中银证券：中银晨会聚焦-20240828

Core Insights - The report highlights significant growth in the semiconductor industry, particularly in memory interfaces and module supporting chips, driven by the recovery in demand and the introduction of new products [2][3][10] - The report emphasizes the strong performance of specific companies, such as 澜起科技, which achieved a revenue increase of 79.49% year-on-year in the first half of 2024, and a net profit increase of 624.63% [3][4] - The OLED materials segment is noted for its robust growth, with companies like 万润股份 showing a revenue decline but maintaining strong performance in their OLED materials business [6][7][8] Company Summaries 澜起科技 - The company reported a revenue of 16.65 billion yuan in the first half of 2024, a year-on-year increase of 79.49%, with a net profit of 5.93 billion yuan, reflecting a growth of 624.63% [3] - The demand for DDR5 memory interfaces is increasing, with the company’s second-generation RCD chip shipments surpassing the first generation [3][4] - New AI-related products are contributing to revenue growth, with PCIe Retimer chip shipments expected to reach 600,000 units in the third quarter of 2024 [4] 万润股份 - The company experienced a revenue decline of 5.66% to 19.56 billion yuan in the first half of 2024, with a net profit decrease of 44.71% to 2.15 billion yuan [6][7] - The OLED materials segment showed resilience, with significant growth in specific subsidiaries, indicating potential for future growth despite overall revenue challenges [7][8] - The company is expanding its production capacity in OLED materials, which is expected to support long-term growth [8] 东芯股份 - The company reported a revenue increase of 11.12% to 2.66 billion yuan in the first half of 2024, although it still faced a net loss of 910 million yuan [10][11] - The semiconductor industry is experiencing a cyclical recovery, with improvements in supply-demand dynamics for memory chips [11][12] - The company is increasing its R&D investment, focusing on integrated storage and computing solutions [12]