Core Viewpoint - The CXL (Compute Express Link) market has not yet launched as expected, primarily due to the underperformance of key players like Samsung Electronics and Intel [1][3]. Group 1: Market Status - The CXL market is currently stagnant, with a notable lack of discussions surrounding it, attributed to the weak performance of market leaders Samsung and Intel [3]. - Intel's next-generation server CPU, "Diamond Rapids," which is crucial for CXL's market launch, may face delays due to internal restructuring and layoffs [3][4]. - Samsung is in a holding pattern, waiting for the market to open, as the development of CXL-compatible memory products cannot proceed without corresponding processors [4]. Group 2: Opportunities and Risks - The introduction of CXL may lead to a decline in overall sales of processors and memory, as it aims to utilize existing resources more efficiently, which could negatively impact companies reliant on these sales in the short term [6][7]. - However, CXL-compatible chips are high-value products that could improve the profit structure for both Samsung and Intel, aligning with the semiconductor industry's trend towards high-value offerings to avoid cyclical fluctuations and competition with low-cost manufacturers [7]. - The CXL market is expected to see significant growth by 2026, with hyperscale cloud service providers likely to dominate this market due to their need for improved resource utilization and cost savings [8][9].

点击 关注我们 报告发布日期：2025年5月28日 报告名称: 《澜起科技（688008.SH）：聚焦高速互连芯片，运力芯片成为增长新引擎》 分析师：胡剑 S0980521080001/胡慧 S0980521080002/ 叶 子 S0980522100003 / 张大为 S0980524100002/ 詹浏洋 S0980524060001 / 李书颖 S0980122080309 联系人：连欣然 完整报告请扫描下方二维码 核心观点 2024年互连类芯片和津逮服务器平台收入占比分别为92%和8%，1Q25收入和归母净利润均创季度 新高 在数据密集的计算系统中，CXL可用于内存扩展、内存池化和内存共享。公司的MXC芯片是一款CXL内存扩 展控制器芯片，已成功通过了CXL 2.0合规性测试，列入CXL联盟公布的首批CXL 2.0合规供应商清单；另外， 三星和SK海力士同期入选CXL 2.0合规供应商清单，其受测产品均采用了公司的MXC芯片。另外，公司在 2024年第四季度决定暂缓用于数据中心的AI算力芯片研发，将相关技术积累和研发资源转移至PCIe Switch芯 片的研发及产业化。 风险提示 新产品研发不及预期 ...

Investment Rating - The report maintains an "Outperform" rating for the company [5]. Core Views - The company focuses on high-speed interconnect chips, with its capacity chips becoming a new growth engine. In 2024, interconnect chips and the Tsingdai server platform accounted for 92% and 8% of revenue, respectively. The company achieved a revenue of 3.639 billion yuan in 2024, a year-on-year increase of 59%, and a net profit of 1.412 billion yuan, a year-on-year increase of 213% [1][11]. - The company is one of the three major DDR5 memory interface chip manufacturers globally, leading the second-generation iteration of DDR5. The continuous iteration of CPUs supporting higher-speed DDR5 will drive the large-scale use and upgrade of DDR5 memory modules [2][45]. - The MXC chip has entered the first batch of compliant suppliers for CXL 2.0, and the company has decided to shift its R&D focus from AI computing chips for data centers to PCIe Switch chips [3][12]. Summary by Sections Financial Performance - In 2024, the company achieved a revenue of 3.639 billion yuan, with a year-on-year growth of 59%. The net profit reached 1.412 billion yuan, marking a year-on-year increase of 213%. The revenue and net profit for Q1 2025 were 1.222 billion yuan and 525 million yuan, respectively, both setting quarterly records [1][11][16]. - The company's revenue from interconnect chips was 3.349 billion yuan, with a gross margin of 62.7% in 2024 [24][22]. Product Development - The company has successfully launched multiple high-performance capacity chips, including PCIe Retimer, MRCD/MDB, and CKD, with a combined revenue of approximately 422 million yuan in 2024, which is eight times that of 2023 [2][56]. - The company has initiated the second-generation iteration of DDR5 memory interface chips, with the second-generation RCD chip shipments exceeding those of the first generation in 2024 [46][45]. Market Position - The company is positioned as a leading provider of interconnect chips and server platforms, with a CAGR of 20% in revenue from 2016 to 2024 and a CAGR of 41% in net profit during the same period [11][16]. - The global market for memory interface chips is expected to reach $5.7 billion by 2031, with the company being one of the three main suppliers [40][41]. Valuation - The report provides a reasonable valuation range for the company's stock at 84.50 to 93.89 yuan, representing a premium of 11% to 24% over the closing price of 75.84 yuan on May 27 [5][4].

如果您希望可以时常见面，欢迎标星收藏哦~ 来源：内容 编译自 eejournal 。 近年来，CXL正在成为大家的焦点。 事实上，在开发 CXL 标准、基于该标准生产早期计算机硬件（内存模块和内存服务器）以及从该 硬件获取一些性能数据方面确实取得了长足的进步。从性能数据中，现在可以确定哪些应用程序最 适合使用基于 CXL 的内存子系统，哪些不适合。 内存专家Jim Handy在一个分享中概述了 CXL 的现状。他首先指出，就像七个盲人摸象一样， CXL 凭借其在各个修订版本中新增的功能，拥有了丰富的功能。CXL 可用于： 根据应用程序的不同，其中一些功能将比其他功能更重要，正如 Handy 通过来自可能使用 CXL 内存的不同系统 OEM 的回应所说明的那样： Handy 还 指 出 ， CXL 是 一 个 相 对 较 新 的 标 准 。 CXL 联 盟 于 2019 年 发 布 了 CXL 1.0 和 CXL 1.1。CXL 2.0 于 2020 年底发布，它增加了 CXL 交换的概念，以支持数据中心机架内的多个主 机 xPU。CXL 3.0、3.1 和 3.2 增加了多项功能，包括多个交换机层，以支持跨机 ...

如果您希望可以时常见面，欢迎标星收藏哦~ 来源：内容 编译自 chosun ，谢谢。 SK海力士23日宣布，已完成其基于CXL 2.0的DRAM解决方案CMM（CXL Memory Module）- DDR5 96GB（千兆字节）产品的客户认证。 https://biz.chosun.com/it-science/ict/2025/04/23/4VTOCIILZNFAFNOKZWQ6477UUM/ 点这里加关注，锁定更多原创内容 *免责声明：文章内容系作者个人观点，半导体芯闻转载仅为了传达一种不同的观点，不代表半导体芯闻对该 观点赞同或支持，如果有任何异议，欢迎联系我们。 CXL 是 一 种 下 一 代 解 决 方 案 ， 通 过 有 效 连 接 计 算 系 统 内 的 中 央 处 理 器 (CPU) 、 图 形 处 理 单 元 (GPU) 和内存，支持大容量、超高速计算。它基于 PCIe 接口，具有池化功能，可实现快速的数据 传输速度和高效的内存利用率。 SK海力士表示，"如果将该产品应用于服务器系统，与现有的DDR5模块相比，容量将增加50％， 产品本身的带宽也将扩大30％，使其每秒能够处理36GB的数据 ...

如果您希望可以时常见面，欢迎标星收藏哦~ 来源：内容 编译自 chosun ，谢谢。 https://biz.chosun.com/it-science/ict/2025/04/23/4VTOCIILZNFAFNOKZWQ6477UUM/ 点这里加关注，锁定更多原创内容 *免责声明：文章内容系作者个人观点，半导体芯闻转载仅为了传达一种不同的观点，不代表半导体芯闻对该 观点赞同或支持，如果有任何异议，欢迎联系我们。 SK海力士23日宣布，已完成其基于CXL 2.0的DRAM解决方案CMM（CXL Memory Module）- DDR5 96GB（千兆字节）产品的客户认证。 CXL 是 一 种 下 一 代 解 决 方 案 ， 通 过 有 效 连 接 计 算 系 统 内 的 中 央 处 理 器 (CPU) 、 图 形 处 理 单 元 (GPU) 和内存，支持大容量、超高速计算。它基于 PCIe 接口，具有池化功能，可实现快速的数据 传输速度和高效的内存利用率。 SK海力士表示，"如果将该产品应用于服务器系统，与现有的DDR5模块相比，容量将增加50％， 产品本身的带宽也将扩大30％，使其每秒能够处理36GB的数据 ...