Rambus Inc：FY2024Q2业绩点评及法说会纪要：DDR5持续渗透，助推业绩稳步增长

Investment Rating - The report assigns a positive outlook for Rambus, indicating expectations for revenue growth in the upcoming quarters, particularly driven by strong product performance and market demand for DDR5 technology [2][12]. Core Insights - Rambus reported total revenue of $132.1 million for Q2 FY2024, a year-over-year increase of 10.3$119.8 million in the same quarter last year, primarily driven by strong demand in high-value memory products [5][17]. - The company experienced significant growth in operating profit, which reached $40.3 million, up 244.4$11.7 million in the previous year, resulting in an operating margin of 31% compared to 10% last year [5][17]. - Despite the overall revenue growth, net income decreased by 78.6% to $36.1 million from$168.9 million in the previous year, attributed to various factors including changes in revenue recognition [5][17]. Revenue Breakdown Product Revenue - Product revenue amounted to $56.7 million, a 3.1$56.4 million, up 38.6% from $40.7 million in the previous year, with licensing fees at$61.5 million, reflecting a 2.2% increase [9][17]. Contract and Other Revenue - Contract and other revenue decreased by 21.2% to $1.9 million, primarily consisting of silicon IP, which is expected to grow due to increasing demand driven by AI applications [11][17]. Q3 FY2024 Guidance - Rambus anticipates Q3 FY2024 revenue to be between$144 million and $150 million, with royalty income projected between$59 million and $65 million, and licensing fees expected between$60 million and $66 million [12][17]. - Product revenue is expected to be between$62 million and $68 million, with a forecast of double-digit growth both sequentially and year-over-year [12][17]. Market Position and Future Outlook - Rambus is well-positioned in the DDR5 market, with ongoing developments in high-performance memory solutions and a strong focus on AI-driven applications [13][15]. - The company is expanding its market opportunities through strategic investments in innovative products, particularly in the areas of power management integrated circuits (PMICs) and silicon IP solutions [14][15].