"它不再是孤立的数据分析工具，而是嵌入生产全流程的自主智能体。能通过感知-认知-决策-执行的完 整闭环，实现生产过程的自优化、自调整。这一突破不仅重构了流程工业的生产力形态。更标志着行业 从自动化阶段正式迈向自主化新阶段，为新型工业化注入核心动能。"中控技术表示。 数据显示，9月1日至9月30日，总共335家科创板公司获得机构调研。其中，共有17家企业获机构调研的 数量超百家。 具体来看，聚和材料、迈威生物、炬光科技、澜起科技、精智达是获机构调研数最多的五家公司，分别 有370家、340家、305家、231家、194家；从细分领域来看，半导体、自动化设备、光伏设备、专用设 备、生物制品为最受关注的五大领域。 企业布局新增长曲线受机构重点关注 随着科创板公司已披露完2025年半年度财报，9月机构在密集调研科创板公司的过程中，除常规关注企 业的业绩情况、业务进展外，亦重点关注存在新增长曲线布局的公司。 其中，聚和材料于9月9日发布公告称，计划与韩投伙伴使用自有或自筹资金680亿韩元收购SK Enpulse 关于空白掩模的业务板块。其中，聚和材料直接或间接出资比例不低于95%。 聚和材料在回复投资者有关"空白掩模版 ...

● 本报记者 胡雨 Wind数据显示，截至9月16日中国证券报记者发稿时，9月以来，逾1100家A股上市公司接待机构调研， 环比大幅增长。从股价表现看，过半上市公司9月以来取得正收益；从行业分布情况看，机械设备、电 子、基础化工等行业上市公司较受机构关注。 就后市投资而言，机械设备行业中的机器人领域获得机构和市场高度关注，灵巧手等细分方向投资机遇 值得重视；电子行业建议关注国产算力产业链，基础化工行业建议关注有机硅等供给弹性较大的板块。 调研热情进一步升温 作为机构9月调研标的中表现最强的一只，香农芯创股价近期迭创历史新高。9月16日，公司股价虽小幅 调整，但9月以来累计涨幅仍达到78.36%。从香农芯创披露的调研纪要看，作为一家以电子元器件产品 分销为主要收入来源的上市公司，公司代理及自产的相关产品会否跟随存储芯片提价而涨价等话题受到 机构重视。对此，公司回应称，分销产品价格随行就市，市场价格变化最终会体现在采购和销售价格 上，而自产的相关产品价格最终由市场竞争等因素决定。 包括香农芯创在内，Wind数据显示，截至9月16日记者发稿时，9月以来已有超过1100家A股上市公司接 待机构调研，环比大幅增长，显示 ...

Group 1 - The core viewpoint is that increased capital expenditure by cloud vendors in the AI sector positively drives the overall demand for related products in the industry [1] - The company’s products, including DDR5 memory interface and module supporting chips, PCIe Retimer chips, MRCD/MDB chips, and MXC chips, are primarily used in data centers and servers [1] - The company is expected to benefit from the increase in industry capital expenditure [1]

澜起科技 摘要 蓝企科技上半年营收 26.33 亿元，同比增长 59%；利润 11.59 亿元， 同比增长 95%，剔除股份支付费用影响后归母净利润 13.33 亿元，同 比增长 116%。互联芯片产品线收入 24.61 亿元，同比增长 61%，毛 利率达 60.44%，提升 2.66 个百分点。 DDR5 内存接口芯片出货量大幅增长，第三子代 RCD 芯片出货攀升， MRCD、MDB 及 CKD 芯片开始规模应用。公司已规划六个子代 DDR5 产品，并引领行业新产品创新。 PCIe Retimer 芯片出货量同比大幅增长，受益于 AI 服务器需求，部分 国产 AI 服务器单 GPU box 配置 24 颗 Retimer 芯片。公司积极布局 PCIe Switch 芯片，目前处于研发阶段。 MXC 芯片入选 CXL 联盟首批 CXL2.0 合规供应商清单，并发布 six 二 3.0 MXC 芯片。随着 CXL 生态系统成熟，预计未来几年将迎来广阔发 展空间。 AI 服务器市场推动高速互联芯片需求增长，预计 2030 年 AI 服务器出货 量达 650 万台，年复合增长率约 22%。内存模组需求预计以 10% ...

Core Viewpoint - The article highlights the continuous penetration and iteration of DDR5 technology, emphasizing the leading position of the company in the memory interface chip industry and its strategic advancements in high-performance interconnect chips [3][4]. Group 1: DDR5 Technology and Market Position - The penetration rate of DDR5 memory in downstream markets is increasing as mainstream server and client CPU platforms supporting DDR5 are launched [3]. - The company is the leader in the memory interface chip industry and is the main standard setter for DDR5 RCD chips, maintaining a competitive edge in the DDR5 generation [3]. - In 2024, the company's DDR5 memory interface chip shipments are expected to exceed those of DDR4 chips, with the second generation of DDR5 RCD chips already surpassing the first generation in shipments [3]. Group 2: High-Performance Interconnect Chips - The company is actively involved in international standard organizations and industry alliances, developing several high-performance interconnect chips based on new standards [4]. - Key products include: - PCIe Retimer chips for high-speed data transmission in AI servers and active cables [4]. - MRCD/MDB chips for high-bandwidth memory modules to meet the demands of AI and high-performance computing [4]. - CKD chips for client memory modules, essential for maintaining signal integrity at high data rates [4]. - MXC chips for memory expansion and pooling, enhancing memory capacity and bandwidth for data-intensive applications [4]. Group 3: Financial Performance - In 2024, the company achieved a revenue of 3.639 billion yuan, a year-on-year increase of 59.20%, and a net profit attributable to shareholders of 1.412 billion yuan, up 213.10% [5]. - In Q1 2025, the company reported a revenue of 1.222 billion yuan, reflecting a 65.78% year-on-year growth, with a net profit of 525 million yuan, a 135.14% increase [5]. - The sales revenue from three high-performance interconnect chips (PCIe Retimer, MRCD/MDB, and CKD) reached 135 million yuan, marking a 155% year-on-year growth [5].

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].

Core Viewpoint - The company focuses on high-speed interconnect chips, with computing power chips becoming a new growth engine, achieving significant revenue and profit growth in recent quarters [3][4][5]. Financial Performance - In 2024, the company achieved revenue of 3.639 billion yuan (YoY +59%), with interconnect chips and server platforms accounting for 92% and 8% of revenue respectively. The CAGR from 2016 to 2024 was 20% [5][18]. - The net profit attributable to shareholders reached 1.412 billion yuan (YoY +213%), with a CAGR of 41% from 2016 to 2024 [5][18]. - In Q1 2025, the company reported revenue of 1.222 billion yuan (YoY +65.78%, QoQ +14.43%) and a net profit of 525 million yuan (YoY +135.14%, QoQ +21.13%), both setting quarterly records [5][4]. Product Development - The company is one of the top three global manufacturers of DDR5 memory interface chips, leading the second-generation DDR5 iteration, with shipments exceeding DDR4 in 2024 [6][43]. - Three new computing power products, including PCIe Retimer, MRCD/MDB, and CKD, achieved significant revenue growth, totaling approximately 422 million yuan in 2024, an eightfold increase from 2023 [7][23]. - The MXC chip has entered the first batch of compliant suppliers for CXL 2.0, and the company is shifting R&D resources towards PCIe Switch chips [8][83]. Market Trends - The global memory interface chip market is projected to reach $5.7 billion by 2031, with the company being a key player in the DDR5 generation [38]. - The demand for AI servers is expected to drive the usage of PCIe Retimer chips, with the market for PCIe/USB Retimer projected to grow at a CAGR of 46.8% from 2024 to 2032 [76][79]. R&D and Human Resources - The company had 536 R&D personnel by the end of 2024, with a revenue per employee of 5.07 million yuan [25]. - The company is actively involved in the standardization of memory modules through its participation in JEDEC, contributing to the development of DDR5 standards [36][62].

Investment Rating - The report maintains an "Outperform" rating for the company [5] Core Views - The company focuses on high-speed interconnect chips, with the capacity chips becoming a new growth engine. In 2024, interconnect chips and the server platform accounted for 92% and 8% of revenue, respectively. The company achieved a revenue of 3.639 billion yuan, 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][16] - The company is one of the three major DDR5 memory interface chip manufacturers globally, and it has initiated the second-generation iteration of DDR5. The penetration rate of DDR5 continues to rise, with the company’s DDR5 second-generation RCD chip shipments exceeding the first-generation products in 2024 [2][45] - The company’s 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 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][4][16] - The company’s revenue from 2016 to 2024 has a CAGR of 20%, while the net profit has a CAGR of 41% [11][16] Product Development - The company has launched several high-performance capacity chips, including PCIe Retimer, MRCD/MDB, and CKD, which have generated significant revenue growth. In 2024, these new products generated approximately 422 million yuan, an eightfold increase from 2023 [2][24] - The company is actively involved in the development of DDR5 memory interface chips, with the second-generation RCD chip shipments surpassing the first generation in 2024. The third-generation RCD chip is expected to be shipped in Q4 2024 [2][46] Market Position - The company is positioned as a leading provider of interconnect chips and server platforms, with 92% of its revenue derived from interconnect chips in 2024. The gross margin for interconnect chips was 62.7%, slightly above the international comparable company Rambus [24][22] - The global market for memory interface chips is projected to reach 5.7 billion USD by 2031, with the company being one of the three main suppliers in the DDR5 generation [40]

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].

Core Viewpoint - The company is experiencing significant growth in its interconnect chip sales, driven by the demand for DDR5 memory interface chips and high-performance interconnect chips, with a strong outlook for 2025 and beyond [2][4]. Group 1: Sales Performance - In Q1 2025, the company's interconnect chip sales revenue reached 1.139 billion yuan, marking a year-on-year increase of 63.92% and a quarter-on-quarter increase of 17.19% [2]. - The total order amount for interconnect chips expected to be delivered in Q2 2025 exceeds 1.29 billion yuan, indicating continued demand growth [2]. Group 2: Profitability - The gross margin for the interconnect chip product line in Q1 2025 was 64.50%, reflecting a year-on-year increase of 3.57 percentage points and a quarter-on-quarter increase of 1.08 percentage points [3]. Group 3: Long-term Strategy - The company aims to become a leading global interconnect chip design company over the next five to ten years, focusing on the interconnect chip sector and enhancing its product offerings through continuous R&D innovation [4][6]. - The company plans to expand its business in three key areas: memory interconnect, PCIe/CXL interconnect, and Ethernet/optical interconnect [4][5]. Group 4: Market Potential - The interconnect chip market is seen as a blue ocean with significant growth potential, driven by the increasing complexity of intelligent computing systems that require high bandwidth and low latency [6][7]. - The company has a strong technical foundation and has been involved in setting industry standards, which positions it well for future growth in the interconnect chip market [7]. Group 5: Product Development - In Q1 2025, the sales revenue from three high-performance interconnect chips (PCIe Retimer, MRCD/MDB, and CKD) totaled 135 million yuan, representing a year-on-year growth of 155% [8]. - The MRCD/MDB chip is expected to see increased adoption with the launch of supporting server CPUs, while the PCIe Retimer chip demand is anticipated to rise due to the growth of AI servers [9][10]. Group 6: Competitive Advantages - The company has successfully developed key technologies for PCIe Switch chips, leveraging its experience with PCIe Retimer chips and a strong customer base [11][12]. - The MXC chip is positioned as a leading product in the CXL space, with significant market potential as applications for memory pooling mature [13]. Group 7: Financial Performance - In Q1 2025, after excluding stock payment expenses, the company's net profit attributable to shareholders was approximately 602 million yuan, reflecting a year-on-year growth of 155.42% [14].