【IPO前哨】又一“老大”赴港上市，澜起科技有何看点？

Core Viewpoint - The company, 澜起科技, plans to go public in Hong Kong to raise funds for R&D in interconnect chip technology, enhance commercialization capabilities, pursue strategic investments, and support working capital needs [1][2]. Company Overview - 澜起科技 is an IC design company operating under a fabless model, positioned in the midstream of the semiconductor industry. Its upstream suppliers include wafer foundries and packaging service providers, while its downstream customers consist of leading memory module manufacturers and server OEM/ODM firms [1][4]. Product Lines - The company has two main product lines: interconnect chips and the津逮 server platform. The interconnect chip line includes memory interface chips and high-performance interconnect solutions, contributing 33.49 billion RMB to total revenue in 2024, accounting for 92.04% of total revenue [4][6]. Market Position - 澜起科技 is the largest supplier of memory interconnect chips globally, holding a market share of 36.8%. The second and third positions are held by Japan's 瑞萨电子 and the US's Rambus, with market shares of 36% and 20.5%, respectively [7][9]. Financial Performance - The company expects a significant increase in revenue for the first half of 2025, projecting 26.33 billion RMB, a year-on-year growth of 58.17%. The net profit is anticipated to be between 11-12 billion RMB, reflecting a growth of 85.50%-102.36% [12][13]. Growth Drivers - The strong growth is attributed to the rising demand for AI, increased shipments of DDR5 memory interface chips, and sales from high-performance interconnect chips like PCIe Retimer, which generated approximately 2.94 billion RMB in sales [13][16]. Strategic Outlook - The upcoming IPO is expected to provide financial support for advancing technology and expanding market presence, reinforcing 澜起科技's position in the interconnect chip sector. The company aims to leverage its established market share and the growth potential of high-performance chips to enhance its long-term value [16].