25Q2 预计扣非净利中值环比+13.8%，高性能 AI 运力芯片放量势头强劲 | 财务指标 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入（百万元） | 2,286 | 3,639 | 6,153 | 8,011 | 10,150 | | 增长率 yoy（%） | -37.8 | 59.2 | 69.1 | 30.2 | 26.7 | | 归母净利润（百万元） | 451 | 1,412 | 2,725 | 3,527 | 4,451 | | 增长率 yoy（%） | -65.3 | 213.1 | 93.0 | 29.4 | 26.2 | | ROE（%） | 4.4 | 11.8 | 19.7 | 20.7 | 21.0 | | EPS 最新摊薄（元） | 0.39 | 1.23 | 2.38 | 3.08 | 3.89 | | P/E（倍） | 210.0 | 67.1 | 34.7 | 26.8 | 21.3 | | P/B（倍） | 9.3 | 8.3 | 6.9 | 5. ...

13 July 2025 | 10:32PM HKT Montage (688008.SS): 2Q25 NI guidance beat; Rev +52% YoY on rising DDR5 and Gen-3 interface IC ramp up; Buy 2Q25 NI guidance beat: Montage announced 2Q25 revenues growth at 52% YoY (or 15% QoQ) to Rmb1.4bn, supported by growing interface IC business and higher contribution from new products (PCIe re-timer, MRCD/ MDB, and CKD chipset, glossary in exhibit 6). 2Q25 NI was guided to grow at 62%~90% YoY to Rmb575m~Rmb675m, or midpoint NI guidance 18% higher than our estimates. We attri ...

半导体行业 | 流通股本（亿股） | 11.45 | | --- | --- | | ROE(TTM) | 14.32% | | 12 月最高价（元） | 83.89 | | 12 月最低价（元） | 47.70 | 股价走势 资料来源：东莞证券研究所，同花顺 SAC 执业证书编号： 事件：公司披露2025年半年报业绩预告。公司预计2025 年半年度实现营业收 入约 26.33 亿元，较上年同期增长约 58.17%；2025 年半年度实现归属于母 公司所有者的净利润 11.00 亿元～12.00 亿元，较上年同期增长 85.50%～ 102.36%，2025 年半年度实现归属于母公司所有者的扣除非经常性损益的净 利润 10.30 亿元～11.20 亿元，较上年同期增长 89.17%～105.71%。 公 点评： 买入（维持） 半年度业绩同比大幅增长，拟赴港上市提升全球 化布局 公 司 点 评 澜起科技（688008）2025 年半年报业绩预告点评 2025 年 7 月 14 日 投资要点： 刘梦麟 S0340521070002 电话：0769-22110619 邮箱： liumenglin@dgzq.com. ...

瑞财经 吴文婷 7月13日，澜起科技发布2025年半年度业绩预增的自愿性披露公告。 根据公告，公司预计实现营业收入约26.33亿元，较上年同期增长约58.17%; 归属于母公司所有者的净利润11亿元-12亿元， 较上年同期增长 85.50%-102.36%。 关于业绩变动，澜起科技表示，受益于AI产业趋势，行业需求旺盛，公司的DDR5内存接口及模组配套芯片出货量显著增长，且第二子代和第三子代RCD芯 片出货占比增加，推动公司内存接口及模组配套芯片销售收入大幅增长；公司三款高性能运力芯片(PCIe Retimer、MRCD/MDB及CKD)合计销售收入2.94亿 元，较上年同期大幅增长；此外，随着DDR5内存接口芯片及高性能运力芯片销售收入占比增加，公司毛利率较上年同期有所增长。 据其指出，2025年第二季度，公司预计实现营业收入、互连类芯片销售收入、归属于母公司所有者的净利润、归属于母公司所有者的扣除非经常性损益的净 利润均再创公司单季度历史新高，其中，预计互连类芯片销售收入、归属于母公司所有者的净利润、归属于母公司所有者的扣除非经常性损益的净利润实现 连续九个季度环比增长。 值得一提的是，澜起科技正在冲击港 ...

证券代码：688008 证券简称：澜起科技 公告编号：2025-043 澜起科技股份有限公司 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 重要内容提示： ? 经财务部门初步测算，澜起科技股份有限公司（以下简称"公司"）预计： 较上年同期增长85.50%~102.36%； 一、本期业绩预告情况 （一）业绩预告期间 （二）业绩预告情况 经财务部门初步测算，公司预计： 增长约58.17%； 较上年同期（法定披露数据）增长85.50%~102.36%； （三）本次业绩预告未经注册会计师审计。 二、上年同期业绩情况 （一）2024年半年度营业收入：16.65亿元。 （二）2024年半年度利润总额：6.40亿元。 （三）2024年半年度属于母公司所有者的净利润：5.93亿元。 （四）2024年半年度归属于母公司所有者的扣除非经常性损益的净利润： （五）2024年半年度每股收益：0.52元/股。 三、本期业绩变化的主要原因 （一）2025年上半年，公司预计实现营业收入约26.33亿元，较上年同期增 长约58.17%，其中互连类芯片销 ...

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].

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Investment Rating - The report maintains a "Buy" rating for the company, indicating a favorable outlook for investment over the next 6-12 months [5]. Core Insights - The company is benefiting from the ongoing AI wave, with significant growth potential as it consolidates its leading position in the DDR5 memory interface chip market [1]. - The company's revenue and profit are experiencing substantial growth, with a projected revenue of 3.639 billion yuan in 2024, representing a year-on-year increase of 59.20%, and a net profit of 1.412 billion yuan, reflecting a 213.10% increase [3]. Summary by Sections Company Overview - The company is a leader in the memory interface chip industry and is actively involved in the development of international standards for DDR5 RCD chips, maintaining its competitive edge as DDR5 technology continues to evolve [1]. Product Development - The company has introduced several high-performance interconnect chips, including PCIe Retimer, MRCD/MDB, CKD, and MXC, which cater to the high bandwidth requirements of AI and high-performance computing applications [2]. Financial Performance - In 2024, the company is expected to achieve a revenue of 3.639 billion yuan and a net profit of 1.412 billion yuan, with significant growth rates projected for the following years [3][4]. - The company’s high-performance chips generated a sales revenue of 135 million yuan in Q1 2025, marking a year-on-year growth of 155% [3]. Profit Forecast and Valuation - The net profit forecasts for 2025 and 2026 have been raised to 2.224 billion yuan and 3.075 billion yuan, respectively, with a new forecast for 2027 set at 3.862 billion yuan [3]. - The current stock price corresponds to a price-to-earnings ratio (PE) of 41 for 2025, 30 for 2026, and 24 for 2027, indicating a positive long-term growth outlook [3].

点击 关注我们 报告发布日期：2025年5月28日 报告名称: 《澜起科技（688008.SH）：聚焦高速互连芯片，运力芯片成为增长新引擎》 分析师：胡剑 S0980521080001/胡慧 S0980521080002/ 叶 子 S0980522100003 / 张大为 S0980524100002/ 詹浏洋 S0980524060001 / 李书颖 S0980122080309 联系人：连欣然 完整报告请扫描下方二维码 核心观点 2024年互连类芯片和津逮服务器平台收入占比分别为92%和8%，1Q25收入和归母净利润均创季度 新高 在数据密集的计算系统中，CXL可用于内存扩展、内存池化和内存共享。公司的MXC芯片是一款CXL内存扩 展控制器芯片，已成功通过了CXL 2.0合规性测试，列入CXL联盟公布的首批CXL 2.0合规供应商清单；另外， 三星和SK海力士同期入选CXL 2.0合规供应商清单，其受测产品均采用了公司的MXC芯片。另外，公司在 2024年第四季度决定暂缓用于数据中心的AI算力芯片研发，将相关技术积累和研发资源转移至PCIe Switch芯 片的研发及产业化。 风险提示 新产品研发不及预期 ...

Investment Rating - The report maintains an "Outperform" rating for the company [5]. Core Views - The company focuses on high-speed interconnect chips, with its capacity chips becoming a new growth engine. In 2024, interconnect chips and the Tsingdai server platform accounted for 92% and 8% of revenue, respectively. The company achieved a revenue of 3.639 billion yuan in 2024, a year-on-year increase of 59%, and a net profit of 1.412 billion yuan, a year-on-year increase of 213% [1][11]. - The company is one of the three major DDR5 memory interface chip manufacturers globally, leading the second-generation iteration of DDR5. The continuous iteration of CPUs supporting higher-speed DDR5 will drive the large-scale use and upgrade of DDR5 memory modules [2][45]. - The MXC chip has entered the first batch of compliant suppliers for CXL 2.0, and the company has decided to shift its R&D focus from AI computing chips for data centers to PCIe Switch chips [3][12]. Summary by Sections Financial Performance - In 2024, the company achieved a revenue of 3.639 billion yuan, with a year-on-year growth of 59%. The net profit reached 1.412 billion yuan, marking a year-on-year increase of 213%. The revenue and net profit for Q1 2025 were 1.222 billion yuan and 525 million yuan, respectively, both setting quarterly records [1][11][16]. - The company's revenue from interconnect chips was 3.349 billion yuan, with a gross margin of 62.7% in 2024 [24][22]. Product Development - The company has successfully launched multiple high-performance capacity chips, including PCIe Retimer, MRCD/MDB, and CKD, with a combined revenue of approximately 422 million yuan in 2024, which is eight times that of 2023 [2][56]. - The company has initiated the second-generation iteration of DDR5 memory interface chips, with the second-generation RCD chip shipments exceeding those of the first generation in 2024 [46][45]. Market Position - The company is positioned as a leading provider of interconnect chips and server platforms, with a CAGR of 20% in revenue from 2016 to 2024 and a CAGR of 41% in net profit during the same period [11][16]. - The global market for memory interface chips is expected to reach $5.7 billion by 2031, with the company being one of the three main suppliers [40][41]. Valuation - The report provides a reasonable valuation range for the company's stock at 84.50 to 93.89 yuan, representing a premium of 11% to 24% over the closing price of 75.84 yuan on May 27 [5][4].