Investment Rating - The investment rating for the company is "Buy" and is maintained [1] Core Views - The company is expected to benefit from the increasing demand for AI servers, with PCIe Retimer chips becoming a new growth point. A typical AI server configuration requires 8 to 16 PCIe Retimer chips, indicating a growing market space as AI server demand increases. The company's self-developed core technology, SerDesIP, provides competitive advantages in product latency and channel adaptability, leading to increasing recognition from customers and downstream users [1] - The product value is expected to continue rising in the AI era, with a diverse product portfolio including memory interface chips, PCIe Retimer, and other related components. The development of AI inference is anticipated to drive demand for interconnect chips, further enhancing the company's product applications [1] - The penetration rate of DDR5 is expected to increase, with the company’s DDR5 memory interface chip shipments projected to surpass DDR4 by Q3 2024. The company is a leader in the memory interface chip industry and is expected to benefit from the expanding market size of related products [1] Financial Projections - The company’s projected net profit for 2024-2026 is estimated at 1.35 billion, 2.00 billion, and 2.73 billion yuan respectively [1] - Revenue is expected to grow from 2.286 billion yuan in 2023 to 3.510 billion yuan in 2024, reflecting a growth rate of 53.57% [18] - The company’s EBITDA is projected to increase significantly, from 393.51 million yuan in 2023 to 1.429 billion yuan in 2024 [18] Market Performance - The company’s stock has a 52-week high of 80.26 yuan and a low of 43.15 yuan [3] - The latest closing price is 79.99 yuan, with a P/E ratio of 199.97 [4][5]

证券代码：688008 证券简称：澜起科技 公告编号：2024-074 重要内容提示： 大股东持股的基本情况 截至本公告披露日，中国电子投资控股有限公司（以下简称"中电投控"）持 有公司股份 65,163,871 股，占公司总股本的 5.69%；嘉兴芯电投资合伙企业（有 限合伙）（以下简称"嘉兴芯电"）持有公司股份 10,498,300 股，占公司总股本的 0.92%。中电投控和嘉兴芯电为一致行动人，合称"中电投控及其一致行动人"， 合计持有公司股份 75,662,171 股，占公司总股本的 6.61%。 珠海融英股权投资合伙企业（有限合伙）（以下简称"珠海融英"）持有公司 股份60,805,238股，占公司总股本的5.31%；WLT Partners, L.P.（以下简称"WLT"） 持有公司股份 45,012,524 股，占公司总股本的 3.93%。珠海融英和 WLT 为一致 行动人，合称"珠海融英及其一致行动人"，合计持有公司股份 105,817,762 股， 占公司总股本的 9.24%。 澜起科技股份有限公司 股东集中竞价减持股份计划公告 中国电子投资控股有限公司、嘉兴芯电投资合伙企业（有限合伙）、珠 ...

Group 1: Company Overview - Lianqi Technology is an international leader in data processing and interconnect chip design, focusing on high-performance, low-power chip solutions for cloud computing and artificial intelligence [10] - The company has two main product lines: interconnect chips and the Jindai® server platform [10] Group 2: Product Offerings - The product offerings for servers include memory interface chips (RCD and high bandwidth memory interface chips), memory module supporting chips (SPD/TS/PMIC), PCIe Retimer, MXC chips, programmable clock generator chips, Jindai® CPU, data protection, and trusted computing acceleration chips [11] - The value of products in a single server has significantly increased due to a richer product portfolio [11] Group 3: Market Demand and Trends - The demand for memory interface chips is strong in Q4, with DDR5 penetration expected to increase [11] - The sales revenue of three high-performance interconnect chips (PCIe Retimer, MRCD/MDB, CKD chips) was approximately CNY 130 million in Q2 2024, accounting for 10% to 20% of the interconnect chip product line sales in Q3 2024 [11][12] Group 4: Future Growth Potential - The PCIe Retimer chip is expected to contribute to new performance growth, driven by increased demand for AI servers, market share growth, and continuous iterations of the PCIe protocol [12] - The second generation MRDIMM is projected to have a data transfer rate of 12800MT/s, significantly enhancing system performance for high-performance computing and AI workloads [12][13] Group 5: Research and Development - In the first three quarters of 2024, the company's R&D investment was CNY 552 million, a year-on-year increase of 13.42%, accounting for 21.48% of operating income [13] - The company plans to maintain reasonable growth in R&D expenses aligned with business development [13]

Company Announcement - The company has received reports of fraudulent activities involving the misuse of its name, brand, and trademark "Montage Technology" by不法分子 who伪造印章 and created虚假材料 to冒充公司招聘人员 [1] - These不法分子 sent面试邀请 and录取通知 to求职者,要求下载指定APP,垫付资金, and刷单 [1] - The company has reported the incident to公安机关 and保留追究相关人员法律责任的权利 [2] - The company严正声明 that any招聘活动 will not require求职者 to下载APP,投入/垫付资金, or刷单, and any such requests are诈骗 [2]

证券代码：688008 证券简称：澜起科技 公告编号：2024-073 澜起科技股份有限公司 2019 年、2022 年、2023 年限制性股票激励计划 部分归属结果暨股份上市公告 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： 本次股票上市类型为股权激励股份；股票认购方式为网下，上市股数为 2,251,563 股。 本次股票上市流通总数为 2,251,563 股，其中，《2019 年限制股票激励计划》首 次授予第四个归属期第三次归属 1,600,000 股、《2019 年限制性股票激励计划》预 留授予第四个归属期归属 343,446 股、《2022 年限制性股票激励计划》预留授予第 二个归属期归属 179,640 股、《2023 年限制性股票激励计划》首次授予第一个归属 期第二次归属 34,409 股、《2023 年限制性股票激励计划》预留授予第一个归属期 归属 94,068 股。 本次股票上市流通日期为 2024 年 12 月 24 日。 一、本次限制性股票归属的决策程序 （一）《2019 年限制性股票 ...

Group 1: AI and Product Demand - The evolution of the AI ecosystem is increasing the demand for AI inference products, emphasizing computational efficiency, latency, and cost-effectiveness [2] - AI inference development is driving the demand for related products, including memory interface and module supporting chips [3] Group 2: DDR5 Penetration and Trends - DDR5 penetration is expected to continue increasing, with shipments of DDR5 memory interface chips surpassing DDR4 in Q3 2024 [5] - The second-generation RCD chip shipments are projected to exceed the first generation in the first half of 2024, with the third generation expected to start small-scale shipments in Q4 2024 [5] Group 3: Interconnect Chip Growth Potential - The growth logic for interconnect chips includes continuous penetration and iteration of DDR5, which is expected to maintain sales revenue growth due to increased market size compared to DDR4 [7] - New high-performance "capacity" chips, such as PCIe Retimer and MRCD/MDB chips, are expected to scale up production, benefiting from the AI industry wave [7] Group 4: Clock Chip Market Potential - The global clock chip market is projected to grow from $2.03 billion in 2022 to $3.02 billion by 2027, indicating significant potential for domestic alternatives [11] - The company has launched programmable clock generator chips and initiated the development of clock buffer chips to meet high-performance clock demands [11] Group 5: PCIe Retimer Chip Development - The demand for PCIe Retimer chips is expected to grow due to increased AI server requirements, with typical configurations needing 8 to 16 chips [9] - The company's self-developed SerDes IP technology enhances product performance, providing a competitive edge in latency and channel adaptability [9]

Group 1: DDR5 Memory Interface Chip Insights - DDR5 memory interface chip shipments surpassed DDR4 in Q3 2024, with an expected increase in Q4, positively impacting average gross margins of interconnect chip product lines [3] - The company leads in setting international standards for DDR5 RCD and MDB chips, maintaining a stable market share despite competition [3][4] Group 2: SerDes Technology Development - The company has developed a SerDes IP with a data rate of 32GT/s, applied in PCIe 5.0/CXL 2.0 Retimer products, with significant progress in PCIe 6.0 Retimer chip development expected in H1 2024 [4] - PCIe 6.0's encoding method changes from NRZ to PAM4, doubling the transmission speed to 64GT/s, but increases complexity due to lower signal amplitude and noise ratio [4] Group 3: Market Trends and Product Demand - The demand for PCIe Retimer chips is expected to grow due to increased AI server requirements, with typical configurations needing 8 to 16 PCIe Retimer chips [6][8] - The MRDIMM memory module, supporting 8800MT/s, is anticipated to see increased demand in AI and high-performance computing sectors, driving the need for MRCD and MDB chips [6][8] Group 4: Clock Chip Market Potential - The global clock chip market was valued at $2.03 billion in 2022, projected to reach $3.02 billion by 2027, indicating significant growth potential [8] - The company has completed the development of clock generator chips and is preparing for mass production, aiming to provide a comprehensive clock chip solution [10]

证券代码：688008 证券简称：澜起科技 公告编号：2024-072 澜起科技股份有限公司 关于 2024 年员工持股计划完成股票购买的公告 公司将持续关注 2024 年员工持股计划后续变动情况，并按照相关法律法规 的要求及时履行信息披露义务。 特此公告。 1 澜起科技股份有限公司 董 事 会 2024 年 11 月 9 日 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。 澜起科技股份有限公司（以下简称"公司"）于 2024 年 9 月 2 日召开了第 三届董事会第三次会议、第三届监事会第三次会议，并于 2024 年 9 月 19 日召 开了 2024 年第三次临时股东大会，审议通过了《关于公司<2024 年员工持股计 划（草案）>及其摘要的议案》《关于公司<2024 年员工持股计划管理办法>的议 案》等相关议案，具体内容详见公司 2024 年 9 月 3 日刊登于上海证券交易所网 站（www.sse.com.cn）的《澜起科技 2024 年员工持股计划（草案）》及其摘要、 《2024 年员工持股计划管理办法》。 根据中 ...

Financial Performance - In the first three quarters of 2024, the company achieved a revenue of 2.571 billion CNY, representing a year-on-year growth of 68.56% [3] - Revenue from interconnect chip products was approximately 2.377 billion CNY, up 59.37% year-on-year [3] - Revenue from server platform products reached 185 million CNY, a significant increase of 565.34% compared to the previous year [3] - Net profit attributable to the parent company was 978 million CNY, reflecting a growth of 318.42% year-on-year [3] - The net profit after deducting non-recurring gains and losses was 874 million CNY, up 460.88% year-on-year [3] - The net cash flow from operating activities was 1.261 billion CNY, exceeding the net profit, indicating strong operational quality [3] Research and Development - R&D investment for the first three quarters of 2024 was 552 million CNY, an increase of 13.42% year-on-year, accounting for 21.48% of revenue [3][10] - In Q3 2024, R&D expenditure was 186 million CNY [3] Product Performance - In Q3 2024, the company reported revenue of 906 million CNY, a year-on-year increase of 51.60% [3] - The net profit attributable to the parent company in Q3 was 385 million CNY, up 153.40% year-on-year [3] - The interconnect chip product line generated revenue of 849 million CNY in Q3, a growth of 46.02% year-on-year [3] Market Position and Strategy - The company leads in the memory interface chip sector, having developed DDR2 to DDR5 series chips, with a significant reduction in competitors over generations [5] - The company is actively involved in setting international standards for DDR5 memory interface chips, maintaining a leading position in the industry [5][6] - The market for clock chips is projected to grow from 2.03 billion USD in 2022 to 3.02 billion USD by 2027 [9] Future Outlook - The company anticipates increased demand for MRCD/MDB chips as more mainstream CPUs support the next generation of MRDIMM [7][8] - The CKD chip is expected to see growth in downstream applications as client CPU platforms are launched [8] - The company plans to expand its clock chip product line, including clock buffer chips, to meet diverse market needs [10]

公司将持续关注 2024 年员工持股计划后续变动情况，并按照相关法律法规 的要求及时履行信息披露义务。 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。 澜起科技股份有限公司（以下简称"公司"）于 2024年 9月 2日召开了第三 届董事会第三次会议、第三届监事会第三次会议，并于 2024年 9月 19日召开了 2024 年第三次临时股东大会，审议通过了《关于公司<2024 年员工持股计划 （草案）>及其摘要的议案》《关于公司<2024 年员工持股计划管理办法>的议案》 等相关议案，具体内容详见公司 2024 年 9 月 3 日刊登于上海证券交易所网站 （www.sse.com.cn）的《澜起科技 2024 年员工持股计划（草案）》及其摘要、 《2024 年员工持股计划管理办法》。 根据中国证监会《关于上市公司实施员工持股计划试点的指导意见》及 《上海证券交易所科创板上市公司自律监管指引第 1 号——规范运作》等法律 法规的相关要求，现将公司 2024 年员工持股计划的购买公司股票情况公告如下： 截至本公告披露日，公司 20 ...