Investment Rating - The report maintains a "Buy" rating for the company, with a target price based on expected earnings growth and market performance [4][5][6]. Core Views - The company has experienced significant year-on-year growth in performance, driven by the recovery in global server and computer demand, as well as the increasing penetration of DDR5 technology [3][5]. - The introduction of three new high-performance chips has contributed to revenue growth, with the interconnect chip product line achieving record sales in Q3 2024 [3][5]. - Revenue forecasts for 2024, 2025, and 2026 are projected at 36.74 billion, 54.56 billion, and 71.05 billion yuan, respectively, with year-on-year growth rates of 60.7%, 48.5%, and 30.2% [4][5]. Financial Performance Summary - For the first three quarters of 2024, the company reported revenue of 25.71 billion yuan, a year-on-year increase of 68.56%, and a net profit of 9.78 billion yuan, up 318.42% [5][6]. - In Q3 2024, the company achieved revenue of 9.06 billion yuan, a 51.60% increase year-on-year, and a net profit of 3.85 billion yuan, reflecting a 153.40% growth [5][6]. - The gross margin for the interconnect chip product line was reported at 62.21% in Q3 2024, indicating strong profitability [3][5]. Earnings Forecast - The company is expected to achieve net profits of 13.27 billion, 18.77 billion, and 23.33 billion yuan for the years 2024, 2025, and 2026, with corresponding year-on-year growth rates of 194.4%, 41.4%, and 24.3% [4][5][6]. - The projected price-to-earnings (PE) ratios for 2024, 2025, and 2026 are 55.5, 39.3, and 31.6, respectively, indicating a favorable valuation trend as earnings grow [4][5].

一、持有人会议召开情况 澜起科技股份有限公司（以下简称"公司"）2024 年员工持股计划（以下简 称"本员工持股计划"或"员工持股计划"）第一次持有人会议（以下简称"持 有人会议"或"会议"）于 2024 年 11 月 4 日以通讯方式召开。本次会议由公司 董事会秘书召集和主持，出席会议的持有人及其代理人共 56 人，代表本员工持 股计划份额 2.98 亿份，占本员工持股计划总份额的 100%。会议的召集、召开及 表决程序均符合相关法律法规及本员工持股计划的有关规定。 二、持有人会议审议情况 1、审议通过《关于设立公司 2024 年员工持股计划管理委员会及选举管理委 员会委员的议案》 证券代码：688008 证券简称：澜起科技 公告编号：2024-071 澜起科技股份有限公司 2024 年员工持股计划第一次持有人会议决议公告 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。 本议案经出席本次会议的持有人及其代理人一致同意获得通过。 2、审议通过《关于授权公司 2024 年员工持股计划管理委员会办理员工持股 计划相关事宜的议案 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative increase in stock price of over 15% compared to the CSI 300 index in the next six months [9]. Core Insights - The company reported significant growth in its financial performance for the first three quarters of 2024, with total revenue reaching 72.57 billion yuan, a year-on-year increase of 68.56%, and a net profit attributable to shareholders of 978 million yuan, up 318.42% year-on-year [3]. - The third quarter of 2024 marked a historical high in performance, with revenue of 9.06 billion yuan, a 51.60% increase year-on-year, and a net profit of 3.85 billion yuan, reflecting a 153.40% year-on-year growth [3]. - The growth is attributed to the recovery in global server demand, increased penetration of DDR5 technology, and the launch of new products, particularly the second generation of DDR5 memory interface chips [3]. Financial Performance Summary - For the first three quarters of 2024, the company's revenue from memory interface chips and server platforms was 2.377 billion yuan and 185 million yuan, respectively, representing year-on-year growth of 59.37% and 565.34% [3]. - The net profit margin for the third quarter of 2024 was 37.98%, an increase of 22.64 percentage points year-on-year [3]. - The company expects total revenue for 2024 to reach 37.27 billion yuan, with a year-on-year growth rate of 63.07%, and net profit of 1.327 billion yuan, reflecting a growth rate of 194.29% [4]. Product and Market Dynamics - The company is experiencing a structural optimization in its product offerings, leading to improved profitability [3]. - New high-speed interconnect products, including PCIe Retimer and other AI-related chips, are contributing to new revenue growth, with over 600,000 units shipped in the third quarter of 2024 [3]. - The report anticipates continued growth in revenue and net profit for the years 2024 to 2026, with projected revenues of 55.14 billion yuan and 72.36 billion yuan for 2025 and 2026, respectively [4].

Investment Rating - The report maintains a "Buy" rating for the company [3][10]. Core Insights - The company reported a revenue of 2.571 billion yuan for Q1-Q3 2024, representing a year-over-year increase of 68.56%, with a net profit of 978 million yuan, up 318.42% year-over-year [1]. - In Q3 2024, the company achieved a revenue of 906 million yuan, a year-over-year increase of 51.60%, and a net profit of 385 million yuan, reflecting a year-over-year growth of 153.40% [1]. - The company's DDR5 memory interface chip sales exceeded 50% of its total sales, contributing to a record high revenue of 849 million yuan for interconnect chips in Q3, a 46.02% increase year-over-year [1]. - The company is actively investing in the development of the fifth-generation RCD chip to maintain its technological leadership [1]. - The AI "capacity" chip has started mass shipments, providing a new growth point for the company's performance [1]. - The company forecasts revenues of 3.703 billion yuan and 5.598 billion yuan for 2024 and 2025, respectively, with net profits of 1.325 billion yuan and 2.022 billion yuan [2][9]. Financial Summary - The company's gross margin and net margin for Q3 2024 were 58.74% and 42.30%, respectively [1]. - The earnings per share (EPS) are projected to be 1.16 yuan for 2024 and 1.77 yuan for 2025, with corresponding price-to-earnings (P/E) ratios of 59 and 39 [2][9]. - The total market capitalization of the company is approximately 78.161 billion yuan [3].

证券简称：澜起科技 证券代码：688008 编号：2024-022 | --- | --- | --- | |---------------|--------------------------|---------------------------| | | | | | 投资者关 | □ 特定对象调研 | □ 分析师会议 □ 媒体采访 | | 系活动类 | □ 业绩说明会 | □ 新闻发布会 □ 路演活动 | | 别 | □ 现场参观 √ | 其他（电话会议） | | | 广发基金管理有限公司 | | | | 工银瑞信基金管理有限公司 | | | | 富国基金管理有限公司 | | | | 兴证全球基金管理有限公司 | | | | 中欧基金管理有限公司 | | | | 朱雀基金管理有限公司 | | | | 中海基金管理有限公司 | | | | 长信基金管理有限责任公司 | | | | 长盛基金管理有限公司 | | | | 长城基金管理有限公司 | | | 参与单位 名称 | 长安基金管理有限公司 | | | | 圆信永丰基金管理有限公司 | | | | 民生基金管理有限公司 | | | | 银华基金管理有限公 ...

澜起科技（ [Table_StockNameRptType] 688008） | --- | --- | --- | --- | --- | --- | --- | |------------------------------------------|-------------------|-----------------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------|----------------|----------------------------|---------------------------| | | | | | | | 公司点评 | | DDR5 | | 持续迭代，互联芯片业务收入新高 | | | | | | [Table_Rank] 投资评级 ...

澜起科技（688008.SH） 优于大市 三季度互连类芯片收入和归母净利润创季度新高 前三季度收入同比增长 68.56%，净利率提高至 37.98%。公司 2024 年前三季 度实现收入 25.71 亿元(YoY +68.56%)，归母净利润 9.78 亿元(YoY +318.42%)，扣非归母净利润8.74亿元(YoY +460.88%)，净利率提高22.64pct 至 37.98%。分产品线来看，互联类芯片产品线收入同比增长 59.37%至 23.77 亿元，津逮®服务器平台产品线收入同比增长 565.34%至 1.85 亿元。 三季度互连类芯片收入和归母净利润创季度新高。公司 3Q24 实现收入 9.06 亿元(YoY +51.60%，QoQ -2.35%)，其中互联类芯片产品线收入 8.49 亿元(YoY +46.02%，QoQ +1.83%)，创季度新高；实现归母净利润3.85亿元(YoY +153.4%， QoQ +4.1%)，创季度新高，扣非归母净利润 3.30 亿元(YoY +116.8%，QoQ +1.5%)，创季度新高，净利率为 42.30%(YoY +16.9pct，QoQ +2.4pc ...

电子 | 证券研究报告 — 调整盈利预测 2024 年 10 月 31 日 688008.SH 买入 原评级：买入 市场价格:人民币 69.08 板块评级:强于大市 股价表现 (22%) (8%) 6% 19% 33% 47% Oct-23Dec-23Jan-24Feb-24Mar-24Apr-24May-24Jun-24Jul-24Aug-24Sep-24Oct-24 澜起科技 上证综指 (%) 今年 至今 1 个月 3 个月 12 个月 绝对 19.9 3.3 18.1 28.9 相对上证综指 9.6 5.4 4.7 20.8 | --- | --- | --- | |-------------------------------|--------|-----------| | | | | | 发行股数 ( 百万 ) | | 1,142.54 | | 流通股 ( 百万 ) | | 1,142.54 | | 总市值 ( 人民币 百万 ) | | 78,926.51 | | 3 个月日均交易额 ( 人民币 | 百万 ) | 1,611.52 | | 主要股东 | | | | 香港中央結算有限公司 | | 10 ...

公 司 报 告 公 司 季 报 点 评 证 券 研 究 报 告 2024年10月31日 电子 澜起科技(688008.SH) 公司业绩大幅增长，互联类芯片收入创新高 推荐 ( 维持) 股价:69.08元 | --- | --- | |------------------------------------|------------------------------| | 行业 | 电子 | | 公司网址 | www.montage-tech.com/cn | | 大股东 / 持股 | 香港中央结算有限公司 /10.21% | | 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 ) | 789 | | 流通 A 股市值 ( 亿元 ) | 789 | | | | | 每股净资产 ( 元 ) 资产负债率 (%) | 9.19 5.7 | | 行情走势图 | | 证券分析师 | --- | --- | |--------|--------------------------- ...

证券代码：688008 证券简称：澜起科技 公告编号：2024-070 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： 投资者可于 2024 年 11 月 14 日（星期四）至 11 月 20 日（星期三）16:00 前 登录上证路演中心网站首页点击"提问预征集"栏目或通过公司邮箱 ir@montagetech.com 进行提问。公司将在说明会上对投资者普遍关注的问题进行 回答。 澜起科技股份有限公司（以下简称"公司"）于 2024 年 10 月 31 日在上海 证券交易所网站（www.sse.com.cn）披露公司《2024 年第三季度报告》。为加强 与投资者的沟通交流，公司计划于 2024 年 11 月 21 日举行 2024 年第三季度业绩 说明会，就投资者关心的问题进行交流。 一、说明会类型 本次投资者说明会以网络文字互动形式召开，公司将针对 2024 年第三季度 的经营成果及财务指标的具体情况与投资者进行互动交流和沟通，在信息披露允 许的范围内就投资者普遍关注的问题进行回答。 二、说明会召开的时间 ...