近日，国泰海通证券提交了《芯耀辉科技股份有限公司首次公开发行股票并上市辅导工作完成报告》。从 2025 年 3 月签署辅导协议，到 4-11 月两期辅导 落地，芯耀辉的上市进程展现了抢占算力时代话语权的缩影。 | | | 公开发行辅导公示 | | 辅导对象 | 辅导机构 派出机构 | 备案时间 辅导状态 | 报告类型 | 报告标题 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | - | 北京 | 天津 | | 伏达半导体 (合肥) 股份有 | 国泰海通证券股份有限公司 安徽证监局 | 2025-12-26 辅导备案 | 辅导备案报告 | 关于伏达半导体( ... | | | | | | 限公司 | | | | | | - | 河北 | - | 山西 | | | | | | | | | | | 铁岭贵鑫环保科技股份有限 | 开源证券股份有限公司 辽宁证监局 | 2025-12-25 辅导备案 | 弹合餐室报告 | 关于铁岭蛊鑫环保 ... | | - | 内蒙古 | | 辽宁 | 公司 | | | | | | - | 吉林 | 黑龙江 | ...

Rambus Conference Call Summary Company Overview - Rambus operates in three main business segments: patent licensing, silicon IP, and product business focused on memory interface technologies and data centers [3][4][6] - The patent licensing business generates approximately $210 million annually, characterized by long-term contracts and high margins [3] - The silicon IP business, which includes security and high-speed controller solutions, generated $120 million last year and is expected to grow at 10-15% annually [3][4] - The product business, dedicated to data centers, was valued at $240 million last year and is projected to grow by about 40% year-over-year [4][6] Market Dynamics and Growth Drivers - The total addressable market (TAM) for Rambus's RCD chip is estimated at $800 million, with additional opportunities from companion chips and mRDIMMs, leading to a combined market opportunity of approximately $2 billion [8][10] - The growth of the server market is a key proxy for Rambus's growth, with traditional servers expected to grow mid-single digits and AI servers at a faster rate [13][15] - The transition from DDR4 to DDR5 has significantly increased Rambus's market share in RCDs from 25% to 40% [8][35] - The introduction of PMICs (Power Management Integrated Circuits) is expected to contribute to revenue growth, with expectations of high single-digit contributions in Q4 [36] Competitive Landscape - Rambus faces competition in the RCD market primarily from Renesas and Montage, while the PMIC market includes Renesas and MPS [37][39] - The complexity of memory subsystems is increasing due to higher core counts in processors, creating more opportunities for Rambus's products [30][71] Technological Innovations - Rambus is actively involved in developing HBM (High Bandwidth Memory) IP, which is integrated into GPUs and accelerators [51] - The introduction of mRDIMMs is expected to significantly increase content per module, potentially multiplying dollar content by four [90][94] - Rambus is also engaged in the development of SoCamm, a new architecture that aims to improve signal integrity and power management in memory systems [55][66] Financial Performance and Projections - Rambus has maintained strong gross margins, with patent licensing at 100%, silicon IP at around 95%, and chip business margins targeted at 60-65% [105] - The company anticipates operating income margins of 40-45% driven by growth in the chip business, which now represents over 50% of total revenue [106] - Rambus has a robust balance sheet and strong cash generation, allowing for continued investment in organic and inorganic growth opportunities [116] Client Market Opportunities - Rambus is exploring opportunities in the client market, with a TAM of approximately $200 million, particularly as speeds exceed 6.4 gigatransfers per second [112][115] - The company has introduced power management solutions for the client space, which are expected to gain traction over time [115] Capital Allocation Strategy - Rambus has a disciplined approach to capital allocation, focusing on organic investments, strategic M&A, and returning capital to shareholders through share buybacks [117][118] Conclusion - Rambus is well-positioned in the memory subsystem market with a diversified business model, strong growth prospects, and a commitment to innovation and customer solutions [120]