级：买入 市场价格:人民币 53.10 板块评级:强于大市 股价表现 (13%) (3%) 6% 15% 25% 34% Aug-23Sep-23Nov-23Dec-23Jan-24Feb-24Mar-24Apr-24May-24Jun-24Jul-24Aug-24 澜起科技 上证综指 (%) 今年 至今 1 个月 3 个月 12 个月 绝对 (7.8) (8.8) 6.7 10.6 相对上证综指 (4.2) (7.6) 14.3 17.4 | --- | |-----------| | 1,142.54 | | 1,142.54 | | 60,668.75 | | 1,031.59 | | | | 7.63 | | | 以 2024 年 8 月 26 日收市价为标准 相关研究报告 《澜起科技》20240708 《澜起科技》20240426 《澜起科技》20240403 中银国际证券股份有限公司 具备证券投资咨询业务资格 电子：半导体 证券分析师：苏凌瑶 lingyao.su@bocichina.com 证券投 ...

Financial Performance - The company reported a revenue of RMB 1.5 billion for the first half of 2024, representing a year-on-year increase of 20%[1]. - The company achieved operating revenue of CNY 1.664 billion in the first half of 2024, representing a 79.49% increase compared to the same period last year[21]. - Net profit attributable to shareholders reached CNY 593 million, a significant increase of 624.63% year-on-year[21]. - The cash flow from operating activities was CNY 819 million, reflecting a 460.21% increase compared to the same period last year[21]. - In Q2 2024, the company achieved revenue of 928 million RMB, a year-on-year increase of 82.59% and a quarter-on-quarter increase of 25.83%[24]. - The net profit attributable to the parent company reached 370 million RMB, a year-on-year increase of 395% and a quarter-on-quarter increase of 65.50%[24]. - The net profit attributable to the parent company after deducting non-recurring gains and losses was 325 million RMB, a year-on-year increase of 9133% and a quarter-on-quarter increase of 47.81%, marking a historical high for the company[24]. - The company’s net profit, excluding share-based payment expenses, was 615 million RMB, a year-on-year increase of 337.32%[28]. - The net profit attributable to the parent company for the first half of 2024 reached 615 million RMB, a year-on-year increase of 337.32%[132]. User Growth and Market Expansion - User data indicates a growth in active users by 15% compared to the previous half-year, reaching a total of 3 million active users[1]. - The company is expanding its market presence in Southeast Asia, targeting a 10% market share by the end of 2025[1]. - A strategic acquisition of a smaller tech firm was completed, which is expected to contribute an additional RMB 200 million in annual revenue[1]. - The company plans to enhance its supply chain efficiency, aiming to reduce costs by 5% over the next year[1]. Research and Development - The company has invested RMB 300 million in R&D for new technologies aimed at improving chip performance and energy efficiency[1]. - The company’s R&D investment accounted for 22.03% of operating revenue, a decrease of 10.60 percentage points from the previous year[22]. - The company reported a total R&D expenditure of ¥366,715,760.33, representing a 21.16% increase compared to ¥302,679,003.20 in the same period last year[114]. - The number of R&D personnel increased to 559, representing 75.24% of the total workforce, compared to 515 and 74.53% in the previous year[121]. - The company launched the DDR5 fourth-generation RCD chip in January 2024, continuing to lead in the memory interface chip sector[124]. Product Development and Innovation - New product development includes the launch of a next-generation memory module, which is anticipated to enhance data security for data center applications[1]. - The introduction of new memory technologies, such as DDR5 with data rates reaching 6400MT/s, is expected to drive future growth and market expansion[13]. - The company is focusing on the development of high-bandwidth memory expansion modules based on the CXL protocol, targeting applications in big data, AI, and cloud services[13]. - The company is actively pursuing partnerships and collaborations to enhance its product offerings and market reach, particularly in the data center and high-performance computing sectors[13]. - The introduction of new products, such as MXC memory expanders, is expected to enhance the company's competitive position in the market[13]. Market Trends and Projections - Future guidance indicates a strong demand for PCIe®4.0/5.0/6.0 retimer chips, addressing the need for high-speed data transmission in data centers[13]. - The global server market sales in Q1 2024 reached 40.75 billion USD, a year-on-year increase of 59.9%[31]. - The AI server market is projected to reach 187 billion USD in 2024, with a growth rate of 69%[32]. - The global AI PC shipment is expected to reach 48 million units in 2024, capturing approximately 18% of the PC market[33]. Competitive Landscape - The competitive landscape for DDR5 memory interface chips includes major suppliers such as 澜起科技, 瑞萨电子, and Rambus, with a complex competition for PMIC chips[39]. - The company has maintained a leading position in the DDR4 generation and continues to lead in the DDR5 generation, providing complete memory interface and module solutions, being one of only two companies globally to do so[55]. - The company is a leading global supplier of PCIe 5.0/CXL 2.0 Retimer chips, with proprietary PCIe SerDes IP successfully applied in its products[125]. Risks and Challenges - The company faces risks in product development due to long cycles and high capital investment, which may lead to misjudgment of market demand[147]. - The company has a high customer concentration risk in its memory interface chip products, with top three clients holding over 90% market share in the DRAM market[148]. - The company is closely monitoring global trade tensions and semiconductor export control policies that may impact its operations[156]. Environmental and Governance - The company emphasizes its commitment to environmental protection and compliance with various environmental laws and regulations[195]. - The company has implemented energy management systems to improve energy efficiency and reduce greenhouse gas emissions[195]. - The company has adopted multiple water-saving measures to enhance water resource utilization[195]. - The company has established control procedures for waste management and environmental health safety monitoring[195]. - The company completed the election of the third board of directors and supervisory board, enhancing governance structure and diversity[145].

澜起科技股份有限公司 关于 2024 年度"提质增效重回报"专项行动方案的 半年度评估报告 为践行"以投资者为本"的上市公司发展理念，维护全体股东利益，基于对 公司未来发展前景的信心及价值的认可，澜起科技股份有限公司（以下简称"公 司"或"澜起科技"）于 2024 年 4 月 10 日披露了《2024 年度"提质增效重回报" 行动方案》，以进一步巩固公司行业领先地位，提升核心竞争力，保障投资者权 益，树立良好的资本市场形象。2024 年上年度，公司积极落实该方案，取得了显 著成效。具体表现如下： 一、专注于做强主业，提升经营质量，实现主营业务显著增长 澜起科技是一家国际领先的数据处理及互连芯片设计公司，致力于为云计算 和人工智能领域提供高性能、低功耗的芯片解决方案，目前公司拥有两大产品线， 互连类芯片产品线和津逮®服务器平台产品线。在人工智能时代，计算机的"算 力"和"存力"需求快速增长，系统对"运力"提出了更高的需求。澜起科技是 一家为计算和智算提供高性能"运力"的企业，公司多款高速互连芯片产品可有 效提升系统的"运力"，将在未来的人工智能时代发挥重要作用。 澜起科技的互连类芯片产品主要包括内存接口芯片（含 ...

澜起科技(688008.SH) 2024 年 08 月 24 日 电子 互连类芯片领先企业，AI助力新腾飞 推荐（首次） 股价：54.16 元 主要数据 行业 电子 公司网址 www.montage-tech.com/cn 大股东/持股 中国电子投资控股有限公司/5.70% 实际控制人 总股本(百万股) 1,143 流通 A 股(百万股) 1,143 流通 B/H 股(百万股) 总市值（亿元） 619 流通 A 股市值(亿元) 619 每股净资产(元) 8.93 资产负债率(%) 4.6 行情走势图 证券分析师 付强 投资咨询资格编号 S1060520070001 FUQIANG021@pingan.com.cn 徐勇 投资咨询资格编号 S1060519090004 XUYONG318@pingan.com.cn 研究助理 陈福栋 一般证券从业资格编号 S1060122100007 CHENFUDONG847@pingan.com.cn 平安观点： 互连类芯片领先企业，AI 浪潮助力新增长。公司是全球互连类芯片的主要 供应商之一，产品线包括内存接口芯片、运力芯片以及津逮服务器平台， 可提供 DDR2-DDR5 ...

Investment Rating - The report assigns a "Buy" rating to the company, indicating strong growth potential driven by DDR5 market penetration and AI-driven demand [1] Core Viewpoints - DDR5 market penetration is accelerating, with global DDR5 market penetration expected to reach 40%-50% in 2024 and 65% in 2025 [2] - The company is a leader in DDR5 memory interface chips and has developed supporting chips (SPD, TS, PMIC) for DDR5 LRDIMM applications, which are expected to see increased shipments [2] - PCIe Retimer chip demand is becoming more rigid, with the global PCIe Retimer market expected to grow at a CAGR of 39% in 2024, 36% in 2025, and 40% in 2026 [2] - The company is well-positioned in the high-performance PC market, with DDR5 6400MT/s and above memory expected to drive demand for DDR5 memory interface and CKD chips [2] - The company is strategically developing MRDIMM and MXC chips, targeting the growing edge computing market [2] Strategic Positioning and Product Line - The company has a clear strategic focus on memory interface chips, with a history of developing solutions from DDR2 to DDR5, maintaining a leading position in the industry [8][9] - It is a key player in DDR5 RCD chip development and has established itself as a leader in high-speed interconnect solutions [5][11] - The company has successfully launched DDR5 Gen1 to Gen4 products and is preparing for the next generation of DDR5 chips [12][15] - The company is also developing MRDIMM and MXC chips, targeting AI and edge computing applications [22][23] Market Trends and Growth Drivers - DDR5 market penetration is expected to grow significantly, with global DDR5 memory module shipments projected to reach 260-320 million units in 2024 [19] - The AI PC market is expected to drive demand for CKD chips, with the market size potentially reaching 500 million USD by 2027 [27][29] - The PCIe Retimer market is expected to grow rapidly, with the company being one of the few global players capable of producing PCIe 5.0 Retimer chips [31][34] - Edge computing is a growing market, with global edge computing spending expected to reach 232 billion USD in 2024, growing at a CAGR of 11% from 2022 to 2027 [25] Financial Performance and Outlook - The company's revenue for H1 2024 is expected to be 1.665 billion CNY, a year-on-year increase of 79.49%, with net profit expected to grow by 635% [48] - DDR5 memory interface chip penetration is driving ASP growth, leading to improved gross margins [49] - The company's R&D expenses have increased significantly, with a focus on developing next-generation products [54] - Inventory turnover has improved, and asset impairment losses have narrowed, indicating better operational efficiency [57] Valuation and Earnings Forecast - The company's revenue is expected to grow significantly, with 2024-2026 revenue forecasts of 4.11 billion CNY, 6.18 billion CNY, and 8.08 billion CNY, respectively [60][61] - Net profit is expected to grow rapidly, with 2024-2026 net profit forecasts of 1.416 billion CNY, 2.448 billion CNY, and 3.425 billion CNY, respectively [63][64] - The company's PE ratio for 2024 is estimated at 47.82x, with a "Buy" rating based on strong growth potential [64]

澜起科技股份有限公司 投资者关系活动记录表 证券简称：澜起科技 证券代码：688008 编号：2024-017 √特定对象调研 □分析师会议 □媒体采访 投资者关系 活动类别 □业绩说明会 □新闻发布会 √路演活动 □现场参观 √其他（电话会议） Asia Securities Industry & Financial Markets Association Eastspring Investment Federated Hermes JP Morgan Chase Bank (China) Limited Jefferies Group Manulife Financial 参与单位名 称 Tiger Global Management 大和资本市场香港有限公司 创金合信基金管理有限公司 兴证全球基金管理有限公司 华泰证券股份有限公司 国泰君安证券股份有限公司 中信证券股份有限公司 时间 2024年8月7日~9日 地点 公司会议室，部分通过电话会议形式接待调研。2024年8月9日，公司参 加上海证券交易所组织的"科创板专题线上国际路演"。 出席人员 公司董事长兼CEO杨崇和博士、董事会秘书傅晓女士等，其中杨 ...

Investment Rating - The report assigns an "Overweight" rating to Montage Technology (688008 SH) for the first time [2] Core Views - Montage Technology is a leading interconnect chip designer with a complete solution portfolio from DDR2 to DDR5, and has a forward-looking layout in high-speed transmission [2] - DDR5 market penetration is accelerating, with global DDR5 penetration expected to reach 40%-50% in 2024 and 65% in 2025 [2] - The company has a competitive advantage in the DDR5 interface market, having launched DDR5 RCD chips from Gen1 to Gen4 [2] - PCIe Retimer chip demand is becoming more rigid, with the global PCIe Retimer market expected to reach $500 million in 2024, growing at 39% YoY [2] - The company is at the forefront of CKD chip development, with demand expected to reach 200 million units in the next 2-3 years [2] Strategic Layout and Product Lines - Montage Technology focuses on memory interface chips and high-speed interconnect solutions, with products widely used in data centers, cloud computing, and AI [10] - The company has a complete solution portfolio from DDR2 to DDR5 and is a key player in JEDEC standards development [10] - Montage Technology's product lines include memory interface chips, memory module companion chips, MRCD/MDB chips, CKD chips, PCIe Retimer chips, and MXC chips [15] - The company has a strong position in DDR5 RCD chips, being one of the first to launch Gen1 to Gen4 DDR5 RCD chips [20] Market Demand and Growth Drivers - DDR5 market penetration is expected to grow rapidly, driven by server and PC demand, with DDR5 penetration reaching 40%-50% in 2024 and 65% in 2025 [40] - PCIe Retimer chip demand is driven by AI servers, with a typical 8-GPU AI server requiring 8-16 PCIe 5 0 Retimer chips [45] - CKD chip demand is expected to benefit from the AI PC era, with the global AI PC market expected to reach 48 million units in 2024 [49] - The CXL market is expected to grow significantly, with global CXL market size projected to reach $21 billion in 2026 and $158 billion in 2028 [51] Financial Performance and Outlook - The company's revenue and net profit are expected to grow significantly from 2024 to 2026, with net profit projected to reach 1 416 million yuan in 2024, 2 448 million yuan in 2025, and 3 425 million yuan in 2026 [4] - DDR5 product penetration and new product launches are expected to drive revenue and profit growth, with DDR5 Gen2 replacing Gen1 as the mainstream product in 2024 [40] - The company's gross margin is expected to improve as DDR5 products gain market share, with gross margin projected to increase from 58 9% in 2023 to 68 4% in 2026 [6]

证券代码：688008 证券简称：澜起科技 公告编号：2024-052 澜起科技股份有限公司 股东询价转让结果报告书 暨持股 5%以上股东权益变动达到 1%的提示性公告 中国电子投资控股有限公司（以下简称"中电投控"）、嘉兴芯电投资合伙企业 （有限合伙）（以下简称"嘉兴芯电"）、WLT Partners, L.P. （以下简称"WLT"） （上述主体合称"转让方"）保证向澜起科技股份有限公司（以下简称"澜起科 技"或"公司"）提供的信息内容不存在任何虚假记载、误导性陈述或者重大遗 漏，并对其真实性、准确性和完整性依法承担法律责任。 本公司董事会及全体董事保证公告内容与出让方提供的信息一致。 重要内容提示: 一、 转让方情况 | 序号 | 股东名称 | 持股数量（股） | 持股比例 | | --- | --- | --- | --- | | 1 | 中电投控 | 70,221,171 | 6.15% | | 2 | 嘉兴芯电 | 11,148,300 | 0.98% | | 3 | WLT | 56,512,524 | 4.95% | 本次询价转让的转让方中电投控、嘉兴芯电、WLT 均非公司的控股股东、实 际控 ...