群益证券：上调澜起科技目标价至160.0元，给予增持评级

Core Viewpoint - The report from Qunyi Securities highlights that Lanke Technology is experiencing significant growth in revenue and net profit due to the increasing demand in the memory industry driven by AI applications, leading to an upgraded target price of 160.0 yuan and a buy rating [1]. Financial Performance - In the first half of 2025, Lanke Technology achieved revenue of 2.63 billion yuan, a year-over-year increase of 58.2%, and a net profit of 1.16 billion yuan, up 95.4% year-over-year. The non-GAAP net profit reached 1.09 billion yuan, reflecting a 101% year-over-year growth [2]. - For Q2 2025 alone, the company reported revenue of 1.41 billion yuan, a 52.1% year-over-year increase, and a net profit of 630 million yuan, up 71.4% year-over-year, with a non-GAAP net profit of 590 million yuan, marking an 81% year-over-year increase and a 17% quarter-over-quarter growth [2]. Growth Drivers - The substantial growth in Lanke Technology's performance is attributed to several factors: 1. The booming AI industry has led to a surge in demand for DDR5 memory interface and module supporting chips, significantly increasing shipment volumes [2]. 2. The sales revenue from three high-performance chips (PCIe Retimer, MRCD/MDB, and CKD) reached 290 million yuan, showing a substantial increase compared to the previous year [1][2]. 3. The overall gross margin improved to 60.44%, an increase of 2.66 percentage points year-over-year, due to the rising sales of DDR5 memory interface chips and high-performance chips [2]. Future Outlook - The domestic internet giants such as Alibaba, Tencent, and ByteDance are entering a critical phase in the computing power arms race, with expectations of exponential growth in domestic computing power demand over the next three years, presenting new opportunities for the DRAM industry [1]. - Lanke Technology, as a leader in domestic memory interface chips, is poised to benefit significantly from the AI wave driving the demand for high-speed storage [1]. Earnings Forecast - The earnings forecast remains unchanged, with expected net profits of 2.59 billion yuan, 3.17 billion yuan, and 3.87 billion yuan for 2025, 2026, and 2027 respectively, reflecting year-over-year growth rates of 88%, 23%, and 22% [3]. - The earnings per share (EPS) are projected to be 2.27 yuan, 2.78 yuan, and 3.39 yuan for the same years, with corresponding price-to-earnings ratios of 54, 44, and 36 [3].