继豪威集团、兆易创新等半导体行业龙头实现"A+H"上市，又一家企业成功登陆港股市场。 2月9日，澜起科技成功登陆港交所，该公司为一家全球领先的无晶圆厂集成电路设计公司，专注于为云计算及AI基 础设施提供互联解决方案。值得一提的是，该公司曾于2019年登陆上交所，为科创板首批25家上市公司之一。 更早之前，澜起科技曾在纳斯达克上市，不过，该公司被做空机构质疑财务造假后虽进行澄清，但其最终还是在 2014年11月完成私有化。 就本次港股IPO，澜起科技称，将有利于公司深化国际化布局，持续吸引并聚集优秀研发及管理人才，增强境外融 资能力，进一步提高公司的核心竞争力等。具体看，该公司计划募资用于互联类芯片领域的研发，用于提高商业化 能力，用于战略投资或收购等。 2月9日，澜起科技港股上市首日股价大涨，截至收盘报162.1港元/股，涨幅近63%，总市值2122亿港元；A股方面， 澜起科技今日收盘涨超6%。 澜起科技日前发布业绩预告显示，该公司预计2025年度净利润将达到21.5亿元至23.5亿元，较上年同期增长52.29% 至66.46%；扣除非经常性损益后的净利润预计为19.2亿元至21.2亿元，增幅最高接近70%。 ...

芯东西2月10日报道，今日，上海内存互连芯片巨头澜起科技在港交所挂牌上市。 其发行价为每股106.89港元（约合人民币94.86元），开盘价为每股168.00港元（约合人民币149.09元），上涨57.17%，开盘市值为2036.69亿港元（约合人 民币1807.42亿元）。 | 澜起科技 (06809.HK) | | | | | | | | --- | --- | --- | --- | --- | --- | --- | | 交易中 02-09 09:50:00 | | | | | | | | 161.600 HKD | | | | | | | | +54.710 +51.18% 数码解决方案服务 +1.88% > | | | | | | | | 996.25万股 ਦੇ 开 168.000 成交量 | | 最 高 | | 171.000 | | | | 邸 112 | 106.890 | 最 (EE | | 158.600 | 成交额 | 15.62亿 | | 换手率 | 15.12% | 市盈TTM () | | 86.57 | 总市值▼ | 1959.10 亿 | | A 股 168.00 CNY + ...

Core Viewpoint - Company expects significant profit growth in 2025, driven by strong demand in the AI industry and increased shipments of interconnect chips [1][2] Group 1: Financial Performance - Company anticipates a net profit of 2.15 billion to 2.35 billion yuan for 2025, representing a year-on-year growth of 52.29% to 66.46% [1] - The expected non-GAAP net profit is projected to be between 1.92 billion and 2.12 billion yuan, reflecting a growth of 53.81% to 69.83% compared to the previous year [1] Group 2: Industry Trends - AI is expected to continue driving growth in storage demand, with DDR5 memory interfaces gaining traction and contributing to higher average selling prices and gross margins for the company's products [2] - The penetration rate of DDR5 memory interface chips has significantly increased since 2025, with sales of the third generation RCD chips surpassing those of the second generation for the first time [2] - The company is a leading figure in setting international standards for DDR5 RCD chips, maintaining its industry leadership in memory interconnect chips [2] Group 3: Product Development - New interconnect chip products, including PCIe Retimer, MRCD/MDB, CKD, and MXC chips, are gaining recognition from end customers, which is expected to positively impact the company's performance [2] - Discussions on DDR6 standards are ongoing, with expectations that DDR6 memory modules will require more complex interconnect chips, potentially expanding the market size for memory interconnect chips [2]

Summary of Montage Technology Conference Call Company Overview - **Company Name**: Montage Technology (688008.SS) - **Industry**: Semiconductor, focusing on high-speed connectivity solutions for data center servers - **Key Products**: Memory interface chips (RCD/DB), interface support chips (SPD, TS, PMIC), connectivity solutions (MRCD/MDB, PCIe retimers, CXL MXC) [2][13][51] Core Insights and Arguments - **Investment Rating**: Initiated coverage with a Buy rating and a target price (TP) of Rmb170, representing a 60x P/E based on 2026 estimates [1][5][16] - **Growth Projections**: Expected net profit CAGR of 47% from 2024 to 2027, with specific annual growth rates of 59% in 2025, 45% in 2026, and 38% in 2027 [3][15] - **Market Position**: Montage is viewed as a rare opportunity in the Chinese semiconductor sector, particularly due to its alignment with global data center expansion amidst US tech restrictions [1][16] - **Earnings Impact**: Recent share price pullback attributed to one-off share incentive expenses, presenting a buying opportunity [1][5][16] Industry Dynamics - **AI Infrastructure Growth**: Anticipated growth in AI infrastructure to drive demand for global data center servers, with China's AI hardware capex projected to grow at over 30% CAGR from 2024 to 2027 [3][14][34] - **Investment Trends**: The first wave of AI investment focused on high-performance processors and memory storage, while a second wave is expected to emphasize high-speed interconnect solutions [14][42][43] - **Server Market Growth**: AI servers are projected to account for a significant portion of server shipments, with a forecasted growth of nearly 80% YoY in 2023 [36][40] Financial Highlights - **Earnings Summary**: - 2023: Net Profit of Rmb451 million, EPS of Rmb0.396 - 2024: Net Profit of Rmb1,412 million, EPS of Rmb1.235 (211.8% growth) - 2025E: Net Profit of Rmb2,242 million, EPS of Rmb1.958 (58.5% growth) - 2026E: Net Profit of Rmb3,248 million, EPS of Rmb2.837 (44.9% growth) - 2027E: Net Profit of Rmb4,490 million, EPS of Rmb3.921 (38.2% growth) [6][11] Product and Market Strategy - **Product Growth**: Key products expected to drive revenue growth include: - Memory interface (RCD/DB) with a CAGR of 29% - PCIe retimer with a CAGR of 60% - MRCD/MDB with a CAGR of 115% [17][54] - **Market Share**: Montage holds a 37% global market share in memory interconnect as of 2024, with expectations to maintain leadership through innovation and product development [56][61] Risks and Considerations - **Investment Risks**: Potential risks include market competition, technological advancements, and regulatory changes impacting the semiconductor industry [5][16] - **Dual-Listing Benefits**: The Hong Kong dual-listing is expected to enhance investor access and reduce export restriction risks [4][16] Conclusion Montage Technology is positioned as a key player in the semiconductor industry, particularly in the context of AI infrastructure growth. The company's strong financial projections, innovative product offerings, and strategic market positioning present a compelling investment opportunity amidst a rapidly evolving technological landscape.

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]

Group 1 - The A-share market experienced fluctuations after a strong opening, with technology sectors like computing chips, semiconductors, and humanoid robots leading the gains [1] - The domestic computing industry chain is benefiting from multiple favorable catalysts, including Haiguang Information's announcement to open its CPU interconnect bus protocol (HSL) to industry partners, enhancing system connectivity and promoting standardization [1] - Alibaba has significantly increased its AI investments, with Q2 capital expenditures reaching 38.6 billion yuan, a 57.1% quarter-on-quarter increase, and plans to issue $3.2 billion in zero-coupon convertible bonds to strengthen cloud infrastructure [1] Group 2 - Lianqi Technology achieved record high performance in Q2 2025, with revenue of 1.411 billion yuan, a 52.12% year-on-year increase, and a net profit of 634 million yuan, up 71.40% [2] - The company capitalized on AI industry trends, with significant increases in shipments of DDR5 memory interface chips and high-performance computing chips, leading to a revenue of 2.461 billion yuan in H1 2025, a 61.00% year-on-year growth [2] - The domestic AI industry is expected to accelerate, with DeepSeek leading the collaboration between domestic AI computing and major model software and hardware, indicating new opportunities for growth [3]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 130 CNY per share, indicating an upside potential to 145 CNY per share [5][12][14]. Core Views - The company reported a significant revenue increase of 58.17% year-on-year for H1 2025, reaching 2.633 billion CNY, with a net profit growth of 95.41% to 1.159 billion CNY [1][7]. - The DDR5 penetration rate has improved from 50% to 80%, contributing to a revenue increase in DDR memory interface and supporting chips, which accounted for 93.5% of total revenue [2][8]. - The PCIe retimer segment has emerged as a key growth driver, with a revenue increase of 119% year-on-year, and the company is expected to increase its market share from 12% to 14% [2][9]. - The CXL MXC chip market is projected to grow at a CAGR of 169% from 2025 to 2030, with the company’s 3.x version expected to enter mass production in the second half of next year [2][10]. Financial Performance - For H1 2025, the company achieved a gross margin of 60.44% and a net margin of 42.24%, with gross profit margins expected to remain high due to the increasing proportion of second and third-generation products [1][7][8]. - The company forecasts net profits of 2.484 billion CNY and 2.966 billion CNY for 2025 and 2026, respectively, with corresponding P/E ratios of 57x and 48x [4][12]. - The projected revenue for 2025 is 5.803 billion CNY, reflecting a growth rate of 59.5% [4][12]. Market Potential - The CKD chip is anticipated to become a standard product in desktop memory platforms, with a projected market size of approximately 238 million USD by 2030 [3][11]. - The MRCD/MDB second-generation products are expected to gain support from Intel and AMD platforms, with significant market growth anticipated by 2027-2028 [10][11].

Core Viewpoint - Lanke Technology, a leading interconnect chip company, is set to initiate a new capital journey by applying for a listing on the Hong Kong Stock Exchange, following its successful debut on the STAR Market in 2019 [1]. Group 1: Company Overview - Founded in 2004, Lanke Technology specializes in memory interface chips for server memory modules, with a product range covering DDR2 to DDR5 generations [1]. - The company is the largest supplier of memory interconnect chips globally, holding a market share of 36.8% as of last year [1]. Group 2: Financial Performance - In 2024, Lanke Technology's revenue is projected to reach 3.639 billion yuan, a year-on-year increase of 59.2% [2]. - The revenue from newly launched interconnect chips in 2024 is expected to be 423 million yuan, approximately eight times that of the previous year [2]. - The company experienced a revenue decline in 2023, with total revenue dropping to 2.286 billion yuan, but has since returned to a growth trajectory in 2024 [2][4]. Group 3: Market Dynamics - The demand for memory interface chips is driven by the growing importance of interconnects in data transmission, particularly due to the performance imbalance between CPUs and memory [3]. - The global server market is expected to maintain high growth, with AI server shipments projected to reach 2 million units in 2024 and 6.5 million units by 2030, corresponding to a compound annual growth rate of approximately 21.2% [8][10]. Group 4: Product Development and Innovation - Lanke Technology has a competitive edge in the memory interconnect chip sector, with a focus on addressing data transmission challenges [4]. - The company is a key supplier of DDR5 memory interface chips, with ongoing development of the fourth and fifth generations of RCD chips [11]. - The CXL MXC chip has been recognized as a compliant supplier in the CXL 2.0 standard, indicating the company's leadership in this emerging technology [11]. Group 5: International Expansion - The proportion of revenue from regions outside mainland China and Hong Kong has increased, indicating a growing international presence [6]. - In Q1 2025, the revenue from international markets accounted for 76.4% of total revenue, reflecting the company's expanding global footprint [6]. Group 6: Profitability Metrics - Lanke Technology's gross margin improved from 46.4% in 2022 to over 60% in Q1 2025, showcasing enhanced profitability [7]. - The net profit for 2024 is expected to exceed 1.341 billion yuan, surpassing the levels seen in 2022 [7]. Group 7: Future Outlook - The company aims to leverage its listing on the Hong Kong Stock Exchange to access more diverse financing channels and enhance its global strategy [12]. - Continued investment in R&D is expected to drive product iteration and support the company's growth in the memory interconnect and related markets [12].

Investment Rating - The report maintains a "Buy" rating for Montage with a 12-month target price of Rmb106.00, indicating an upside potential of 27.7% from the current price of Rmb83.03 [17][15]. Core Insights - Montage's 2Q25 revenue is expected to grow by 52% year-over-year (YoY) to Rmb1.4 billion, driven by the increasing demand for DDR5 and Gen-3 interface integrated circuits (ICs) [1][4]. - The net income (NI) guidance for 2Q25 is projected to be between Rmb575 million and Rmb675 million, representing a YoY growth of 62% to 90%, which is 18% higher than previous estimates [1][4]. - The company's profitability is improving due to a shift towards higher-margin DDR5 interface ICs and enhanced operating leverage [1][4]. Revenue and Earnings Projections - The report revises earnings estimates upward by 5% for 2025, 3% for 2026, and 3% for 2027, reflecting higher revenues from DDR5 interface ICs and an improved product mix [5][8]. - Revenue projections for Montage are Rmb5.775 billion for 2025, Rmb8.366 billion for 2026, and Rmb10.926 billion for 2027, with corresponding gross profits of Rmb3.489 billion, Rmb5.059 billion, and Rmb6.613 billion respectively [8][17]. Margin Analysis - The report anticipates an increase in gross margin from 60.4% in 2025 to 60.5% in 2027, alongside an improvement in operating margin from 38.9% to 45.1% over the same period [8][9]. - The net margin is expected to rise from 41.4% in 2025 to 43.4% in 2027, indicating a positive trend in profitability [8][9]. Market Dynamics - The strong revenue growth is attributed to the rising penetration of DDR5 interface ICs and the increasing contribution from Gen-2 and Gen-3 products, with expectations that Gen-3 shipments will surpass Gen-2 by 4Q25/1Q26 [4][5]. - The company is set to begin production of Gen-4 DDR5 interface ICs, which are anticipated to offer better pricing and margins [4][5].

Core Viewpoint - The storage industry is facing both opportunities and challenges this year, with leading companies like 澜起科技 (Lianqi Technology) poised for growth through international expansion and innovation in chip design [1][2]. Group 1: Company Strategy and Goals - 澜起科技 plans to issue H-shares and list on the Hong Kong Stock Exchange to enhance its international strategy and attract talent, aiming to strengthen its core competitiveness [2][3]. - The company’s strategic goal for the next five to ten years is to become a leading international full interconnect chip design company, focusing on high-performance interconnect solutions for cloud computing and AI infrastructure [2][3]. Group 2: Business Performance and Market Outlook - In Q1 2025, 澜起科技 reported sales revenue of 1.139 billion yuan for interconnect chip products, a year-on-year increase of 63.92% and a quarter-on-quarter increase of 17.19%, marking eight consecutive quarters of growth [3]. - The company anticipates strong demand for DDR5 memory interface chips and high-performance interconnect chips, with orders exceeding 1.29 billion yuan for Q2 2025 [3][4]. - In 2024, 澜起科技 achieved revenue of 3.639 billion yuan, a year-on-year growth of 59.2%, and a net profit of 1.412 billion yuan, up 213.1% [4]. Group 3: Market Trends and Projections - The global memory interface chip market is projected to grow from 1.009 billion USD in 2024 to 1.268 billion USD in 2025, with a CAGR of 28.5% from 2025 to 2031 [4]. - By 2028, the global storage interface chip market is expected to reach 19.475 billion yuan, driven by the increasing penetration of DDR5 technology [4]. Group 4: Competitive Position - 澜起科技 holds a 43.35% market share in the memory interface chip sector as of 2023, with significant clients including major DRAM manufacturers like Samsung, SK Hynix, and Micron [5]. - The company's successful listing and financing are expected to enhance its brand and technical barriers, facilitating further business expansion [5].