澜起科技( [Table_StockNameRptType] 688008) 公司点评 季度业绩持续兑现,"运力"新产品快速增长 主要观点: ⚫[Table_Summary] 事件 2024 年 7 月 5 日晚,澜起科技公告 2024 年半年度业绩预告,2024 年 半年度实现营业收入 16.65 亿元,同比增长 79.49%;归母净利润 5.83 亿元~6.23 亿元,同比增长 612.73%~661.59%;扣非归母净利润 5.35 亿元~5.65 亿元,同比增长 13924.98%~14711.96%。对应 2Q24 单季 度营业收入 9.28 亿元,同比增长 82.59%;单季度归母净利润 3.6 亿元 ~4.0 亿元,同比增长 4.79 倍~5.44 倍;单季度扣非归母净利润 3.15 亿 元~3.45 亿元,同比增长 88.59 倍~97.12 倍。 ⚫ DDR5 持续迭代,季度业绩不断兑现 澜起科技 2Q24 收入 9.28 亿元,同比增长 82.6%,环比增长 25.8%; 具体拆分来看,互联类芯片收入为 8.33 亿元,同比增长 67.3%,环比 增长 19.9%,创该产品线单季度销售收入 ...

公司研究 全球数据处理及互联芯片龙头持续受益 AI 浪潮 ——澜起科技(688008.SH)跟踪报告之十二 要点 事件:澜起科技发布 2024 年半年度业绩预告:2024 年半年度实现营业收入 16.65 亿元,较上年同期增长 79.49%;2024 年半年度实现归属于母公司所有者的净 利润 5.83 亿元~6.23 亿元,较上年同期增长 612.73%~661.59%;2024 年半年 度实现归属于母公司所有者的扣除非经常性损益的净利润 5.35 亿元~5.65 亿元, 较上年同期增长 13924.98%~14711.96%。 点评: DDR5 下游渗透率提升且 DDR5 子代迭代持续推进,带动公司收入增长。2024 年上半年,公司预计实现营业收入 16.65 亿元,较上年同期增长 79.49%,其中: 互连类芯片产品线销售收入约为 15.28 亿元,津逮®服务器平台产品线销售收入 约为 1.30 亿元。24Q2 单季,公司预计互连类芯片产品线销售收入为 8.33 亿元, 环比增长 19.92%。公司 2024 年第二季度互连类芯片收入增长的原因包括:1、 随着 DDR5 渗透率进一步提升,公司的内存接口及 ...

2Q24:互连芯片收入、扣非利润创历 史新高 | 华泰研究 公告点评 | | 投资评级(维持): | 买入 | |---------------------------------------|--------|--------------------|--------| | 2024 年 7 月 08 日│中国内地 | 半导体 | 目标价(人民币 ): | 74.50 | 2Q24 互连类芯片收入、扣非归母净利润均创历史单季度新高 公司 2Q24 实现营收 9.28 亿元(yoy:+82.59%,qoq:+25.84%),归母净 利润 3.6-4.0 亿元(中值同比增长 5 倍,qoq:+70.09%),扣非归母净利润 3.15-3.45 亿元(中值同比增长 93 倍,qoq:+50.25%)。2Q24 公司互连类 芯片收入创单季度历史新高,其中:1)内存接口及模组配套芯片需求实现 恢复性增长,收入环比稳步提升;2)PCIe Retimer、MRCD/MDB 及 CKD 三款新品持续放量,收入合计约 1.3 亿元。此外,DDR5 渗透率提升推动下, 2Q24 公司互连类芯片毛利率达 63-64%(中值环比+ ...

Investment Rating - The report maintains a **Buy** rating for Montage Technology (688008 SH) with a target price of **81 10 RMB per share**, representing a potential upside from the current price of **57 31 RMB per share** [2] Core Views - Montage Technology reported strong H1 2024 results with revenue of **1 665 billion RMB**, a **79 49% YoY increase**, and net profit attributable to shareholders of **583~623 million RMB**, a **612 73%~661 59% YoY increase** [1] - In Q2 2024, the company achieved revenue of **928 million RMB**, up **82 59% YoY**, with net profit attributable to shareholders of **360~400 million RMB**, a **4 79~5 44x YoY increase** [1] - The interconnect chip segment reached a record high in Q2 2024, with revenue of **833 million RMB**, up **19 92% QoQ**, and gross margin expected to be **63%~64%**, further improving QoQ [1] - Three AI-related high-performance chips showed rapid growth in Q2 2024: - PCIe Retimer chip shipments doubled to **300k units** in Q2 from **150k units** in Q1 [1] - MRCD MDB chip revenue exceeded **50 million RMB** in Q2, up from **20 million RMB** in Q1 [1] - CKD chip began mass production in April 2024, with Q2 revenue exceeding **10 million RMB** [1] Financial Forecasts - Revenue is expected to grow **100 1% YoY** in 2024 to **4 574 billion RMB**, followed by **40 9% growth** in both 2025 and 2026 [4] - Net profit attributable to shareholders is projected to increase **242 2% YoY** in 2024 to **1 543 billion RMB**, with further growth of **65 1%** in 2025 and **56 7%** in 2026 [4] - EPS is forecasted to be **1 35 RMB** in 2024, **2 23 RMB** in 2025, and **3 50 RMB** in 2026 [4] - The company's ROE is expected to improve significantly from **4 4%** in 2023 to **13 3%** in 2024, **18 1%** in 2025, and **22 1%** in 2026 [4] Product Breakdown - In H1 2024, interconnect chips contributed **1 528 billion RMB** in revenue, while the Jintide server platform generated **130 million RMB** [1] - The growth in interconnect chips was driven by increased DDR5 penetration and strong demand for AI-related high-performance chips [1]

Investment Rating - The report maintains a "Recommended" rating for the company [1][2]. Core Insights - The company is expected to achieve a revenue of 1.665 billion yuan in the first half of 2024, representing a year-on-year growth of 79.49%. The net profit attributable to shareholders is projected to be between 583 million and 623 million yuan, showing a significant increase of 612.73% to 661.59% year-on-year [1]. - In Q2 2024, the company reported a revenue of 928 million yuan, which is an 82.6% increase year-on-year and a 25.8% increase quarter-on-quarter. The net profit attributable to shareholders is expected to be between 360 million and 400 million yuan, reflecting a year-on-year growth of 479.1% to 543.5% [1]. - The company is a leader in the memory interface chip sector and is benefiting from the accelerated penetration of DDR5 technology. The introduction of new products such as PCIe retimer and various memory controllers is expected to drive future growth [1]. Financial Performance Summary - For the first half of 2024, the company anticipates interconnect chip revenue of 1.528 billion yuan and revenue from the Tsindai server product line of 130 million yuan. In Q2 2024, interconnect chip revenue reached 833 million yuan, a year-on-year increase of 67.6%, while the Tsindai server product line revenue was 91 million yuan, showing a year-on-year growth of 911.1% [1]. - The company has begun mass shipments of DDR5 second-generation RCD chips and expects to start large-scale shipments of the third-generation RCD chips in the second half of 2024. The fourth-generation RCD chips are set to be launched in January 2024 [1]. - The company has launched several high-performance AI chips, with significant sales growth in Q2 2024, including 300,000 PCIe retimer chips shipped monthly, and over 50 million yuan in revenue from MRCD/MDB chips [1]. Financial Forecast - The company forecasts net profits of 1.433 billion yuan, 2.180 billion yuan, and 2.620 billion yuan for 2024, 2025, and 2026 respectively, with corresponding PE ratios of 46, 30, and 25 times [2][6].

核心观点 ⚫ 公司发布 24 年半年度业绩预增公告。24H1,公司预计实现营收 16.7 亿元,同比增 长约 79%;预计实现归母净利润 5.83-6.23 亿元,同比增长约 6-7 倍;预计实现扣非 归母净利润 5.35-5.65 亿元,同比增长约 139-147 倍。其中,24 年第二季度,公司 预计实现营收 9.28 亿元,同比增长约 83%;预计实现归母净利润 3.6-4.0 亿元,同 比增长约 5 倍;预计实现扣非归母净利润 3.15-3.45 亿元,同比增长约 89-97 倍,预 计创公司单季度扣非归母净利润新高。 ⚫ DDR5 渗透率进一步提升,内存接口及模组配套芯片销售收入环比稳健增长。 DDR5 下游渗透率提升且 DDR5 子代迭代持续推进,2024 年上半年公司 DDR5 第 二子代 RCD 芯片出货量已超过第一子代 RCD 芯片,公司内存接口及模组配套芯片 需求实现恢复性增长。津逮服务器平台产品线销售收入约 1.30 亿元。 ⚫ PCIe Retimer 芯片出货量快速增长。公司是全球领先的 PCIe 5.0 Retimer 芯片供应 商之一,受益于全球 AI 服务器需求旺盛以及公司市场 ...

Revenue Growth - The company expects to achieve a revenue of 1.665 billion yuan for the first half of 2024, representing a growth of 79.49% compared to the same period last year[2] - For Q2 2024, the company anticipates a revenue of 928 million yuan, which is an increase of 82.59% year-on-year[5] - The sales revenue from the interconnect chip product line is projected to be 833 million yuan in Q2 2024, achieving a historical high for the product line[5] Net Profit Projections - The net profit attributable to the parent company is projected to be between 583 million yuan and 623 million yuan, an increase of 612.73% to 661.59% year-on-year[2] - The net profit attributable to the parent company, excluding non-recurring gains and losses, is expected to be between 535 million yuan and 565 million yuan, reflecting a staggering growth of 13,924.98% to 14,711.96% compared to the previous year[2] - The net profit for Q2 2024 is expected to be between 360 million yuan and 400 million yuan, indicating a growth of 379% to 444% compared to the same quarter last year[5] Product Performance - The company has seen significant growth in its AI "compute" chip products, with sales revenue for three new high-performance chips reaching approximately 130 million yuan in Q2 2024[5] - The PCIe Retimer chip shipments increased to approximately 300,000 units in Q2 2024, following 150,000 units in Q1 2024[6] - The MRCD/MDB chip sales revenue exceeded 50 million yuan in Q2 2024, up from over 20 million yuan in Q1 2024[6] - The CKD chip began large-scale shipments in Q2 2024, with sales revenue surpassing 10 million yuan for the first time[6]

2023 Environmental, Social and Governance (ESG) Report Montage Technology Co., Ltd. STOCK CODE: 688008 CONTENTS About This Report 01 Letter from Our Chairman 02 Company Profile 03 Major Products 05 Corporate Philosophy 07 Milestones of Montage Technology 08 Honors in 2023 09 Four Pillars of ESG Management | Four pillars of ESG management | 11 | | --- | --- | | 2023 ESG performance | 15 | | SDGs fulfillment and response | 17 | | Stakeholder communication | 18 | | Identification of material issues | 19 | 01 G ...

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：2024-015 √特定对象调研 □分析师会议 □媒体采访 投资者关系活 □业绩说明会 □新闻发布会 □路演活动 动类别 □现场参观 √其他（电话会议） Millennium Investment Morgan Stanley Macquarie Group Rays Capital 参与单位名称 招商基金管理有限公司 华泰柏瑞基金管理有限公司 上海东方证券资产管理有限公司 国盛证券股份有限公司 中国国际金融股份有限公司 华泰证券股份有限公司 时间 2024年6月24日-26日 地点 公司会议室，部分通过电话会议形式接待调研 公司董事长兼CEO杨崇和博士，董事会秘书傅晓女士等（其中董事长 ...

上海兰迪律师事务所 关于澜起科技股份有限公司 2022 年限制性股票激励计划首次授予部分第二个归属期及 2023 年限制性股票激励计划首次授予部分第一个归属期 归属条件成就的 法 律 意 见 书 中国上海市虹口区东大名路 1089 号北外滩来福士广场东塔 16 楼（20082） 16th Floor, East Tower, Raffles City, No.1089, Dongdaming Road, Hongkou District, 200082, Shanghai, China Tel: 8621-66529952 Fax: 8621-66522252 上海兰迪律师事务所 2022 年限制性股票激励计划首次授予部分第二个归属期及 2023 年限制性股票激励计划首次授予部分第一个归属期 归属条件成就的法律意见书 致:澜起科技股份有限公司 上海兰迪律师事务所接受澜起科技股份有限公司(以下简称"澜起科技"或 "公司",证券代码为688008）的委托,为公司实施限制性股票激励计划所涉及 的相关事宜出具法律意见书。 本所律师根据《中华人民共和国公司法》(以下简称"《公司法》")《中华人 民共和国证券法》(以下简 ...