Investment Rating - The report recommends subscription for the company’s IPO [2][3] Core Insights - The company is a leading fabless integrated circuit design firm focused on providing innovative, reliable, and high-efficiency interconnect solutions for cloud computing and AI infrastructure [2] - It is projected to be the largest supplier of memory interconnect chips globally in 2024, with a market share of 36.8% [2] - The demand for high-speed interconnect chips is increasing, particularly in AI servers, which is expected to drive market expansion [2] - The global AI server shipment is forecasted to grow from 0.5 million units in 2020 to 2.0 million units in 2024, with a compound annual growth rate (CAGR) of 45.2% [2] - The global high-speed interconnect chip market is expected to grow from USD 15.4 billion in 2024 to USD 49.0 billion by 2030, with a CAGR of 21.2% [2] Financial Performance - The company recorded revenues of RMB 3,672.3 million, RMB 2,285.7 million, and RMB 3,638.9 million for the years 2022, 2023, and 2024, respectively, with corresponding gross profit margins of 46.4%, 58.9%, and 58.1% [3] - Net profits for the same years were RMB 1,299.38 million, RMB 450.91 million, and RMB 1,411.78 million [3] - The IPO price of HKD 106.89 per share represents 59% of the A-share closing price of RMB 162.18 on January 29, 2026, indicating a certain margin of safety in valuation [3]
澜起科技（06809）：IPO申购指南