11月21日，澜起科技跌3.49%，截至发稿，报113.90元/股，成交27.57亿元，换手率2.09%，总市值 1304.33亿元。澜起科技股价已经连续4天下跌，区间累计跌幅6.02%。 金元顺安宝石动力混合（620001）基金经理为孔祥鹏、商昌层。 截至发稿，孔祥鹏累计任职时间8年149天，现任基金资产总规模1.43亿元，任职期间最佳基金回 报-3.29%， 任职期间最差基金回报-13.31%。 商昌层累计任职时间2年27天，现任基金资产总规模4462.91万元，任职期间最佳基金回报12.95%， 任 职期间最差基金回报1.02%。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 责任编辑：小浪快报 资料显示，澜起科技股份有限公司位于上海市徐汇区漕宝路181号和光天地16层,香港铜锣湾希慎道33号 利园1期19楼1918室，成立日期2004年5月27日，上市日期2019年7月22日，公司主营业务涉及为云计算 和人工智能领域提供以芯片为主的解决方案。主营业务收入构成为： ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [8] Core Views - The company achieved a record high revenue of 40.58 billion yuan in the first three quarters of 2025, representing a year-on-year increase of 57.83%. The net profit attributable to the parent company was 16.32 billion yuan, up 66.89% year-on-year [5][11] - In Q3 2025, the company reported revenue of 14.24 billion yuan, a year-on-year increase of 57.22% and a quarter-on-quarter increase of 0.92%. The net profit attributable to the parent company was 4.73 billion yuan, up 22.94% year-on-year but down 25.33% quarter-on-quarter due to the impact of equity incentive expenses [5][11] - The company is actively seizing opportunities in the AI industry, with significant increases in shipments of DDR5 memory interface chips and high-performance computing chips, contributing to substantial growth in operating performance [11] Summary by Sections Financial Performance - For the first three quarters of 2025, the company reported a gross margin of 61.46%, an increase of 3.34 percentage points year-on-year. The revenue from interconnect chips was 38.32 billion yuan, up 61.21% year-on-year, with a gross margin of 64.83% [11] - The company expects the demand for DDR5 memory interface chips and high-performance computing chips to continue to grow significantly in 2025, driven by trends in the AI industry [11] Research and Development - The company invested 5.33 billion yuan in R&D in the first three quarters of 2025, with an R&D expense ratio of 13.14%. It has launched new products such as the CXL 3.x MXC chip and is actively developing PCIe Switch chips [11] Future Outlook - The company forecasts net profits attributable to the parent company for 2025, 2026, and 2027 to be 21.97 billion yuan, 30.13 billion yuan, and 37.40 billion yuan, respectively, with corresponding EPS of 1.92 yuan, 2.63 yuan, and 3.27 yuan [11]

□本报记者 张韵 截至11月14日，数据显示，今年以来，全市场已有19只公募基金实现业绩翻倍。值得注意的是，在近年 来的主被动产品博弈中，虽然被动产品一度占上风，但此番业绩翻倍的基金却全部是主动产品。这在一 定程度上反映出主动投资型基金依然有其独特的捕捉超额收益的优势。 从这19只基金的业绩表现来看，多数净值曲线都是从二季度开始陡然拉升。亮眼业绩背后，或离不开基 金经理们对光模块、PCB、创新药、存储等强势板块的重仓。同时，许多基金的持仓集中度较一季度末 有明显提升，在二、三季度末，均有半数以上基金前十大重仓股市值占基金资产净值比重超过60%。 不过在11月14日，光模块、PCB、存储板块出现较大幅度回调，多只前期人气股单日跌超4%，部分存 储板块标的更是单日跌超9%。这也使得10余只原本已在今年翻倍的公募基金，回报率降至100%以下。 冠军基重仓光通信板块 2025年半年报披露的数据显示，该基金二季度末仅持有20只个股，前十大重仓股几乎全是市场热门股， 集中于光通信、PCB、云计算三大领域。其中，含"光"量尤高。光模块三巨头（新易盛、中际旭创、天 孚通信）为前三大重仓股，合计占基金资产净值的比重接近30%。 ...

Core Insights - As of November 14, 2023, 19 public funds have doubled their performance this year, all of which are actively managed funds, indicating the unique advantages of active investment strategies in capturing excess returns [1][2] Fund Performance and Strategy - The majority of these funds saw a significant increase in net asset value starting from the second quarter, largely due to heavy investments in strong sectors such as optical modules, PCB, innovative pharmaceuticals, and storage [1][4] - Many funds exhibited a notable increase in concentration, with over 60% of their net asset value held in the top ten stocks by the end of the second and third quarters [1][2] Notable Fund Examples - The top-performing fund, Yongying Technology Smart Selection, achieved a return rate exceeding 180% this year, with its manager, Ren Jie, having a background as a TMT researcher [1][2] - This fund underwent significant portfolio adjustments, completely changing its top ten holdings multiple times within the year, reflecting Ren Jie's preference for concentrated holdings [2][3] Sector Focus - The top holdings of the funds are heavily concentrated in the optical communication, PCB, and cloud computing sectors, with the top three stocks in the optical module sector accounting for nearly 30% of the fund's net asset value [3][4] - The performance of these top holdings has been impressive, with seven stocks doubling in value during the third quarter, including Industrial Fulian, which saw a rise of over 200% [3][4] Common Trends Among High-Performing Funds - A significant trend among the 19 funds is the heavy investment in optical module stocks, with nearly 70% of the funds having optical module stocks as their top holdings by the end of the second quarter [4] - Other sectors contributing to the strong performance include PCB and innovative pharmaceuticals, with specific funds like Yongying Technology Smart Selection and Hengyue Advantage Select showing substantial gains from these sectors [4][5]

Investment Rating - The investment rating for the company is "Outperform the Market" [5][26] Core Insights - The company achieved a record high revenue in Q3 2025, with a year-on-year revenue growth of 57.22% and a net profit margin of 32.58%. The revenue for Q3 2025 reached 1.424 billion yuan, while the net profit was 473 million yuan [2][3] - The company's revenue for the first three quarters of 2025 was 4.058 billion yuan, representing a year-on-year increase of 57.83%, with a net profit margin improving to 38.85% [1][3] - The company has begun large-scale shipments of DDR5 fourth-generation RCD chips and has launched several new products, indicating strong progress in product development [3][4] Financial Performance Summary - For the first three quarters of 2025, the company reported a revenue of 4.058 billion yuan (YoY +57.83%) and a net profit of 1.632 billion yuan (YoY +66.89%) [1] - In Q3 2025, the company recorded a revenue of 1.424 billion yuan (YoY +57.22%, QoQ +0.92%) and a net profit of 473 million yuan (YoY +22.94%, QoQ -25.33%) [2] - The gross margin for Q3 2025 was 63.34%, reflecting a year-on-year increase of 4.6 percentage points [2][3] - The company has slightly adjusted its net profit forecasts for 2025-2027 due to increased share-based payment expenses, projecting net profits of 2.272 billion yuan, 2.809 billion yuan, and 3.381 billion yuan for 2025, 2026, and 2027 respectively [3][4] Product Development and Market Position - The company’s interconnect chip product line saw a revenue increase of 61.21% to 3.832 billion yuan, while the revenue from the Jindai® server platform product line grew by 17.88% to 218 million yuan [1] - The company has initiated the delivery of DDR5 second-generation MRCD/MDB chips, with orders exceeding 140 million yuan expected to be delivered in the next six months [3]

Core Insights - The chip design industry is experiencing growth due to rising storage prices and the rapid development of edge AI, with companies seeking new growth opportunities beyond the mobile sector [2][11][19] Storage Industry Performance - The storage sector is benefiting from supply constraints, leading to significant revenue increases for major storage module manufacturers in Q3 [4][9] - Jiangbolong reported Q3 revenue of 6.539 billion yuan, a year-on-year increase of 54.6%, and a net profit of 698 million yuan, up 1994.42% year-on-year [4][5] - Bawei Storage achieved Q3 revenue of 2.663 billion yuan, a year-on-year increase of 68.06%, with a net profit of 256 million yuan, up 563.77% year-on-year [6][9] Market Dynamics - The mobile market is stabilizing, prompting manufacturers to explore new growth areas, particularly in AIoT and automotive electronics [11][17] - Storage price fluctuations are impacting the sales rhythm of terminal products, affecting inventory and sales strategies [11][12] Company Strategies - Companies like Jiangbolong and Bawei Storage are focusing on self-developed storage chips to differentiate their growth [9][19] - Companies are expanding their client base and optimizing customer structures, with Jiangbolong's self-developed main control chip deployment exceeding 100 million units [5][9] Emerging Trends - The transition from DDR4 to DDR5 memory is a significant trend, although it requires industry collaboration for successful implementation [13][14] - Companies are diversifying their product offerings, with firms like OmniVision achieving revenue growth through expansion into automotive and smart imaging markets [17][18] Future Outlook - The chip design industry is expected to deepen its development under the trends of AI integration, diversification, and self-sufficiency, with companies needing to adapt quickly to technological cycles and market changes [19][20]

Core Insights - The company reported a record high quarterly revenue of 1.424 billion yuan in Q3 2025, representing a year-on-year growth of 57.22% and a quarter-on-quarter growth of 0.92% [1] - The net profit attributable to shareholders for Q3 2025 was 473 million yuan, showing a year-on-year increase of 22.94% [1] Cumulative Performance - For the first three quarters of 2025, the company achieved a total revenue of 4.058 billion yuan, a significant year-on-year increase of 57.83% [3] - The cumulative net profit attributable to shareholders reached 1.632 billion yuan, with a year-on-year growth of 66.89% [3] Business Growth Drivers - The interconnect chip business is the main driver of the company's rapid growth, with Q3 revenue from this segment reaching 1.371 billion yuan, a year-on-year increase of 61.59% and a quarter-on-quarter increase of 3.78% [3] - This product line has seen continuous quarter-on-quarter revenue growth for 10 consecutive quarters [3] Profit Adjustment - The quarter-on-quarter decline of 25.33% in net profit was primarily due to increased share-based payment expenses resulting from the rise in the company's stock price, amounting to 353 million yuan in Q3 [3] - Excluding this expense, the adjusted net profit attributable to shareholders would be 811 million yuan, reflecting a year-on-year growth of 105.78% and a quarter-on-quarter growth of 10.96% [3] Product Development - The company is accelerating new product development, having launched a memory expansion controller (MXC) chip based on CXL 3.1 in Q3, which is currently undergoing sample testing with major clients [3] - Additionally, clock buffers and spread spectrum oscillator products have also entered the customer sample testing phase [3] Order Backlog - As of October 27, 2025, the company has a robust order backlog, with anticipated deliveries of DDR5 second-generation MRCD/MDB chips exceeding 140 million yuan in the next six months [4]

Core Viewpoint - Lanqi Technology is a leading global player in data processing and interconnect chip design, providing chip-based solutions for cloud computing and artificial intelligence, with strong technological capabilities [1] Group 1: Business Performance - In Q3 2025, Lanqi Technology achieved a revenue of 4.058 billion yuan, ranking 12th in the industry, surpassing the industry average of 2.912 billion yuan and the median of 1.156 billion yuan, but trailing behind the top two competitors, Haowei Group and Jiangbolong, with revenues of 21.783 billion yuan and 16.734 billion yuan respectively [2] - The main business composition includes interconnect chips generating 2.461 billion yuan, accounting for 93.44%, and server platform revenue of 168 million yuan, accounting for 6.37% [2] - The net profit for the same period was 1.576 billion yuan, ranking 4th in the industry, exceeding the industry average of 348 million yuan and the median of 107 million yuan, but lower than the top two competitors, Haowei Group and Haiguang Information, with net profits of 3.199 billion yuan and 2.841 billion yuan respectively [2] Group 2: Financial Health - As of Q3 2025, Lanqi Technology's debt-to-asset ratio was 10.87%, higher than the previous year's 5.68% but significantly lower than the industry average of 24.46%, indicating strong debt repayment capability [3] - The gross profit margin for Q3 2025 was 61.46%, an increase from 58.12% in the previous year, and well above the industry average of 36.52%, reflecting strong profitability [3] Group 3: Executive Compensation - The chairman, Yang Chonghe, received a salary of 9.99 million yuan in 2024, an increase of 1.9654 million yuan from 2023 [4] - The general manager, Stephen Kuong - Io Tai, also received a salary of 9.99 million yuan in 2024, up from 8.0226 million yuan in 2023 [4] Group 4: Shareholder Information - As of September 30, 2025, the number of A-share shareholders increased by 36.10% to 92,900, while the average number of circulating A-shares held per account decreased by 26.50% to 12,300 [5] - The largest circulating shareholder is Hong Kong Central Clearing Limited, holding 145 million shares, an increase of 29.7274 million shares from the previous period [5] Group 5: Market Outlook - Pacific Securities noted that Lanqi Technology is benefiting from the accelerated iteration of DDR5 memory interface chips and the volume increase of high-performance products such as PCIe Retimer, MRCD/MDB, and CKD chips, projecting total revenues of 5.806 billion, 7.710 billion, and 9.893 billion yuan for 2025 to 2027 [6] - Longjiang Securities highlighted that Lanqi Technology's H1 2025 performance set a new historical high, with significant revenue growth from interconnect chips and a strong product matrix in high-performance chips, projecting net profits of 2.470 billion, 3.157 billion, and 3.874 billion yuan for 2025 to 2027 [6]

Core Insights - The company reported strong financial performance in Q3 2025, with revenue reaching 1.424 billion yuan, a year-on-year increase of 57.22% [1] - Net profit attributable to shareholders was 473 million yuan, up 22.94% year-on-year, while net profit excluding share-based payment expenses surged by 105.78% to 811 million yuan [1] - The interconnect chip product line generated sales of 1.371 billion yuan, reflecting a 61.59% year-on-year growth [1] Financial Performance - For the first three quarters of 2025, the company achieved a total revenue of 4.058 billion yuan, a 57.83% increase compared to the previous year [3] - Net profit attributable to shareholders for the same period was 1.632 billion yuan, up 66.89% year-on-year, with net profit excluding share-based payment expenses reaching 2.144 billion yuan, a 112.46% increase [3] - The interconnect chip product line's revenue for the first three quarters was 3.832 billion yuan, a 61.21% increase, with a gross margin of 64.83% [3] Product Development - The company launched several new products, including the CXL3.1 memory expansion controller chip, which supports CXL.mem and CXL.io protocols, aimed at enhancing data center server performance [2] - The CXL3.1MXC chip is designed to address bandwidth and scalability issues in traditional memory architectures, facilitating efficient memory resource allocation [2] - The company also advanced its clock buffer and spread spectrum oscillator products into the customer sampling phase, targeting high-performance applications in various sectors [2] Market Position - The company continues to maintain its leading position in the industry, particularly with the DDR5 memory interface chip series, which has seen significant sales growth [1] - The sales revenue of the third-generation DDR5 RCD chip surpassed that of the second generation for the first time, indicating strong market demand [1]

Core Viewpoint - 澜起科技 reported strong financial performance in Q3 2025, with significant year-on-year growth in both revenue and net profit, indicating robust business momentum and market demand [1] Financial Performance - In Q3 2025, the company achieved operating revenue of 1.424 billion yuan, representing a year-on-year increase of 57.22% [1] - The net profit for Q3 2025 was 473 million yuan, showing a year-on-year growth of 22.94% [1] - For the first three quarters of 2025, the total operating revenue reached 4.058 billion yuan, up 57.83% compared to the same period last year [1] - The net profit for the first three quarters was 1.632 billion yuan, reflecting a year-on-year increase of 66.89% [1] - The basic earnings per share for the company stood at 1.44 yuan [1] Product Line Performance - The sales revenue from the interconnect chip product line reached a historical high in Q3 2025, contributing to the overall revenue growth [1] - Both the sales revenue from interconnect chip products and the net profit attributable to the parent company, excluding share-based payment expenses, have achieved growth for ten consecutive quarters [1]