[Table_Header] 公司点评●半导体行业 2024年 04 月11 日 [Table_Title] [Table_StockCode] 业绩环比稳步改善，关注公司新品起量 澜起科技(688008.SH) 节奏 [Table_InvestRank] 推荐 (维持) 核心观点： 分析师 [Table⚫_ Sum事m件ar y]公 司发布 2023 年年报，公司全年实现营业收入 22.86 亿元(yoy:- [高Ta峰b le_Authors] 37.76%)，实现归母净利润 4.51亿元，(yoy:-65.30%)；实现扣非后归母净 ：010-80927671 利润 3.70亿元，(yoy：-58.11%)，整体业绩符合预期。 ：gaofeng_yj@chinastock.com.cn ⚫ 全年业绩小幅承压，单季度业绩环比持续改善。公司全年业绩小幅承 分析师登记编码：S0130522040001 压，主要系 2023 年全球服务器需求下滑，叠加客户去库存周期，公司 DDR4 内存接口芯片与津逮服务器出货量较上年同期明显减少，营业收 王子路 入较上年同期减少 37.76%，公司投资收益及公允价值变动收 ...

Investment Rating - Maintain "Overweight" rating [3][5] Core Views - The company's performance improved quarter by quarter in 2023, driven by the recovery of the memory cycle and the scale shipment of new AI products [1][2] - Revenue in 2023 was RMB 2.286 billion, down 37.76% YoY, with net profit attributable to the parent company of RMB 451 million, down 65.30% YoY [2] - Q4 2023 revenue was RMB 761 million, down 3.90% YoY but up 27.28% QoQ, with net profit attributable to the parent company of RMB 217 million, down 27.72% YoY but up 42.96% QoQ [2] - Q1 2024 revenue is expected to be RMB 737 million, up 75.74% YoY, with net profit attributable to the parent company of RMB 210-240 million, up 9.65-11.17x YoY [2] Product Breakdown Interconnect Chips - Revenue in 2023 was RMB 2.185 billion, down 20.11% YoY, with a gross margin of 61.36%, up 2.64 pcts YoY [2] - Q1 2024 revenue was RMB 695 million, up 68.28% YoY, driven by the recovery in demand for memory interface chips [2] Jintide® Servers - Revenue in 2023 was RMB 94 million, down 90.01% YoY, with a gross margin of 4.01%, down 6.52 pcts YoY [2] - Q1 2024 revenue was RMB 39 million, up 680.00% YoY, as downstream manufacturers restarted procurement of general-purpose servers [2] Industry Leadership in Memory Interface Chips - The company is one of the three leading global suppliers of DDR5 memory interface chips [2] - The transition from DDR4 to DDR5 has increased the value of memory interface chips, with DDR5 penetration rising significantly due to the launch of mainstream server CPU platforms supporting DDR5 [2] - The company has rapidly iterated its DDR5 products, with the second-generation RCD chip shipping in Q3 2023, the third-generation in trial production in October 2023, and the fourth-generation launched in January 2024 [2] AI and New Products - The company is strategically focusing on high-performance "computing power" chips, with several new products achieving or nearing scale shipment [2] - PCIe Retimer chips successfully adopted in AI servers, with Q1 2024 shipments of approximately 150,000 units, 1.5x the total shipments in 2023 [2] - MRCD/MDB chips began trial shipments, with Q1 2024 sales exceeding RMB 20 million [2] - CKD chips completed mass production version development [2] - MXC chips adopted as core controllers in Samsung's 128GB CXL DRAM [2] - Fifth-generation Jintide® CPU released, featuring an AI acceleration engine that improves performance by 2x to 6x for various AI applications [2] Financial Forecasts - Revenue for 2024/2025/2026 is forecasted at RMB 3.793 billion, RMB 4.837 billion, and RMB 6.170 billion, respectively [5][6] - Net profit attributable to the parent company for 2024/2025/2026 is forecasted at RMB 1.314 billion, RMB 1.784 billion, and RMB 2.431 billion, respectively [5][6] - EPS for 2024/2025/2026 is forecasted at RMB 1.15, RMB 1.56, and RMB 2.13, respectively, with corresponding P/E ratios of 37x, 28x, and 20x [5][6] Valuation Metrics - Total market capitalization: RMB 54.722 billion [3] - 52-week high/low stock price: RMB 78.52/RMB 42.20 [3] - 52-week high/low P/E: 138.85x/53.70x [3] - 52-week high/low P/B: 8.76x/4.83x [3] - 52-week stock price change: -33.62% [3]

[Table_Main] 公司研究|信息技术|半导体与半导体生产设备 证券研究报告 澜起科技(688008)公司点评报告 2024年04月11日 [TD aD blR e4 _T补 itle库 ] 存带动一季度成长，AI 芯片规模出货 [Table_Inv买est]入 |维持 ——澜起科技 2024 年第一季度业绩预告点评 [事Ta件bl：e_S ummary] 澜起科技 2024 年第一季度业绩预告：2024 年第一季度实现营业收入 7.37 [[基TT本aabb数llee据__BT aasrege] tPrice] 亿元，较上年同期增长75.74%；2024年第一季度实现归属于母公司所有者 52 周 最 高 / 最 低 价76.46 / 43.15 （元）： 的净利润 2.10 亿元-2.40 亿元，较上年同期增长 9.65 倍-11.17 倍；2024 A股流通股（百万股）： 1141.46 年第一季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，2.10 A股总股本（百万股）： 1141.46 亿元-2.35亿元，较上年同期增长708.62倍-793.10倍。 流通市值（百万元）： 53819.8 ...

澜[Ta起ble科_Sto技ckN（am6eR8p8tT0yp0e8] ） 公司研究/公司点评 经营业绩逐季改善，DDR5 开启子代迭代 投资评级：买入（维持） 主要观点： [Table_Rank] 报告日期： 2024-04-10 ⚫[ T事ab件le _Summary] 2024年4月9日，澜起科技公告2023年度报告，2023年公司实现营 [收Ta盘bl价e_（Ba元se）D ata] 43.15 业收入22.86亿，同比减少37.8%；归母净利润4.51亿，同比减少 近12个月最高/最低（元） 78.52/42.20 65.3%；扣非归母净利润3.70亿，同比减少58.1%。对应Q4单季度营 总股本（百万股） 1,141 流通股本（百万股） 1,141 业收入7.61亿，环比增长27.3%；单季度归母净利润2.17亿，环比增 流通股比例（%） 100.00 长43.0%；单季度扣非归母净利润2.14亿，环比增长40.9%。 总市值（亿元） 493 2024年4月10日，公司公告2024年一季度业绩预告，公司预计Q1 流通市值（亿元） 493 单季度收入7.37亿，同比增长75.74%；单季度归母净利润 ...

Investment Rating - The report maintains an "Accumulate" rating for the company [1][6] Core Views - The company is expected to benefit significantly from the increasing penetration of DDR5 memory technology and has a large domestic market potential for its CPU products [6] - The first quarter of 2024 is projected to show substantial revenue growth driven by new AI-related products, with a forecasted revenue increase of 75.7% year-on-year [4][10] Financial Summary - **2022 Financials**: Revenue was 3,672 million, with a year-on-year growth rate of 43.3%. Net profit was 1,299 million, with a growth rate of 56.7% [2][13] - **2023 Financials**: Revenue decreased to 2,286 million, a decline of 37.8%. Net profit fell to 451 million, down 65.3% [3][11] - **2024 Projections**: Expected revenue of 3,509 million, representing a growth of 53.5%. Projected net profit is 1,125 million, with a growth rate of 149.5% [2][13] Business Segments - The primary business segment is interconnect chips, projected to generate 6.95 billion in revenue for Q1 2024, accounting for 94% of total revenue [5][10] - The second segment, the CPU platform, is expected to generate 0.39 billion in revenue for Q1 2024, accounting for 5% of total revenue [5] Product Development - The company launched the DDR5 fourth-generation RCD chip in January 2024, which is anticipated to drive future growth as DDR5 penetration increases [5][10] - New products such as PCIe Retimer and MRCD/MDB chips have begun large-scale shipments, significantly contributing to revenue growth in Q1 2024 [10]

Financial Performance - The company's operating revenue for 2023 was CNY 2.29 billion, a decrease of 37.76% compared to the previous year[23]. - Net profit attributable to shareholders was CNY 450.91 million, down 65.30% from CNY 1.30 billion in the previous year[23]. - The basic earnings per share decreased to CNY 0.40, a decline of 65.22% from CNY 1.15 in 2022[24]. - The company reported a significant increase in revenue, achieving a total of 1.2 billion CNY for the fiscal year 2023, representing a year-over-year growth of 25%[16]. - The company's operating revenue for 2023 was CNY 2.29 billion, a decrease of 37.76% compared to CNY 3.67 billion in 2022[23]. - The company reported a net cash flow from operating activities of CNY 731.25 million, an increase of 6.16% compared to CNY 688.84 million in 2022[23]. - The total assets at the end of 2023 were CNY 10.70 billion, a slight increase of 0.11% from CNY 10.69 billion at the end of 2022[23]. - The company’s revenue and net profit declined year-on-year in 2023 due to a downturn in global server and computer demand, indicating potential industry volatility[178]. Dividend Distribution - The proposed cash dividend distribution for 2023 is 3.00 RMB per 10 shares, totaling approximately 338.91 million RMB, which represents 75.16% of the net profit attributable to shareholders[6]. - The total share capital as of March 31, 2024, is 1,141,461,126 shares, with 11,760,000 shares held in the repurchase account, leading to a base for dividend distribution of 1,129,701,126 shares[6]. Research and Development - Investment in R&D increased by 15%, totaling 300 million RMB, focusing on AI and memory technologies to enhance product offerings[13]. - The company has maintained high R&D investment with expenses amounting to 682 million CNY, a year-on-year increase of 21.00%, accounting for 29.83% of total revenue[52]. - The company has received 20 new invention patents in 2023, bringing the total number of granted invention patents to 164[149]. - The company’s R&D team expanded to 587 personnel by the end of 2023, with 67% holding a master's degree or higher[52]. - The company is focused on protecting its intellectual property and has a strategy for independent innovation to avoid infringement issues[176]. Market Outlook and Strategy - The company provided a positive outlook for the next fiscal year, projecting a revenue growth of 20% to 1.8 billion RMB, driven by new product launches and market expansion[12]. - The company plans to expand its market presence in Southeast Asia, targeting a 10% market share by the end of 2024[12]. - The company is exploring partnerships with leading cloud service providers to enhance its product distribution and reach[13]. - The company plans to maintain high levels of R&D investment despite the decline in revenue, indicating a focus on long-term growth strategies[24]. Product Development and Innovation - New product development includes the launch of a next-generation DDR5 memory module, expected to enhance performance by 30% over previous models[16]. - The company has successfully mass-produced PCIe 5.0 Retimer chips, which are expected to see increased demand due to the growth of AI server and GPU shipments[47]. - The company has launched the DDR5 third-generation RCD chip, supporting data rates up to 6400MT/s, representing a 14.3% increase over the second generation and a 33.3% increase over the first generation[63]. - The company is actively developing the next generation of MRCD/MDB chips based on customer feedback, with the second generation currently in engineering development[143]. Risk Management - The report includes a risk statement regarding forward-looking statements, indicating that future plans and strategies do not constitute a commitment to investors[7]. - The company has not reported any non-operating fund occupation by controlling shareholders or related parties[8]. - The company faces a high customer concentration risk, with over 90% market share in the DRAM sector held by three major clients: Samsung, SK Hynix, and Micron[171]. - The company has implemented various incentive measures to retain core technical talent, addressing the risk of talent attrition in the competitive chip design industry[170]. Industry Trends - The global semiconductor industry sales in 2023 reached $526.8 billion, a decline of 8.2% compared to 2022, but is projected to rebound by 13.1% in 2024, reaching nearly $600 billion[97]. - AI server demand is expected to increase significantly, with over 1.6 million AI servers projected to be in use globally by 2024, representing a 40% annual growth rate[101]. - The demand for DDR5 memory is expected to increase due to the rise of AI PCs, which require higher memory bandwidth, leading to accelerated iterations of DDR5 generations[76]. Awards and Recognition - The company received multiple industry awards, including the "Best Supplier Award" from SK Hynix and the "Outstanding Supplier Performance Award" from Micron Technology[54]. - The company achieved a significant improvement in its ESG rating from CCC to BB by MSCI, reflecting its commitment to sustainability and social responsibility[55].

> PCle 5.0 Retimer 董事长寄语 02 ２０２３年度 环 境 、社 会 及 公 司 治 理 报 告 19-開起 澜起科技股份有限公司 股票代码:688008 目录 关于本报告 01 发展历程 08 澜起2023年度荣誉 09 "芯"动ESG 公司简介 03 主要产品 05 公司理念 07 | ESG管理四支柱 - | | --- | | 2023年度ESG绩效 | | SDGs 履责与回应 …………………… 17 | | 利益相关方沟通 ……………………………… 18 | | 实质性议题识别 ………………………………… 19 | 01 治理责任·永续管理践行者 | 规范三会运作 - | | --- | | 依法合规披露 … | | 以投资者为本 - | | 全面风险控制 - | 02 产品责任·开拓创新先驱者 | 技术研发创新 …………………………………… 31 | | --- | | 领先创新成果 …………………………………………………… 32 | | 清洁技术机遇 …………………………………… 33 | | 自主知识产权 … | | 产品品质至上 …………………………………………………… ...

Montage Technology Co., Ltd. Corporate Value and Return Enhancement Action Plan 2024 To adhere to the principle of "investors first" and uphold the interests of all shareholders, Montage Technology Co., Ltd. (hereinafter referred to as the "Company" or "Montage") has formulated the "Corporate Value and Return Enhancement Action Plan" for the year 2024. This plan aims to further solidify the Company's leading position in the industry, enhance its core competitiveness, safeguard investor rights, and foster a ...

澜起科技股份有限公司 章程 二〇二四年四月（修订） | | | | 第一章 | 总则 1 | | --- | --- | | 第二章 | 经营宗旨和范围 2 | | 第三章 | 股份 2 | | 第一节 | 股份发行 2 | | 第二节 | 股份增减和回购 6 | | 第三节 | 股份转让 7 | | 第四章 | 股东和股东大会 8 | | 第一节 | 股东 8 | | 第二节 | 股东大会的一般规定 10 | | 第三节 | 股东大会的召集 13 | | 第四节 | 股东大会的提案与通知 14 | | 第五节 | 股东大会的召开 16 | | 第六节 | 股东大会的表决和决议 18 | | 第五章 | 董事会 22 | | 第一节 | 董事 22 | | 第二节 | 董事会 25 | | 第六章 | 总经理及其他高级管理人员 29 | | 第七章 | 监事会 31 | | 第一节 | 监事 31 | | 第二节 | 监事会 31 | | 第八章 | 财务会计制度、利润分配和审计 33 | | 第一节 | 财务会计制度 33 | | 第二节 | 内部审计 35 | | 第三节 | 会计师事务所的聘任 35 | ...

证券代码：688008 证券简称：澜起科技 公告编号：2024-020 澜起科技股份有限公司 2023 年度利润分配预案公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 重要内容提示： 一、利润分配预案内容 经安永华明会计师事务所（特殊普通合伙）审计，截至 2023 年 12 月 31 日， 澜起科技股份有限公司（以下简称"公司"）期末可供分配利润为 659,115,508.11 元。经董事会决议，公司 2023 年年度拟以实施权益分派股权登记日登记的总股 本扣除公司回购专用账户上已回购股份后的股份余额为基数分配利润。本次利润 分配预案如下： 公司拟以实施权益分派股权登记日登记的总股本扣除公司回购专用账户上 已回购股份后的股份余额为基数，每 10 股派发现金红利 3.00 元（含税）。截至 2024 年 3 月 31 日，公司的总股本 1,141,461,126 股，其中回购专用账户的股数为 11,760,000 股，因此本次拟发放现金红利的股本基数为 1,129,701,126 股，以此计 1 每股分配比例：A 股每 ...