澜起科技布局“A+H”上市：AI赋能业绩增长，深化国际化战略

Core Viewpoint - Lanqi Technology is planning to go public in Hong Kong to enhance its international strategy and attract talent, while also aiming to strengthen its financing capabilities and core competitiveness in the interconnected chip market. Company Overview - Founded in 2004, Lanqi Technology specializes in data processing and interconnect chip design, focusing on solutions for cloud computing and artificial intelligence [3] - The company was one of the first to be listed on the Sci-Tech Innovation Board in July 2019, with the stock code "688008" [3] Product Lines - Lanqi Technology operates as a fabless integrated circuit design company, offering innovative and efficient interconnect solutions for cloud computing and AI infrastructure [3] - The product portfolio includes memory interface chips and high-performance interconnect chips, covering a full range from DDR2 to DDR5 memory interface chips [3][5] - The company is recognized as the inventor of the "1+9" distributed buffer memory subsystem architecture for DDR4 and a pioneer for DDR5 generation [5] Market Position - According to Frost & Sullivan, Lanqi Technology is the largest supplier of memory interconnect chips globally, holding a market share of 36.8% in 2024 [5] - The company is also one of the top two suppliers of PCIe Retimer chips and the first to launch CXL MXC chips [5] Financial Performance - Revenue for Lanqi Technology showed significant fluctuations, with reported revenues of 3.672 billion RMB in 2022, dropping to 2.286 billion RMB in 2023, and recovering to 3.639 billion RMB in 2024 [11] - Net profit followed a similar trend, with 1.299 billion RMB in 2022, 451 million RMB in 2023, and an increase to 1.341 billion RMB in 2024 [11] - The gross profit margin remained relatively stable, reported at 46.4% in 2022, 58.9% in 2023, and 58.1% in 2024 [13] Future Outlook - The memory interconnect chip market is projected to grow from 1.2 billion USD in 2024 to 5 billion USD by 2030, with a compound annual growth rate (CAGR) of 27.4% [8] - Lanqi Technology anticipates that increasing demands for transmission speed will drive the growth of its product demand, contributing to revenue growth [11] - The company expects to achieve revenues of approximately 26.33 billion RMB in the first half of 2025, representing a year-on-year growth of 58.17% [18] Use of Proceeds from IPO - The funds raised from the Hong Kong IPO will be used for research and innovation in interconnect chip technology, enhancing commercialization capabilities, and strategic investments or acquisitions to support long-term growth [25]