互联芯片解锁澎湃运力

Investment Rating - The report maintains a "Buy" rating for the company, with expected revenue of 22.7/45.1/65.2 billion yuan for 2023/2024/2025, and net profit attributable to the parent company of 4.5/13.9/25.0 billion yuan [6] Core Investment Highlights - The company leads in DDR5 memory interface chip iteration, with the fourth-generation RCD chip launched in January 2024, which is expected to maintain high ASP and gross margin levels [3] - The company is a global leader in MRCD/MDB chip technology, with demand expected to rise significantly as MRDIMM adoption increases in AI-driven server markets [3] - The company is the second global supplier to mass-produce PCIe Retimer chips, leveraging its self-developed SerDes IP technology to maintain market share in the PCIe5.0 era [4] - The company has globally launched the MXC chip, which is expected to enter mass production in 2024, offering high-bandwidth, low-latency solutions for CPU and CXL device interconnects [5] Financial Performance and Projections - Revenue is projected to grow from 22.7 billion yuan in 2023 to 65.2 billion yuan in 2025, with a CAGR of 69.8% [6] - Net profit attributable to the parent company is expected to increase from 4.5 billion yuan in 2023 to 25.0 billion yuan in 2025, with a CAGR of 135.6% [6] - The company's gross margin is forecasted to remain strong, ranging from 50.2% to 57.4% between 2023 and 2025 [8] - ROE is projected to improve significantly, from 4.5% in 2023 to 18.3% in 2025 [8] Market Position and Technological Leadership - The company is a key player in the memory interface chip market, with a strong focus on DDR5 and PCIe5.0 technologies [3][4] - It has a leading position in MRCD/MDB chip technology and is actively involved in setting international standards for MDB chips [3] - The company's MXC chip is a pioneering solution for CPU and CXL device interconnects, expected to drive future growth [5]