IPO专题：新股精要—全球独立SSD主控芯片领先生产商联芸科技

Investment Rating - The report assigns a positive investment rating to the company, indicating strong growth potential in the SSD controller chip market and AIoT signal processing chips [2][3]. Core Insights - The company, Lianyun Technology (688449.SH), is a leading independent SSD controller chip manufacturer globally, ranking second in shipment volume. The upcoming product launches are expected to drive continued revenue growth [2][3][6]. - In 2023, the company achieved revenue of 1.034 billion yuan and a net profit of 52 million yuan. The average PE ratios for comparable companies for 2023, 2024, and 2025 are 197.92, 64.21, and 42.89 times, respectively [2][3][25]. Summary by Sections Company Overview - Lianyun Technology is a platform chip design enterprise providing data storage controller chips and AIoT signal processing chips. The company has developed a comprehensive chip R&D and industrialization platform [6][8]. Business Analysis - The company experienced a compound annual growth rate (CAGR) of 33.65% in revenue and 7.59% in net profit from 2021 to 2023. The revenue for 2021, 2022, and 2023 was 578.74 million yuan, 573.09 million yuan, and 1.033 billion yuan, respectively [8][11]. - The main products include data storage controller chips, which accounted for 72.16% of total revenue in 2023, and AIoT signal processing chips, which represented 14.25% of revenue [8][11]. Industry Development and Competitive Landscape - The storage chip market is the second largest segment in the integrated circuit market, driven by demand from AI and emerging technologies. The global storage chip market is projected to grow from 89.601 billion USD in 2023 to 129.768 billion USD in 2024 [16][17]. - Lianyun Technology's SSD controller chip shipments accounted for 22% of the global market in 2023, ranking second among independent SSD controller chip manufacturers [20][21]. IPO and Fundraising - The company plans to issue 100 million shares, representing 21.74% of the total share capital post-IPO. The total amount to be raised is 1.52 billion yuan, which will be used for R&D and industrialization projects [21][24]. Comparable Company Valuation - The average PE ratio for comparable companies in the software and information technology services industry is 56.74 times. Lianyun Technology's average PE for 2023 is 197.92 times, with projected PE ratios of 64.21 and 42.89 for 2024 and 2025, respectively [25][26].