澜起科技：二季度扣非归母净利润创季度新高

Investment Rating - The investment rating for the company is "Outperform the Market" [4] Core Views - The company achieved a record high in non-net profit attributable to the parent company in Q2, with a revenue growth of 83% year-on-year and a significant increase in profitability [1][2] - The company is actively advancing new product development and iteration, expanding its product categories, particularly in interconnect chips and server platforms [2] - The forecast for net profit attributable to the parent company for 2024-2026 is 1.354 billion, 1.941 billion, and 2.641 billion yuan respectively, with corresponding PE ratios of 45, 32, and 23 times [2][3] Financial Performance Summary - In the first half of 2024, the company achieved a revenue of 1.665 billion yuan, a year-on-year increase of 79.49%, and a net profit of 593 million yuan, a year-on-year increase of 624.63% [1] - The gross profit margin improved to 57.78%, with R&D expenses increasing by 21% to 367 million yuan, while the R&D expense ratio decreased by 10.6 percentage points to 22% [1] - The interconnect chip revenue for the first half of 2024 was 1.528 billion yuan, accounting for 92% of total revenue, with a gross margin of 62.43% [1] Product Development and Market Position - The company has launched the DDR5 fourth-generation RCD chip and is preparing for mass production of the DDR5 CKD chip, while also making significant progress in developing PCIe 6.0 Retimer chips [2] - The server platform product line saw a revenue increase of 846% year-on-year, indicating strong market demand and successful product launches [1][2]