Core Viewpoint - The report from Guohai Securities highlights Lanke Technology as a leader in memory interconnect chips for the AI era, with sustained growth in high-performance transport chips driven by strong industry demand and trends in the AI sector [1] Company Performance - In the first three quarters of 2025, the company achieved operating revenue of 633 million yuan, representing a year-on-year increase of 57.83% [1] - The net profit attributable to shareholders reached 1.632 billion yuan, marking a year-on-year growth of 66.89% [1] - The significant increase in the shipment volume of interconnect chips contributed to the company's performance [1] Industry Trends - According to Frost & Sullivan, global AI server shipments surged from 500,000 units in 2020 to 2 million units in 2024, with a compound annual growth rate (CAGR) of 45.2% [1] - Future projections indicate that shipments will grow from 2.5 million units in 2025 to 6.5 million units by 2030, with a CAGR of 21.2% [1] Product Development - The company is expected to benefit from the growth of memory interconnect chips and the large-scale production of new high-speed interconnect products such as MRCD and MDB [1] - The report initiates coverage with a "Buy" rating for the company [1]