澜起科技：PCIe Retimer助力新增长

Investment Rating - The investment rating for the company is "Buy" and is maintained [1] Core Views - The company is expected to benefit from the increasing demand for AI servers, with PCIe Retimer chips becoming a new growth point. A typical AI server configuration requires 8 to 16 PCIe Retimer chips, indicating a growing market space as AI server demand increases. The company's self-developed core technology, SerDesIP, provides competitive advantages in product latency and channel adaptability, leading to increasing recognition from customers and downstream users [1] - The product value is expected to continue rising in the AI era, with a diverse product portfolio including memory interface chips, PCIe Retimer, and other related components. The development of AI inference is anticipated to drive demand for interconnect chips, further enhancing the company's product applications [1] - The penetration rate of DDR5 is expected to increase, with the company’s DDR5 memory interface chip shipments projected to surpass DDR4 by Q3 2024. The company is a leader in the memory interface chip industry and is expected to benefit from the expanding market size of related products [1] Financial Projections - The company’s projected net profit for 2024-2026 is estimated at 1.35 billion, 2.00 billion, and 2.73 billion yuan respectively [1] - Revenue is expected to grow from 2.286 billion yuan in 2023 to 3.510 billion yuan in 2024, reflecting a growth rate of 53.57% [18] - The company’s EBITDA is projected to increase significantly, from 393.51 million yuan in 2023 to 1.429 billion yuan in 2024 [18] Market Performance - The company’s stock has a 52-week high of 80.26 yuan and a low of 43.15 yuan [3] - The latest closing price is 79.99 yuan, with a P/E ratio of 199.97 [4][5]