Investment Rating - The report initiates coverage on 澜起科技 (Lianqi Technology) H-shares with a "Buy" rating and a target price of 268 HKD; it also reinstates a "Buy" rating for A-shares with a target price of 227 RMB [1] Core Insights - 澜起科技 is recognized as a leader in memory interconnect chips, with a projected market share of 36.8% based on 2024 revenue calculations. The growth is expected to be driven by increasing demand for advanced memory interconnect technology due to cloud computing and AI infrastructure [1] - The company is anticipated to achieve a compound annual growth rate (CAGR) of 35% in revenue from 2025 to 2032, supported by growing demand and rapid product expansion [1] - High expectations for 澜起科技's net profit in 2026 and 2027 are noted, with forecasts exceeding market expectations by 13% and 16% respectively, reflecting optimism regarding new product introductions leading to higher revenue [1]
澜起科技：首次覆盖予“买入”评级，目标价268港元-20260319