文章转自2025年09月23日电子团队报告，作者： 张世杰/李珏晗 投资要点 全领先地位。同时，公司紧随算力需求爆发趋势，布局高性能 球数据处理及互连芯片设计龙头，平台化布局不断深化。"公运力司深"芯片，其中 耕行业二十PCIe Retimer 年，为DDR2、至MRCD/MDB DDR5时代内及存CKD接口芯片均已实现规模出货，打开新成长曲 芯片核心供应商，在DDR5子代迭代中持续保持 线上，行业需求旺盛， 。公司25H1延续高DDR5 位增长渗透率持续提升，公司 趋势，实现营业总收入DDR5 26.33内存接口及模组配套芯片出货量显著增长，同时高性能运力芯片规模放量。 亿元，同比增长58.17%，归属母公司股东的净利润11.59亿元，同比增长95.41%，主要由于AI产业趋势向 DDR5 DDR4 大公司先发推出针对更高带宽模组 规模，迭渗DDR5 代透加。速DDR5 最，高内初对存始内接速存口率接芯6400MT/s 口片芯量MRDIMM 片价的齐，用升为量。的DDR4 增伴MRCD 加随，的云且两计和单倍MDB 算颗，发ASP 单展套片，第一代已实现向下游客户的规模出货，第二代已完成向全球主要内存厂商送 ...

近日，澜起科技股份有限公司（下称澜起科技）向港交所主板更新了招股书。成功上市之后，澜起科技 将成为又一家"A+H"布局的企业。截至发稿时，澜起科技A股市值为984亿元。 澜起科技的核心产品是内存接口芯片。在一台服务器中，CPU想要读取内存里的数据，必须通过内存接 口芯片。它起到了提升内存数据访问的速度及稳定性的作用。 在内存接口芯片这一垂直领域，澜起科技处于全球领先地位。于2024年按收入计算，澜起科技是全球最 大的内存互连芯片供货商，市场份额36.8%。 - 01 - 澜起科技创办于2004年，创始人是时年57岁的半导体专家杨崇和。 杨崇和1981年赴美国留学，在俄勒冈州立大学获电子与计算机工程硕士及博士学位。 1990年到1994年，杨崇和在美国国家半导体公司从事芯片设计研发工作。 1994年，杨崇和回到上海，就职于"国内集成电路行业的首家中外合资企业"上海贝岭。 1997年，参与创办"中国第一家硅谷式（风投加创业团队）的IC 设计公司"新涛公司，担任总经理，负 责研发。 2001 年4 月，美国半导体著名企业IDT 公司以8500万美元现金的价格收购了新涛科技，"这一价格相当 于当时新浪和搜狐的市值总和 ...

Core Viewpoint - The company focuses on high-speed interconnect chips, with computing power chips becoming a new growth engine, achieving significant revenue and profit growth in recent quarters [3][4][5]. Financial Performance - In 2024, the company achieved revenue of 3.639 billion yuan (YoY +59%), with interconnect chips and server platforms accounting for 92% and 8% of revenue respectively. The CAGR from 2016 to 2024 was 20% [5][18]. - The net profit attributable to shareholders reached 1.412 billion yuan (YoY +213%), with a CAGR of 41% from 2016 to 2024 [5][18]. - In Q1 2025, the company reported revenue of 1.222 billion yuan (YoY +65.78%, QoQ +14.43%) and a net profit of 525 million yuan (YoY +135.14%, QoQ +21.13%), both setting quarterly records [5][4]. Product Development - The company is one of the top three global manufacturers of DDR5 memory interface chips, leading the second-generation DDR5 iteration, with shipments exceeding DDR4 in 2024 [6][43]. - Three new computing power products, including PCIe Retimer, MRCD/MDB, and CKD, achieved significant revenue growth, totaling approximately 422 million yuan in 2024, an eightfold increase from 2023 [7][23]. - The MXC chip has entered the first batch of compliant suppliers for CXL 2.0, and the company is shifting R&D resources towards PCIe Switch chips [8][83]. Market Trends - The global memory interface chip market is projected to reach $5.7 billion by 2031, with the company being a key player in the DDR5 generation [38]. - The demand for AI servers is expected to drive the usage of PCIe Retimer chips, with the market for PCIe/USB Retimer projected to grow at a CAGR of 46.8% from 2024 to 2032 [76][79]. R&D and Human Resources - The company had 536 R&D personnel by the end of 2024, with a revenue per employee of 5.07 million yuan [25]. - The company is actively involved in the standardization of memory modules through its participation in JEDEC, contributing to the development of DDR5 standards [36][62].

Investment Rating - The report maintains an "Outperform" rating for the company [5] Core Views - The company focuses on high-speed interconnect chips, with the capacity chips becoming a new growth engine. In 2024, interconnect chips and the server platform accounted for 92% and 8% of revenue, respectively. The company achieved a revenue of 3.639 billion yuan, 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][16] - The company is one of the three major DDR5 memory interface chip manufacturers globally, and it has initiated the second-generation iteration of DDR5. The penetration rate of DDR5 continues to rise, with the company’s DDR5 second-generation RCD chip shipments exceeding the first-generation products in 2024 [2][45] - The company’s 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 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][4][16] - The company’s revenue from 2016 to 2024 has a CAGR of 20%, while the net profit has a CAGR of 41% [11][16] Product Development - The company has launched several high-performance capacity chips, including PCIe Retimer, MRCD/MDB, and CKD, which have generated significant revenue growth. In 2024, these new products generated approximately 422 million yuan, an eightfold increase from 2023 [2][24] - The company is actively involved in the development of DDR5 memory interface chips, with the second-generation RCD chip shipments surpassing the first generation in 2024. The third-generation RCD chip is expected to be shipped in Q4 2024 [2][46] Market Position - The company is positioned as a leading provider of interconnect chips and server platforms, with 92% of its revenue derived from interconnect chips in 2024. The gross margin for interconnect chips was 62.7%, slightly above the international comparable company Rambus [24][22] - The global market for memory interface chips is projected to reach 5.7 billion USD by 2031, with the company being one of the three main suppliers in the DDR5 generation [40]