Core Viewpoint - 澜起科技 is preparing for a listing on the Hong Kong Stock Exchange, aiming to leverage its position as a leading fabless integrated circuit design company focused on innovative interconnect solutions for cloud computing and AI infrastructure [1] Group 1: Company Overview - 澜起科技 specializes in interconnect chips, including memory interconnect chips and PCIe/CXL interconnect chips, as well as products based on the津逮 CPU [1] - The company offers a full range of memory interface chips from DDR2 to DDR5, with DDR5 interface chips being critical for high-speed data transmission between CPUs and DRAM modules in servers [1] Group 2: Product Innovations - Recent product launches include MRCD/MDB, CKD, PCIe Retimer, and CXL MXC, aimed at enhancing data transmission reliability and efficiency in AI servers and personal computers [1] Group 3: Market Position - According to a report by Frost & Sullivan, 澜起科技 is projected to be the largest supplier of memory interconnect chips globally by revenue in 2024, with a market share of 36.8% [1]

智通财经APP获悉，据港交所1月5日披露，澜起科技股份有限公司(简称：澜起科技，688008.SH)通过港 交所主板上市聆讯，中金、摩根士丹利及瑞银为联席保荐人。 该公司提供全系列DDR2至DDR5(第二代至第五代双倍数据速率技术)内存接口芯片以及DDR5配套芯 片，包括SPD(串行检测集线器)、TS(温度传感器)及PMIC(电源管理集成电路)芯片。该公司的DDR5内存 接口芯片是服务器中CPU与DRAM模块之间的关键互连组件，可实现高速数据的稳定传输。该公司新推 出的互连类芯片包括MRCD/MDB、CKD(时钟驱动器)、PCIeRetimer及CXLMXC(内存扩展控制器)，旨 在进一步提升AI服务器及个人计算机中数据传输的可靠性及效率。 该公司目前有两大产品线：互连类芯片及津逮产品。该公司的互连类芯片主要包括内存接口芯片、内存 模块配套芯片、PCIe/CXL互连芯片及时钟芯片。该公司的津逮产品主要由津逮CPU组成。 该公司的解决方案战略性定位于解决关键的互连市场需求，该领域是赋能云计算、数据中心及AI基础设 施的基石。根据弗若斯特沙利文的资料，全球高速互连芯片市场规模预计将由2024年的154亿美元大幅 ...

Core Insights - The global storage product market has experienced unprecedented price increases since September, driven by the rising demand for storage in AI applications [1] - Storage products have transitioned from being a cost component in AI deployment to a strategic necessity in AI infrastructure, particularly for inference tasks [1] - Forecasts suggest that the average price of DRAM will increase by 58% year-on-year by 2026, indicating a prolonged cycle of high demand and pricing in the storage industry [1] Industry Trends - The storage industry is entering a "super cycle," with expectations of tight supply and demand conditions continuing through 2026 [1] - There is a surge in demand for innovative solutions to address AI inference storage challenges, with some clients already negotiating supply agreements extending to 2027 [1] - Companies are actively adapting to market trends, focusing on product innovation and expanding their market presence to maintain profitability [2] Company Developments - Companies like 澜起科技股份有限公司 are leading in the DDR5 memory interconnect chip sector, with significant sales growth in their third-generation RCD chips [2] - 深圳佰维存储科技股份有限公司 is experiencing rapid growth in enterprise-level products and has secured key supplier qualifications with major server manufacturers and internet companies [2]

Investment Rating - The report maintains a "Buy" rating for the company [1][5] Core Views - The company benefits from the AI industry trend, with continuous product launches contributing to robust growth in revenue and net profit for the first three quarters of 2025 [3][8] - The company is expected to achieve revenue of RMB 54.83 billion, RMB 74.22 billion, and RMB 93.07 billion for the years 2025, 2026, and 2027 respectively, with corresponding net profits of RMB 22.11 billion, RMB 27.65 billion, and RMB 34.38 billion [5][7] Summary by Sections Stock Performance - The company's stock price has shown significant performance, with a year-to-date absolute return of 100.7% and a relative return of 77.8% compared to the Shanghai Composite Index [2] Financial Performance - For the first three quarters of 2025, the company reported revenue of RMB 40.58 billion, a year-on-year increase of 57.83%, and a net profit of RMB 16.32 billion, up 66.89% year-on-year [8] - The gross margin for the first three quarters was 61.46%, an increase of 3.34 percentage points year-on-year [8] Product Development - The company continues to lead in the DDR5 memory interface chip market, with sales of the third-generation RCD chip surpassing the second generation for the first time [8] - New products such as the CXL®MXC chip and clock chips are being introduced, with significant orders already in hand [8] Valuation Metrics - The projected P/E ratios for 2025, 2026, and 2027 are 68.5, 54.8, and 44.1 respectively, indicating a favorable growth outlook [5][10] - The company is expected to maintain a strong EBITDA growth trajectory, with estimates of RMB 2.06 billion, RMB 2.55 billion, and RMB 3.29 billion for 2025, 2026, and 2027 respectively [7][10]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 149.60 CNY, based on a projected average PE of 80 times for comparable companies in 2025 [3][11]. Core Insights - The company's performance is driven by the iteration of DDR products, leading to significant year-on-year growth in revenue and net profit. The third quarter saw a revenue increase of 57% to 1.424 billion CNY and a net profit increase of 23% to 473 million CNY [10]. - The company is expected to continue benefiting from the ongoing upgrade of DDR products, with the DDR5 interface chips showing promising sales growth. The sales revenue from the third generation of DDR5 RCD chips has surpassed that of the second generation, indicating strong market demand [10]. - New product developments are progressing well, with the introduction of CXL® 3.1 memory expansion controller chips and advancements in clock chips and PCIe switch designs, which are anticipated to open new growth avenues for the company [10]. Financial Summary - The company's projected financials indicate a recovery and growth trajectory, with expected revenues of 5.546 billion CNY in 2025, representing a 52% year-on-year increase. The net profit attributable to the parent company is forecasted to reach 2.141 billion CNY, a 52% increase from the previous year [5][11]. - Key financial metrics show a gross margin improvement to 61.8% by 2025, with net profit margins expected to stabilize around 38.6% [5][11]. - The earnings per share (EPS) are projected to grow from 1.23 CNY in 2024 to 1.87 CNY in 2025, further increasing to 4.00 CNY by 2027 [5][11].

Core Viewpoint - The semiconductor sector in the Sci-Tech Innovation Board is experiencing a downturn, with the index dropping by 2.84% as of November 3, 2025, while the Sci-Tech Chip ETF shows significant trading activity and growth in scale and net inflow [1][3]. Group 1: Market Performance - The Sci-Tech Chip ETF had a turnover rate of 6.25% during trading, with a transaction volume of 2.504 billion yuan [3]. - Over the past month, the average daily transaction volume of the Sci-Tech Chip ETF was 4.716 billion yuan, ranking first among comparable funds [3]. - The ETF's scale increased by 2.478 billion yuan in the last two weeks, also leading among comparable funds [3]. - In terms of shares, the ETF saw an increase of 705 million shares in the past week, again ranking first among comparable funds [3]. - The latest net inflow for the Sci-Tech Chip ETF was 959 million yuan, with a total of 1.685 billion yuan attracted over the last five trading days [3]. Group 2: Fund Performance - As of October 31, 2025, the net value of the Sci-Tech Chip ETF has increased by 117.47% over the past three years, ranking 27th out of 1903 index stock funds, placing it in the top 1.42% [3]. - The highest monthly return since inception was 35.07%, with the longest consecutive monthly increase being four months and a maximum increase of 74.17% [3]. - The average return during the months of increase was 9.90% [3]. Group 3: Company Updates - In Q3 2025, 澜起科技 (Lanke Technology) reported revenue of 1.424 billion yuan, a year-on-year increase of 57.22%, and a net profit attributable to shareholders of 473 million yuan, up 22.94% year-on-year [4]. - The adjusted net profit, excluding share-based payment expenses, was 811 million yuan, reflecting a year-on-year growth of 105.78% and a quarter-on-quarter increase of 10.96% [4]. - 澜起科技's DDR5 memory interface chip sales have seen significant growth, with the third generation surpassing the second generation in sales for the first time [4]. - The domestic chip industry is positioned for strategic opportunities due to the "14th Five-Year Plan" emphasizing integrated circuit technology advancements [4]. Group 4: Stock Performance - The top ten weighted stocks in the Sci-Tech Chip Index account for 60.55% of the index, with 海光信息 (Haiguang Information) leading at 11.09% weight, followed by 澜起科技 (Lanke Technology) at 9.96% and 中芯国际 (SMIC) at 9.58% [3][6]. - The overall performance of these stocks has been negative, with declines ranging from 1.44% to 4.62% [6]. - Investors without stock accounts can access domestic chip investment opportunities through the Sci-Tech Chip ETF linked fund (017470) [6].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][9] Core Views - The company is benefiting from the booming demand in the AI industry, leading to significant revenue growth. In Q3 2025, the company achieved a revenue of 1.424 billion yuan, a year-on-year increase of 57.22% [6][8] - The company's net profit for Q3 2025 was 473 million yuan, representing a year-on-year growth of 22.94%. After excluding stock payment expenses, the adjusted net profit was 811 million yuan, showing a year-on-year increase of 105.78% [6][7] - The company continues to lead in the DDR5 memory interface chip market, with the sales revenue of the third-generation RCD chip surpassing that of the second generation for the first time [7] Financial Performance Summary - For the first three quarters of 2025, the company reported a total revenue of 4.058 billion yuan, up 57.83% year-on-year, and a net profit of 1.632 billion yuan, up 66.89% year-on-year [6] - The company's revenue and net profit for Q3 2025 set new historical highs, with the interconnect chip product line achieving sales revenue of 1.371 billion yuan, a year-on-year increase of 61.59% [6][7] - The company has adjusted its profit forecasts for 2025-2027, expecting net profits of 2.16 billion, 3.41 billion, and 3.96 billion yuan respectively [8][11] Product Development and Market Position - The company is launching new products, including the CXL 3.1 memory expansion controller chip, which addresses the performance bottlenecks in traditional memory architectures [7] - The company has also entered the sample testing phase for its clock buffer and spread spectrum oscillator products, which are expected to support key areas such as high-speed communication and industrial control [7] - As of October 27, 2025, the company has over 140 million yuan in orders for the DDR5 second-generation MRCD/MDB chips [7]

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 Viewpoint - The chip design industry is experiencing growth driven by the rising storage market and rapid development of edge AI, with companies seeking new growth opportunities beyond the mobile sector [1][8]. Group 1: Storage Market Performance - The current surge in storage manufacturers' profitability is attributed to upstream manufacturers controlling production, leading to supply shortages [3][8]. - Jiangbolong reported a third-quarter 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 [3][6]. - Baiwei Storage achieved a revenue of 2.663 billion yuan in the third quarter, a year-on-year increase of 68.06%, with a net profit of 256 million yuan, up 563.77% year-on-year [6][8]. Group 2: Company Strategies and Developments - Jiangbolong is expanding its enterprise storage business and has successfully deployed over 100 million self-developed main control chips [5][8]. - Baiwei Storage anticipates a decline in storage prices starting from Q3 2024, with a significant increase in inventory and contract liabilities indicating strong demand [5][6]. - Companies like 澜起科技 are benefiting from AI computing demand, with a third-quarter revenue of 1.424 billion yuan, a year-on-year increase of 57.22% [7][8]. Group 3: Market Trends and Challenges - The mobile market is stabilizing, prompting manufacturers to seek growth in AIoT and other emerging sectors [9][12]. - The transition from DDR4 to DDR5 storage is a significant trend, but it requires industry collaboration for successful implementation [12][14]. - The volatility in storage prices is affecting the sales rhythm of terminal products, with potential impacts on inventory and sales strategies [11][12]. Group 4: Future Outlook - The chip design industry is expected to deepen its development under the trends of "AI, diversification, and autonomy," with companies needing to adapt quickly to technological cycles and market changes [14].

Core Insights - The company reported a record high in revenue and net profit for Q3 2025, with revenue reaching 1.424 billion yuan, a year-on-year increase of 57.22%, and net profit attributable to shareholders at 473 million yuan, up 22.94% [2][3] - For the first three quarters of 2025, the company achieved a total revenue of 4.058 billion yuan, reflecting a 57.83% year-on-year growth, and a net profit of 1.632 billion yuan, which is a 66.89% increase compared to the previous year [2][3] Financial Performance - The total profit for Q3 2025 was approximately 507 million yuan, marking a 26.06% increase year-on-year [3] - The net profit excluding non-recurring gains and losses for Q3 was 376 million yuan, showing a 14.11% year-on-year growth [3] - The basic earnings per share for Q3 was 0.42 yuan, an increase of 23.53% compared to the same period last year [3] Research and Development - The total R&D expenditure for Q3 was approximately 176 million yuan, which is a decrease of 5.11% year-on-year [3] - R&D expenditure as a percentage of revenue was 12.36%, down 8.12 percentage points from the previous year [3] Product Performance - The company maintained its industry-leading position in DDR5 memory interface chips, with sales of the third generation RCD chips surpassing those of the second generation for the first time [4] - The fourth generation RCD chips of DDR5 have begun large-scale shipments [4]