其 d 阿 2026 年 3 月 5 日 | C0044@capitalcom.tw | | | --- | --- | | 朱吉翔 目标价(元) | 185.00 | 公司基本资讯 | 产业别 | | 电子 | | --- | --- | --- | | A 股价(2026/3/4) | | 150.31 | | 上证指数(2026/3/4) | | 4082.47 | | 股价 12 个月高/低 | | 188.88/61.6 | | 总发行股数(百万) | | 1222.20 | | A 股数(百万) | | 1146.43 | | A 市值(亿元) | | 1723.19 | | 主要股东 | | 香港中央结算 | | | | 有限公司 | | | | (12.66%) | | 每股净值(元) | | 10.57 | | 股价/账面净值 | | 14.21 | | | 一个月 三个月 | 一年 | | 股价涨跌(%) | -11.1 | 27.3 98.4 | 近期评等 | 出刊日期 | 前日收盘 | 评等 | | --- | --- | --- | | 2025-11-05 | 128.91 | 买 ...

Investment Rating - The report assigns a "Buy" rating for the company, indicating a potential upside of 15% to less than 35% from the current price [7]. Core Insights - The company is positioned to benefit significantly from the rapid growth in AI demand, particularly in the CXL interconnect chip market, which is expected to see a compound annual growth rate (CAGR) exceeding 170% from 2025 to 2030 [9]. - The company reported a substantial increase in revenue and net profit for 2025, with revenue reaching RMB 54.56 billion, a year-on-year growth of 49.94%, and net profit of RMB 22.36 billion, up 58.4% [9]. - The company is expected to continue its growth trajectory, with projected net profits of RMB 31.2 billion, RMB 39.2 billion, and RMB 49.9 billion for 2026, 2027, and 2028 respectively, reflecting year-on-year growth rates of 40%, 25%, and 25% [9]. Summary by Relevant Sections Company Overview - The company operates in the electronics industry, with a current stock price of RMB 150.31 as of March 4, 2026, and a market capitalization of RMB 172.32 billion [2]. - The stock has shown a 12-month high of RMB 188.88 and a low of RMB 61.6, indicating significant volatility [2]. Financial Performance - The company achieved a net profit of RMB 1.38 billion in 2024, with projections for 2025 at RMB 2.24 billion, and further increases to RMB 3.12 billion, RMB 3.92 billion, and RMB 4.89 billion by 2028 [8]. - The earnings per share (EPS) are expected to rise from RMB 1.13 in 2024 to RMB 4.00 in 2028, reflecting strong growth potential [8]. Market Position - The company is recognized as a global leader in CXL chips, which are crucial for the emerging demand in memory pooling and high-speed storage solutions driven by AI advancements [9]. - The report highlights that major domestic internet companies are entering a competitive phase for computing power, which is expected to drive demand for the company's products [9].

曲蕾蕾累计任职时间111天，现任基金资产总规模10.63亿元，任职期间最佳基金回报17.29%， 任职期 间最差基金回报-7.99%。 数据显示，摩根基金旗下1只基金重仓澜起科技。摩根上证科创板新一代信息技术ETF（588770）四季 度减持1.45万股，持有股数4.21万股，占基金净值比例为6.69%，位居第四大重仓股。根据测算，今日 浮盈赚取约34.87万元。 摩根上证科创板新一代信息技术ETF（588770）成立日期2025年3月14日，最新规模7418.09万。今年以 来收益7.69%，同类排名910/5579；成立以来收益49.04%。 摩根上证科创板新一代信息技术ETF（588770）基金经理为何智豪、曲蕾蕾。 截至发稿，何智豪累计任职时间5年6天，现任基金资产总规模291.97亿元，任职期间最佳基金回报 70.66%， 任职期间最差基金回报-37.27%。 2月9日，澜起科技涨5.06%，截至发稿，报171.82元/股，成交28.95亿元，换手率1.49%，总市值2083.00 亿元。 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1 ...

机构持仓方面，截止2025年9月30日，澜起科技十大流通股东中，香港中央结算有限公司位居第一大流 通股东，持股1.45亿股，相比上期增加2972.74万股。易方达上证科创板50ETF（588080）位居第五大流 通股东，持股3911.50万股，相比上期减少828.05万股。华夏上证科创板50成份ETF（588000）位居第六 大流通股东，持股3821.67万股，相比上期减少1415.66万股。嘉实上证科创板芯片ETF（588200）位居 第七大流通股东，持股2599.58万股，相比上期减少117.67万股。华夏上证50ETF（510050）位居第八大 流通股东，持股2187.86万股，相比上期减少60.18万股。华泰柏瑞沪深300ETF（510300）位居第九大流 通股东，持股1950.91万股，相比上期减少86.23万股。易方达沪深300ETF（510310）位居第十大流通股 东，持股1408.93万股，为新进股东。华夏国证半导体芯片ETF（159995）退出十大流通股东之列。 声明：市场有风险，投资需谨慎。本文基于第三方数据库自动发布，不代表新浪财经观点，任何在本文 出现的信息均只作为参考，不构成个人投资 ...

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 来源：郭二侠说财 澜起科技的财务表现近年来显著改善，特别是在2024年后迎来强劲增长。2024年公司实现营业收入 36.39亿元，同比增长59.2%；2025年前三季度，公司营收达到40.58亿元，同比增长57.83%。 利润增长更为亮眼。2025年前三季度，公司实现净利润15.76亿元，同比增长61.45%。这一增长态势主 要受益于AI产业趋势带来的行业需求旺盛，公司互连类芯片出货量显著增加。 东鹏饮料这次来港股，给的折扣实在太抠门，只比A股便宜了14%。结果今天暗盘基本收平，但算上打 新的手续费，实际上是"赔本赚吆喝"，白忙活一场。 各位老铁记住了，打新AH两地上市的票，折价才是硬道理！中间的价差不够大，就没有安全垫。只有 当H股比A股打个"骨折价"，咱们冲进去才有利可图。否则这种没油水的买卖，真不如在旁边看看就 好。 一、招股信息 | 公司名称 | 澜起科技 (06809.HK) | | --- | --- | | 所属行业 | 未曾体 | | 招股日期 | 1月30日~2月4日 | | 发行股数 | 总发行6589万股,其中10 ...

Group 1 - The core viewpoint of the news is that Lanke Technology's stock has seen a significant increase, with a rise of 5.36% to 170.88 CNY per share, and a total market capitalization of 195.9 billion CNY [1] - Lanke Technology, established on May 27, 2004, and listed on July 22, 2019, primarily provides chip-based solutions for cloud computing and artificial intelligence, with 93.44% of its revenue coming from interconnect chips [1] - The company is located in Shanghai and Hong Kong, with its main office in Xuhui District, Shanghai [1] Group 2 - Morgan Fund has a significant holding in Lanke Technology, with its "Morgan SSE STAR 50 Information Technology ETF" (588770) being the fourth largest holding, accounting for 6.69% of the fund's net value [2] - The ETF has reduced its holdings by 14,500 shares, now holding 42,100 shares, and has realized a floating profit of approximately 366,300 CNY [2] - The ETF was established on March 14, 2025, with a current size of 74.18 million CNY and has achieved a year-to-date return of 15.08% [2]

Summary of the Conference Call for 澜起科技 Company Overview - 澜起科技 focuses on interconnect chips and server platforms, including RCD and DB chips, which are used in data centers and servers to enhance data transmission efficiency, catering to the demands of the AI era [2][3] Core Business and Growth Points - The main business includes memory interconnect chips and high-speed transport chips, with partnerships with major companies like Samsung, Hynix, and Micron [3] - Future growth points include: - Retimer chips for amplifying high-speed signal transmission, currently ranked second in market share [3][4] - CXL MXC technology for memory expansion and pooling, expected to reach a market size of $600 million by 2026 and $972 million by 2030 [3][4] Market Performance and Projections - The new MRDIMM modules are expected to generate approximately $140 million in orders within six months starting from October 2025, with market sizes projected at $37 million in 2025 and $90 million in 2026 [2][6] - The company anticipates significant revenue and profit growth over the next five years due to the DDR4 to DDR5 transition [4] Product Lines and Applications - Product lines include interconnect chips (RCD, DB) and supporting products like SPD and temperature sensors, aimed at improving overall system performance in data centers and servers [5][6] - New high-speed memory modules like MRCD and MDB are designed to meet higher data rate demands in the AI era [5] Competitive Landscape - 澜起科技 holds a leading position in the ICDDB and MRCDMDB sectors with a global market share of 36.8% [9][11] - Competes with companies like Asure Software in the Retimer chip market, where it currently ranks second with a market share of 10.9% [15] Technological Advancements - The company is developing Switch chips, which are expected to contribute significantly to future growth once mass production is achieved [16] - CXL MXC technology allows for remote memory pooling, enhancing memory utilization efficiency [17][18] Financial Forecast - Projected revenue for 2025 is between 5.5 billion to 6 billion RMB, with profits around 4.5 billion RMB, potentially leading to a valuation of 250 billion RMB [19] - Changes in the equity incentive plan are expected to positively impact profits by approximately 300 million RMB in 2027 [19] Risks and Challenges - The company faces risks related to high customer concentration, foreign exchange fluctuations, and the need for continuous product development and technological iteration [20] - Major clients include Samsung and Hynix, which account for over 90% of global market share, posing a risk if customer concentration becomes too high [20]

Group 1 - The core viewpoint of the news is that 澜起科技 (Lianqi Technology) has seen a significant stock price increase of 5.23%, reaching 146.16 yuan per share, with a trading volume of 5.641 billion yuan and a market capitalization of 167.562 billion yuan as of January 20 [1] - 澜起科技 is based in Shanghai and was established on May 27, 2004, with its IPO on July 22, 2019. The company primarily provides chip-based solutions for cloud computing and artificial intelligence [1] - The revenue composition of 澜起科技 is as follows: interconnect chips account for 93.44%, server platforms for 6.37%, and other sources for 0.19% [1] Group 2 - From the perspective of fund holdings, the农银汇理基金 (Agricultural Bank of China Fund) has a significant position in 澜起科技, with its fund holding 51,000 shares, representing 7.59% of the fund's net value, making it the fourth-largest holding [2] - The fund, named 农银上证科创板50指数A (024000), has a total scale of 43.5416 million yuan and has achieved a year-to-date return of 11.78%, ranking 688 out of 5542 in its category [2] - The fund manager, 钱大千 (Qian Daqian), has been in charge for 3 years and 31 days, with the fund's total asset size at 1.664 billion yuan. The best return during his tenure is 51.25%, while the worst is -3.53% [3]

据媒体援引知情人士报道，中国芯片设计公司澜起科技(688008.SH)将为其香港上市交易引入阿里巴巴 (09988)和摩根资产管理等公司为关键投资者，显示出该亚洲金融中心最新人工智能相关股票发行需求 向好。报道提及，阿里巴巴和摩根资管将作为基石投资者参与此次上市，并表示本次IPO可能筹集约9 亿美元，若承销商行使超额配售权，筹资额则可能更高。 知情人士还补充称，此次发行的其他基石投资者还包括总部位于苏格兰的资产管理公司安本、韩国的未 来资产证券和瑞银集团的资产管理部门。 据港交所1月5日披露，澜起科技已通过港交所主板上市聆讯。报道表示，澜起科技最早将于本周五(1月 16日)开始接受投资者认购，并最早可能本月在香港挂牌。 澜起科技成立于2004年，是国际领先的数据处理及互连芯片设计公司，致力于为云计算和数据中心领域 提供高性能、低功耗的芯片解决方案，目前公司拥有互连类芯片和津逮服务器平台两大产品线。2025 年，其A股股价上涨逾70%，目前公司估值约为220亿美元。报道称，澜起科技2024年利润为14亿元人 民币，该数值可能在2025年达到23亿元，在2026年达到33亿元。 ...

Group 1 - The core stock price of Lanke Technology fell by 2.02% on January 13, with a trading price of 129.57 yuan per share and a total market capitalization of 148.54 billion yuan [1] - The company has seen a year-to-date stock price increase of 9.99%, with a 5-day decline of 2.96% and a 20-day increase of 7.62% [1] - Lanke Technology's main business involves providing chip-based solutions for cloud computing and artificial intelligence, with interconnect chips accounting for 93.44% of revenue [1] Group 2 - As of September 30, Lanke Technology reported a total revenue of 4.058 billion yuan for the first nine months of 2025, representing a year-on-year growth of 57.83% [2] - The net profit attributable to shareholders for the same period was 1.632 billion yuan, reflecting a year-on-year increase of 66.89% [2] - The company has distributed a total of 2.367 billion yuan in dividends since its A-share listing, with 1.35 billion yuan distributed over the past three years [3] Group 3 - The number of shareholders for Lanke Technology increased by 36.10% to 92,900 as of September 30, while the average circulating shares per person decreased by 26.50% to 12,326 shares [2] - The largest circulating shareholder is Hong Kong Central Clearing Limited, holding 145 million shares, an increase of 29.73 million shares from the previous period [3] - Several ETFs, including E Fund's and Huaxia's, have seen reductions in their holdings, while E Fund's CSI 300 ETF entered the top ten circulating shareholders for the first time [3]