Investment Rating - The report maintains a "Recommended" investment rating for the company [1] Core Views - The company has significantly increased its operating performance in the first half of 2025, with revenue reaching 2.633 billion yuan, a year-on-year growth of 58.17%, and a net profit attributable to shareholders of 1.159 billion yuan, up 95.41% year-on-year [5][10] - The growth is attributed to strong demand in the AI industry, leading to increased sales of DDR5 memory interface and module supporting chips, as well as high-performance transport chips [9][10] - The company is positioned as a leading global player in interconnect chips, with expectations for stable growth driven by market demand and technological advancements [10] Summary by Sections Financial Performance - In the first half of 2025, the company achieved a revenue of 2.633 billion yuan, a 58.17% increase year-on-year, and a net profit of 1.159 billion yuan, reflecting a 95.41% increase [5][9] - The second quarter of 2025 saw revenue of 1.411 billion yuan, a 52.12% year-on-year increase, and a net profit of 634 million yuan, up 71.40% year-on-year [9][10] Revenue Breakdown - The interconnect chip product line generated revenue of 2.461 billion yuan, a 61.00% increase year-on-year, with a gross margin of 64.34% [9] - High-performance transport chips contributed 294 million yuan in sales, marking a significant increase compared to the previous year [9] Future Projections - The company forecasts net profits of 2.352 billion yuan for 2025, 3.127 billion yuan for 2026, and 3.664 billion yuan for 2027, with corresponding P/E ratios of 60.5X, 45.5X, and 38.8X [10][12] - Revenue projections for 2025 to 2027 are 5.752 billion yuan, 7.832 billion yuan, and 9.184 billion yuan, respectively [12] Financial Ratios - The gross margin is expected to improve to 59.8% in 2025, with a net margin of 40.9% [12] - Return on equity (ROE) is projected to reach 18.5% in 2025, increasing to 22.2% by 2027 [12] Cash Flow - The net cash flow from operating activities for 2025 is projected to be 1.849 billion yuan, with a net profit of 2.312 billion yuan [13]

群益证券(香港)有限公司朱吉翔近期对澜起科技进行研究并发布了研究报告《2Q25业绩延续高增长，AI需求》，上调澜起科技目标价至160.0元， 给予增持评级。 澜起科技(688008) 结论与建议： 2Q25公司营收增长5成，扣非后净利润增长超过8成，环比增长17%，反应内存产业需求高速增长，同时公司产销规模同步上升。幷且1H25公司三 款高性能运力芯片(PCIe Retimer、MRCD/MDB及CKD)合计销售收入2.9亿元，较上年同期大幅增长，形成新的业绩增长点。 展望未来，国内互联网大厂如阿里、腾讯、字节都已进入算力军备竞赛的关键时期，预计未来三年国内算力需求将实现跨越式增长。因此， DRAM行业迎来了新的发展契机。澜起作为国内内存接口芯片的龙头，将充分受益于AI浪潮对于高速存储需求的拉动。其业绩增长空间也进一步 打开。目前股价对应2027年PE36倍，维持买进建议。 2Q25营收、净利润高速增长：1H25公司实现营收26.3亿元，YOY增长58.2%;实现净利润11.6亿元，YOY增长95.4%，扣非后净利润10.9亿元， YOY增长101%，EPS1.02元。其中，第2季度单季公司实现营收14.1亿 ...