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]

证券研究报告·公司深度研究·半导体 澜起科技（688008） 内存配套芯片龙头，新品逐鹿 AI 运力 2025 年 12 月 22 日 买入（首次） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 2,286 | 3,639 | 5,644 | 7,922 | 10,571 | | 同比（%） | (37.76) | 59.20 | 55.10 | 40.36 | 33.44 | | 归母净利润（百万元） | 450.91 | 1,411.78 | 2,350.18 | 3,417.24 | 4,590.52 | | 同比（%） | (65.30) | 213.10 | 66.47 | 45.40 | 34.33 | | EPS-最新摊薄（元/股） | 0.39 | 1.23 | 2.05 | 2.98 | 4.01 | | P/E（现价&最新摊薄） | 298.61 | 95.37 | 57.29 | 39.40 | 29. ...