澜起科技：Q3 剔除股份支付费用的业绩同比高增，互连芯片收入再创新高 | | | 执业证书编号：S0740521120002 Email：wangfang02@zts.com.cn 执业证书编号：S0740521120001 Email：yangxu01@zts.com.cn 分析师：康丽侠 执业证书编号：S0740525040001 Email：kanglx@zts.com.cn 半导体 | 总股本(百万股) | 1,146.43 | | --- | --- | | 流通股本(百万股) | 1,146.43 | | 市价(元) | 133.52 | | 市值(百万元) | 153,070.87 | | 流通市值(百万元) | 153,070.87 | 澜起科技（688008.SH） 证券研究报告/公司点评报告 2026 年 01 月 06 日 | 评级： | 买入（维持） | 公司盈利预测及估值 | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 指标 | | 2023A | ...

Core Viewpoint - The company, Lanke Technology, is a leading global player in data processing and interconnect chip design, focusing on high-performance, low-power chip solutions for cloud computing and artificial intelligence [1] Group 1: Product Lines - Lanke Technology has two main product lines: interconnect chips and the Zindai server platform, with a strong position in the memory interface chip industry as one of the top three global DDR5 manufacturers [1] - The interconnect chip product line includes a comprehensive range of products such as memory interface chips (including MRCD/MDB chips, CKD chips), memory module supporting chips, PCIe Retimer chips, MXC chips, and clock chips [2] - The Zindai server platform includes Zindai CPUs, data protection and trusted computing acceleration chips, and hybrid secure memory modules (HSDIMM), providing a secure computing platform for cloud data centers [2] Group 2: Growth Drivers - The company is experiencing significant growth driven by the increasing penetration of DDR5 and the demand for AI-related "capacity" chips, with notable performance from PCIe Retimer, MRCD/MDB, and CKD chips [2] - The MXC chip, recognized as the world's first CXL MXC chip, is applied in memory expansion and pooling, maintaining an industry-leading position and benefiting from high-performance computing and AI demand [2] Group 3: Financial Outlook - The company is expected to maintain strong growth, with projected net profits for 2025-2027 at 2.4 billion, 3.4 billion, and 4.6 billion yuan, corresponding to current PE valuations of 57, 39, and 29 times [3] - The company has been rated as a "buy" due to its leading position in memory supporting chips and its advanced layout in AI-related capacity chips [3]

Core Viewpoint - Sirepu (688536) announced the termination of its planned acquisition of 86.12% of Ningbo Aola Semiconductor Co., Ltd. through share issuance or cash payment, citing that the conditions for the major asset restructuring were not fully mature [1][6]. Company Summary - Sirepu has been actively promoting the major asset restructuring in compliance with relevant laws and regulations, engaging in discussions with the transaction parties, but ultimately decided to terminate the plan to protect the interests of the company and its shareholders [3][8]. - Despite the termination of the acquisition, Sirepu plans to continue pursuing its strategic goals and explore various business cooperation opportunities with Aola Semiconductor when conditions are favorable [5][9]. Industry Summary - The M&A market has seen increased activity due to policies like the "M&A Six Guidelines," but changing market conditions have led many companies to adjust or terminate their major asset restructuring plans. Over ten non-related major restructuring transactions have been terminated this year, with a termination rate higher than that of related transactions (19%) [4][9]. - Analysts suggest that companies adjusting or terminating expansion plans in the current market environment is a rational response to uncertainties and risk management [5][9]. Performance Summary - Sirepu has established itself as a leader in signal chain chips, with three main product lines: signal chain, power, and mixed-signal. The company reported a revenue of 582 million yuan in the third quarter, representing a year-on-year growth of 70.29%, marking six consecutive quarters of growth [5][9]. - The company remains committed to its platform development strategy, focusing on innovation and value creation, and aims to strengthen its R&D and manufacturing capabilities while optimizing its product layout to become a leading analog and mixed-signal chip design company both domestically and internationally [10].

公众号记得加星标⭐️，第一时间看推送不会错过。 昨夜晚间，海光信息技术股份有限公司（以下简称"海光信息"或"公司"）发表公告称，同意公司终止 通过向曙光信息产业股份有限公司（以下简称"中科曙光"）全体 A 股换股股东发行 A 股股票的方式 换股吸收合并中科曙光并募集配套资金（以下简称"本次交易"），并授权公司管理层办理本次终止相 关事宜。 海光信息是国内领先的高端处理器设计企业，主营业务为研发、设计和销售应用于服务器、工作站等 计算、存储设备中的高端处理器。中科曙光是海光信息的第一大股东，持股比例为27.96%。作为国 内高端计算机领域的领军企业，中科曙光主要从事高端计算机、存储、安全、数据中心产品的研发及 制造，同时大力发展数字基础设施建设、智能计算等业务。 5月25日晚间，中科曙光与海光信息相继宣布，两家公司拟进行战略重组。 根据公告，本次中科曙光与海光信息的整合，将优化从芯片到软件、系统的产业布局，汇聚信息产业 链上下游优质资源，全面发挥龙头企业引领带动作用，实现产业链"强链补链延链"。 具体而言，中科曙光系统集成能力将增强海光信息高端芯片与计算系统间的技术和应用协同，进一步 推动国产芯片在政务、金融、 ...

中证报中证网讯（王珞）12月9日晚间，思瑞浦发布公告，宣布终止此前筹划的以发行股份或支付现金 方式收购宁波奥拉半导体股份有限公司（以下简称"奥拉股份"）86.12%股份的重大资产重组事项。 目前，思瑞浦作为信号链芯片的领军者，已形成"信号链+电源+数模混合"三大产品线。而奥拉股份则 是在时钟芯片和射频芯片领域的隐形冠军，其去抖时钟芯片性能比肩国际一流水平，在国内通信设备市 场占据重要地位。 尽管本次交易终止，思瑞浦表示，公司将继续围绕既定的战略目标开展各项经营工作，在合适的时机与 条件下，与奥拉股份探讨各类业务合作机会，积极寻求发展机会。 近年来，思瑞浦始终坚定推进平台化发展路径，通过内生增长与外延拓展相结合的方式，持续拓宽产品 边界与市场版图。公司业绩保持稳健增长，今年第三季度实现营业收入5.82亿元，同比增长70.29%，已 连续六个季度保持增长。 未来，思瑞浦表示将继续"创新驱动、价值创造"的初心，坚持平台化发展战略，携手产业链上下游合作 伙伴，强化研发与制造能力，优化产品布局，力争成为国内外一流的模拟及数模混合芯片设计公司。 思瑞浦表示，自本次重组筹划启动以来，公司及相关各方严格按照相关法律法规的要求 ...

Core Viewpoint - SIRUI has terminated its major asset restructuring plan and will resume trading on December 10, 2025, after a brief suspension [1][3]. Group 1: Termination of Restructuring - The decision to terminate the restructuring was made after careful consideration of opinions from relevant parties, indicating that the conditions for implementing the major asset restructuring were not fully mature [3]. - The company had previously announced plans to acquire shares of Ningbo Aura Semiconductor Co., Ltd. through a combination of issuing shares and/or cash payments [1][3]. Group 2: Company Background and Future Plans - SIRUI aims to become a leading platform company in analog chips with comprehensive product and market layouts, emphasizing the importance of both internal growth and external acquisition opportunities [3][4]. - Aura Semiconductor, established in 2018, specializes in the research, design, and sales of analog and mixed-signal chips, and is recognized as a key integrated circuit design enterprise in China [3][4]. - The collaboration between SIRUI and Aura Semiconductor was based on shared values and potential business synergies, with plans for future discussions on various business cooperation opportunities [4]. Group 3: Financial Overview - As of November 25, 2025, SIRUI's market capitalization was approximately 20.4 billion [4]. - The company had around 18,000 shareholders as of the end of the third quarter [4].

Core Viewpoint - The acquisition plan of Aola Co., Ltd. to enter the A-share market has failed again, as SIRUI announced the termination of the major asset restructuring due to the conditions not being fully mature [2][3] Group 1: Acquisition Details - SIRUI decided to terminate the acquisition of Aola Co., Ltd. after careful consideration and discussions among the parties involved, citing that the conditions for the major asset restructuring were not fully mature [2] - SIRUI's stock will resume trading on December 10, and the company has committed not to plan any major asset restructuring within one month from the announcement date [2] Group 2: Background on Aola Co., Ltd. - Aola Co., Ltd. has previously attempted to go public on the STAR Market in 2022 but failed, and later sought acquisition by *ST Shuangcheng in September 2024, which was also terminated due to differing expectations [3] - Aola Co., Ltd. specializes in the research, design, and sales of analog chips and mixed-signal chips, with product lines including clock chips, power management chips, sensor chips, and RF chips [3] - The company also provides semiconductor IP licensing services [3] Group 3: Strategic Importance of Aola Co., Ltd. - SIRUI viewed Aola Co., Ltd. as a key player in high-performance clock chips and power management, which would enhance SIRUI's product offerings in the signal chain sector and strengthen its competitive edge in important application areas like AI [2]

对于终止筹划重大资产重组的原因，思瑞浦表示，目前实施重大资产重组的条件尚未完全成熟，为切实 维护公司及全体股东利益，经公司研究，并与交易各方协商一致，决定终止筹划本次重大资产重组事 项。 不过，思瑞浦也提到，未来公司将继续围绕既定的战略目标开展各项经营工作，在合适的时机与条件 下，与奥拉半导体探讨各类业务合作机会，积极寻求发展机会。 奥拉半导体设立于2018年，公司主要从事模拟芯片及数模混合芯片的研发、设计和销售，已实现量产销 售的产品有时钟芯片、电源管理芯片、传感器芯片等，其中时钟芯片系公司的拳头产品。 据了解，思瑞浦此次筹划的重组历时较短，公司于11月25日晚间首次披露了拟购奥拉半导体的消息，公 司股票也自11月26日起停牌。由于奥拉半导体此前的IPO经历以及曲线上市经历，思瑞浦此次并购也让 投资者颇为关注。 未曾料到，仅筹划半月，思瑞浦重组折戟，奥拉半导体二度曲线上市也随之"梦碎"。 北京商报讯（记者 马换换 王蔓蕾）重组仅筹划半月时间，思瑞浦（688536）12月9日晚间宣布终止购买 宁波奥拉半导体股份有限公司（以下简称"奥拉半导体"）股权并募集配套资金事项，公司股票12月10日 起复牌。 ...

Core Viewpoint - The company Si Rui Pu (688536) is enhancing its product offerings and market position through the acquisition of Aola Semiconductor, which will complement its existing signal chain product line and strengthen its competitive edge in various markets [2][3][5]. Product Aspects - Aola Semiconductor's clock chips will provide a crucial addition to Si Rui Pu's signal chain product line, forming a complete product portfolio alongside operational amplifiers, comparators, and interface products [2]. - The integration of Aola Semiconductor's power products will help Si Rui Pu expand its key categories, such as multi-phase power and ET chips, thereby building differentiated competitive advantages in important application areas [2]. Market Aspects - Both Si Rui Pu and Aola Semiconductor have extensive market applications and customer bases, which will allow them to create a more comprehensive product portfolio targeting the communications market and solidifying their leadership in wireless communications [3]. - Si Rui Pu's rich customer resources in automotive and industrial sectors will support Aola Semiconductor's future business expansion [3]. Team and Technology Aspects - Both companies exhibit strong technology-driven characteristics, with outstanding R&D capabilities. Successful integration could enhance the overall technological competitiveness of the group [4]. Supply Chain Aspects - Si Rui Pu's accumulated expertise in processes and supply chain resources will aid in the continuous updating of Aola Semiconductor's products and improve cost competitiveness [5]. - The transaction price will be determined based on industrial acquisition logic, ensuring the protection of the listed company and minority shareholders' interests [5]. Financial Performance - For the first three quarters of 2025, Si Rui Pu reported a main revenue of 1.531 billion, a year-on-year increase of 80.47%, and a net profit of 126 million, up 227.64% year-on-year [5]. - In Q3 2025 alone, the company achieved a main revenue of 582 million, a 70.29% increase year-on-year, and a net profit of 60.32 million, reflecting a 282.31% year-on-year growth [5]. - The company's debt ratio stands at 13.72%, with an investment income of 32.76 million and a gross margin of 46.46% [5]. Analyst Ratings - In the last 90 days, 12 institutions have rated the stock, with 8 buy ratings and 4 hold ratings, and the average target price set at 208.97 [6].

Core Insights - Sirepo Microelectronics plans to acquire Ningbo Aura Semiconductor through share issuance and/or cash payment, aiming to enhance synergy and create a "1+1>2" effect in the high-end analog chip market [1] Industry Overview - The Chinese analog chip market is transitioning from "quantitative change" to "qualitative change," driven by the growth of digital economy, AI, and new energy sectors, with a projected market size exceeding 300 billion yuan by 2025 [2] - Domestic chip companies are shifting from single product lines to platform-based layouts, with Sirepo's acquisition of Aura Semiconductor aligning with this industry evolution [2] Company Synergies - The merger is expected to leverage the complementary technological strengths of both companies, with Aura's expertise in clock chips and power management filling gaps in Sirepo's offerings for high-end data centers and AI servers [2] - Aura Semiconductor has established itself as a competitive player in the clock chip market, recognized for its technology innovation, including a partnership with Onsemi for multi-phase power technology [2] Market Positioning - Sirepo has a strong presence in industrial, automotive, and communication markets, supported by a customer base of over 6,000 and a robust sales network, which will accelerate new product launches and market penetration [3] - The collaboration aims to provide comprehensive solutions in AI servers and data centers, challenging foreign monopolies in high-value sectors [4] Financial Performance - Aura Semiconductor achieved profitability in 2024, with a net profit of 307 million yuan from January to July, indicating successful product commercialization [4] - The structured governance and efficient management of Sirepo are expected to enhance Aura's operational efficiency and unlock its technological potential [4] Strategic Implications - The merger signifies a critical step in the consolidation of the Chinese chip industry, with resources increasingly concentrating on leading firms [4] - The combined entity is poised to enhance China's competitiveness in the global semiconductor arena through resource sharing and complementary strengths [4]