澜起科技：DDR5子代持续迭代，三季报业绩大幅增长

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative increase in stock price of over 15% compared to the CSI 300 index in the next six months [9]. Core Insights - The company reported significant growth in its financial performance for the first three quarters of 2024, with total revenue reaching 72.57 billion yuan, a year-on-year increase of 68.56%, and a net profit attributable to shareholders of 978 million yuan, up 318.42% year-on-year [3]. - The third quarter of 2024 marked a historical high in performance, with revenue of 9.06 billion yuan, a 51.60% increase year-on-year, and a net profit of 3.85 billion yuan, reflecting a 153.40% year-on-year growth [3]. - The growth is attributed to the recovery in global server demand, increased penetration of DDR5 technology, and the launch of new products, particularly the second generation of DDR5 memory interface chips [3]. Financial Performance Summary - For the first three quarters of 2024, the company's revenue from memory interface chips and server platforms was 2.377 billion yuan and 185 million yuan, respectively, representing year-on-year growth of 59.37% and 565.34% [3]. - The net profit margin for the third quarter of 2024 was 37.98%, an increase of 22.64 percentage points year-on-year [3]. - The company expects total revenue for 2024 to reach 37.27 billion yuan, with a year-on-year growth rate of 63.07%, and net profit of 1.327 billion yuan, reflecting a growth rate of 194.29% [4]. Product and Market Dynamics - The company is experiencing a structural optimization in its product offerings, leading to improved profitability [3]. - New high-speed interconnect products, including PCIe Retimer and other AI-related chips, are contributing to new revenue growth, with over 600,000 units shipped in the third quarter of 2024 [3]. - The report anticipates continued growth in revenue and net profit for the years 2024 to 2026, with projected revenues of 55.14 billion yuan and 72.36 billion yuan for 2025 and 2026, respectively [4].