股价六年不涨！“AI卖水人”澜起科技转战港股IPO

Core Viewpoint - The company, Lanke Technology, is preparing for its IPO in Hong Kong, aiming to leverage its position as a leading supplier of memory interconnect chips and capitalize on the growing demand for AI and cloud computing infrastructure [1][3]. Group 1: Company Overview - Lanke Technology is recognized as one of the largest suppliers of memory interconnect chips globally, with a projected market share of 36.8% in 2024 [1]. - The company has a history of strategic capital operations, having previously listed in the US and A-share markets, reflecting its ongoing exploration of business structure [1][3]. - The product portfolio includes memory interface chips and high-performance interconnect chips, which are essential for AI and cloud computing applications [1][3]. Group 2: Market Position and Financial Performance - According to the prospectus, Lanke Technology is the leading supplier of memory interconnect chips and ranks among the top two suppliers of PCIe Retimer chips [3]. - The company anticipates a significant revenue increase in 2024, projecting total revenue of 3.638 billion RMB, a year-on-year growth of 59.2% [3]. - For the first half of 2025, Lanke Technology expects revenue of approximately 2.633 billion RMB, reflecting a growth of about 58.17% compared to the previous year [4]. Group 3: Challenges and Strategic Shifts - The company faced challenges due to misjudgments in the AI industry's direction, leading to a decline in its market position and stock performance [2][5]. - Lanke Technology's stock price has remained relatively stagnant, with a current price of 82.71 RMB, nearly unchanged from its initial listing price in 2019 [5]. - The decline in the company's previous CPU-based AI server platform, which saw a revenue drop of over 98% in 2023, has prompted a strategic pivot towards the "interconnect chip" market [6][5]. Group 4: Future Opportunities - The company is focusing on the "interconnect chip" market, which is expected to grow significantly as AI infrastructure evolves [7][8]. - The PCIe/USB Retimer market is projected to grow at a CAGR of 46.8% from 2024 to 2032, indicating substantial opportunities for Lanke Technology [8]. - The CXL memory expansion market is anticipated to reach $15 billion, with Lanke Technology's MXC chip expected to capture a significant share [8].