证券研究报告：电子 | 公司点评报告 股票投资评级 买入 |首次覆盖 个股表现 2024-12 2025-02 2025-05 2025-07 2025-10 2025-12 -12% -5% 2% 9% 16% 23% 30% 37% 44% 51% 58% 联芸科技 电子 资料来源：聚源，中邮证券研究所 公司基本情况 | 最新收盘价（元） | 44.83 | | --- | --- | | 总股本/流通股本（亿股）4.60 | / 2.93 | | 总市值/流通市值（亿元）206 | / 131 | | 52 周内最高/最低价 | 65.80 / 37.05 | | 资产负债率(%) | 18.1% | | 第一大股东 | 杭州弘菱投资合伙企业 | | (有限合伙) | | 研究所 分析师:吴文吉 SAC 登记编号:S1340523050004 Email:wuwenji@cnpsec.com 研究助理:陈天瑜 SAC 登记编号:S1340125090015 Email:chentianyu@cnpsec.com 联芸科技(688449) 联芸芯途，主控领航 l 投资要点 营收净利稳健增长，扣非净利增幅显 ...

Core Viewpoint - The company, Lianyun Technology (Hangzhou) Co., Ltd., has successfully completed its initial public offering (IPO) on the Sci-Tech Innovation Board, raising a total of 1.125 billion yuan with a net amount of approximately 1.033 billion yuan after deducting issuance costs [1][8]. Continuous Supervision Work - The sponsor, CITIC Securities, has established a comprehensive and effective continuous supervision work system, including a work plan and a supervision agreement with Lianyun Technology [1][2]. - Continuous supervision includes regular communication, site inspections, and due diligence to monitor the company's operational status [1][3][4]. Financial Performance - For the first half of 2025, the company's operating income reached approximately 609.72 million yuan, representing a year-on-year increase of 15.68% [14]. - The net profit attributable to shareholders, excluding non-recurring gains and losses, increased significantly by 99.18% to approximately 35.09 million yuan [14]. - The company's cash flow from operating activities showed a significant improvement, with a net cash flow of approximately -17.97 million yuan, compared to -137.93 million yuan in the same period last year [14]. Research and Development - The company has maintained a high R&D expenditure, accounting for over 40% of its operating income, with a focus on developing advanced PCIe Gen5 controller chips and expanding into embedded storage controller chips [8][9]. - As of June 2025, the company had a R&D team of 583 people, representing 81.08% of its total workforce, and had applied for 25 invention patents in the first half of 2025 [19][17]. Market Position and Competition - Lianyun Technology holds a significant position in the SSD controller chip market, with a growing market share, while also facing competition from major players like Samsung and Western Digital [12][16]. - The company is expanding into the AIoT signal processing and transmission chip market, which is characterized by high technical barriers and competition from established international firms [12][16]. Risk Factors - The company faces several risks, including core competitiveness risks due to rapid technological changes and high R&D costs, operational risks related to customer concentration, and financial risks associated with inventory and accounts receivable [8][9][11]. - The macroeconomic environment poses additional risks, including international trade restrictions and potential impacts on the semiconductor industry [13]. Use of Raised Funds - As of June 30, 2025, the company has complied with regulations regarding the use of raised funds, with a remaining balance of approximately 779.72 million yuan after deducting issuance costs and temporary cash management [20].