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 ...

Core Viewpoint - Company plans to issue H-shares and list on the Hong Kong Stock Exchange to enhance international strategy and attract talent [3][8] Financial Performance - In 2024, the company achieved a net profit of 1.412 billion yuan, a year-on-year increase of 213.1%, marking the highest level since its listing [1][8] - The company's revenue for 2024 was 3.639 billion yuan, up 59.2% year-on-year, with overseas revenue contributing 2.577 billion yuan, accounting for 70.8% of total revenue [1][10] - The gross profit margin for overseas sales was 62.82%, an increase of 0.77 percentage points year-on-year [1][10] Shareholder Returns - The company has announced a share repurchase plan of 200 million to 400 million yuan, which will bring total cash dividends and share repurchases to 3.349 billion yuan since its listing [2][7] - The company has consistently implemented dividends over the past six years, totaling approximately 2.14 billion yuan [4][5] R&D and Innovation - Approximately 75% of the company's employees are engaged in research and development, with R&D expenses in 2024 amounting to 763 million yuan, representing 20.98% of total revenue [8][10] - The company holds 187 authorized invention patents and has maintained a high R&D expense ratio exceeding 15% for three consecutive years [10] Market Position and Growth - The company is a leading player in the memory interface chip market, benefiting from the growing demand for DDR5 memory interface chips and high-performance computing chips driven by the AI industry [9][10] - As of April 22, 2025, the company expects to deliver interconnect chips with a total order value exceeding 1.29 billion yuan [9]

Core Insights - The core viewpoint of the articles highlights the strong performance of Changjiang Technology (澜起科技) in the memory interface chip sector, driven by robust industry demand and advancements in AI technology [2][3]. Financial Performance - In Q1 2025, the company achieved a revenue of 1.222 billion yuan, representing a year-on-year increase of 65.78%, and a net profit of 525 million yuan, up 135.14% year-on-year [2]. - The company's non-GAAP net profit reached 503 million yuan, reflecting a year-on-year growth of 128.83% [2]. - All three key performance indicators set new quarterly historical highs, with net profit and non-GAAP net profit increasing for eight consecutive quarters [2]. Product Line Performance - The interconnect chip product line generated a revenue of 1.139 billion yuan, a year-on-year increase of 63.92%, while the津逮® server platform product line saw revenue of 80 million yuan, up 107.38% year-on-year [3]. - The company attributes its growth to the rising demand for DDR5 memory interface chips and the strong performance of its high-performance interconnect chips, which generated 135 million yuan in sales, a 155% increase year-on-year [2][3]. Research and Development - The company has significantly increased its R&D expenditure from 267 million yuan in 2019 to 764 million yuan in 2024, totaling 2.947 billion yuan over six years [4]. - The R&D expense ratio has remained stable at around 15%, with a ratio of 12.53% in Q1 2025 [4]. - As of the end of 2024, the company employed 536 R&D personnel, accounting for approximately 74.65% of its total workforce [5]. Financial Health - As of Q1 2025, the company reported cash and cash equivalents of 7.175 billion yuan, a year-on-year increase of 25.36%, with total liabilities of only 724 million yuan [6]. - The asset-liability ratio stood at 5.72%, remaining below 10% for six consecutive years since 2019 [6].

Investment Rating - The investment rating for the company is "Recommended" [1][13] Core Views - The company has maintained a strong industry-leading position, with revenue from interconnect chips growing for eight consecutive quarters [1] - In 2024, the company is expected to achieve revenue of 3.639 billion yuan, a year-on-year increase of 59.20%, and a net profit attributable to shareholders of 1.412 billion yuan, a year-on-year increase of 213.10% [4][8] - The company plans to distribute a cash dividend of 3.90 yuan per 10 shares (tax included) in 2024, without issuing new shares or increasing capital reserves [4] Financial Performance Summary - Revenue and Profit Forecasts: - 2024: Revenue of 3.639 billion yuan, net profit of 1.412 billion yuan [4][8] - 2025 Q1: Expected revenue of approximately 1.222 billion yuan, net profit of 510-550 million yuan [8][9] - Growth Rates: - 2024 revenue growth of 59.20%, net profit growth of 213.10% [4][11] - 2025 Q1 revenue growth of 65.78%, net profit growth of 128.28%-146.19% [8][9] - Key Financial Metrics: - Gross margin for 2024 is projected at 58.1%, with a net margin of 38.8% [6][11] - Return on equity (ROE) is expected to be 12.4% in 2024, increasing to 21.1% by 2027 [6][11] Strategic Outlook - The company aims to become a leading global interconnect chip design company, focusing on the interconnect chip sector [9] - The strategy includes enhancing memory interconnect products, advancing PCIe/CXL interconnect technologies, and exploring Ethernet and optical interconnect markets [9][10] - The company anticipates strong growth in demand for DDR5 memory interface chips and high-performance interconnect chips driven by AI trends [9][10]