募资攻坚DDR6与光互连，澜起科技“A+H”能否再掀互连芯片行业变革？

Core Viewpoint - The demand for high-speed data transmission in data centers is experiencing exponential growth due to the AI model revolution, positioning interconnect chips as a critical sector in the technology industry [1]. Group 1: Company Overview - Lanqi Technology, a leading global memory interconnect chip company, is set to raise funds through its listing on the Hong Kong Stock Exchange to enhance R&D and commercialization efforts [1]. - The company has a strong market presence, holding a significant share in the global interconnect chip market, particularly in memory interconnect and PCIe/CXL segments [2][7]. Group 2: Competitive Advantages - Lanqi Technology has established a dual barrier of "R&D innovation + standard-setting" as its core competitive advantage, with a total of 208 patents and significant R&D investments amounting to 2.54 billion RMB from 2022 to 2024 [2][5]. - The company is one of the few suppliers offering a full range of memory interface chips from DDR2 to DDR5, with its DDR4 architecture adopted as an international standard by JEDEC [3]. Group 3: Market Position - In the memory interconnect chip market, Lanqi Technology is projected to hold a 36.8% market share in 2024, ranking first globally alongside Renesas and Rambus [7]. - The company is rapidly gaining traction in the PCIe Retimer segment, expected to achieve a 10.9% market share in 2024, ranking second globally [7]. Group 4: Financial Performance - The company's revenue is expected to grow significantly, with a forecasted increase from 3.67 billion RMB in 2022 to 4.06 billion RMB in 2025, reflecting a 57.8% year-on-year growth in the first three quarters of 2025 [9][10]. - The gross profit margin has been steadily increasing, reaching 61.5% in the first three quarters of 2025, with interconnect chips achieving a gross margin of 64.8% [10]. Group 5: Industry Growth Potential - The global high-speed interconnect chip market is anticipated to grow from $15.4 billion in 2024 to $49 billion by 2030, with a CAGR of 21.2%, driven by the increasing demand for AI servers and data center upgrades [12]. - Lanqi Technology's strategic focus on Ethernet and optical interconnects is expected to open new market opportunities, covering a wide range of interconnect needs from memory to system-level solutions [12]. Group 6: Future Strategies - The company plans to allocate the net proceeds from its Hong Kong listing towards R&D in advanced interconnect technologies, commercial expansion, and strategic investments [14]. - With a strong financial foundation, including cash reserves of 8.77 billion RMB and a low debt ratio of 10.9%, the company is well-positioned to capitalize on growth opportunities in the AI infrastructure sector [14].