智通财经APP获悉，据港交所7月11日披露，澜起科技股份有限公司(澜起科技，688008.SH)向港交所主 板递交上市申请，中金公司、摩根士丹利、瑞银集团为其联席保荐人。招股书显示，根据弗若斯特沙利 文的资料，按收入计算，澜起科技已成为全球最大的内存互连芯片供应商，于2024年占据36.8%的市场 份额。 财务方面，于2022年度、2023年度、2024年度、2025年截至3月31日止三个月，澜起科技实现收入分别 约36.72亿、22.86亿、36.39亿、12.22亿元人民币；同期，年内溢利分别约为12.99亿、4.51亿、13.41 亿、5.04亿元人民币。 据招股书，澜起科技是一家全球领先的无晶圆厂集成电路设计公司，致力于为云计算及AI基础设施提 供创新、可靠及高能效的互连解决方案。 基于开放的行业标准，澜起科技的产品组合主要由内存接口芯片及高性能运力芯片组成，有效解决了互 连瓶颈的同时，提高了数据传输速率╱带宽、可靠性及能效。公司提供全系列DDR2至DDR5内存接口 芯片以及内存模块配套芯片，包括SPD(串行检测集线器)、TS(温度传感器)及PMIC(电源管理芯片)。公 司的DDR5内存接口芯片是服务 ...

Photo illustration by Cheng Xin/Getty ImagesGetty ImagesAstera Labs (NASDAQ:ALAB), a firm specializing in semiconductor-based connectivity solutions for cloud and AI infrastructure, experienced a stock increase of nearly 8% on Wednesday. Although there wasn’t significant stock-specific news to justify such a substantial change, there are several compelling reasons for investors to show growing interest in the stock. Despite a solid recent financial performance, ALAB stock is down approximately 25% year-to-d ...

Key Takeaways CRDO shares have jumped 144% in three months, nearing its 52-week high on strong AI-driven product demand. AECs, optical DSPs and retimers continue to witness traction, driving $436.8M in revenues in fiscal 2025. CRDO projects over $800M in fiscal 2026 revenues amid tariff and market risks.Credo Technology Group Holding Ltd (CRDO) has been on a tear, with the stock appreciating 144.2% over the past three months. Riding on momentum fueled by AI proliferation and increasing demand for faster a ...

CHONGQING, CHINA - MAY 04: In this photo illustration, the logo of Astera Labs, Inc. is displayed on ... More a smartphone screen, with the company's triangular emblem visible in the background, on May 04, 2025, in Chongqing, China. (Photo illustration by Cheng Xin/Getty Images)Getty ImagesAstera Labs (NASDAQ:ALAB), a firm specializing in semiconductor-based connectivity solutions for cloud and AI infrastructure, has experienced a nearly 36% decline year-to-date. The recent sell-off has occurred despite str ...

Credo Technology Group Holding Ltd (CRDO) is emerging as a powerhouse as the world races to build the next generation of AI data centers. Credo has seen explosive growth, with fiscal 2025 revenues hitting $436.8 million, a 126% year-over-year increase driven by strong demand for its innovative and energy-efficient high- performance connectivity solutions. Demand continues to accelerate, particularly among hyperscaler customers supporting advanced AI services. In the fourth quarter of fiscal 2025, revenues s ...

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].

点击注册小程序 查看完整报告 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客 户，用作新媒体形势下研究信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿 订阅、接收或使用本订阅号中的任何信息。本订阅号难以设置访问权限，若给您造成不便， 敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相关人员为光大 证券的客户。 报告摘要 DDR5持续渗透且子代持续迭代，澜起科技巩固行业领先地位 随着支持DDR5的主流服务器及客户端CPU平台陆续上市，DDR5内存在下游市场的渗透率不断提高，且其 子代持续迭代更新，作为内存接口芯片行业的领跑者和DDR5 RCD芯片国际标准的牵头制定者，澜起科技 在DDR5世代的竞争中持续保持领先地位。2024年，公司DDR5内存接口芯片出货量超过DDR4内存接口芯 片。在DDR5内部子代迭代进程中，公司DDR5第二子代RCD芯片2024年出货量已超过第一子代产品，第 三子代RCD芯片于第四季度开始规模出货；同时，第五子代RCD芯片已顺利向客户送样。凭借卓越的技术 实力以及产品出色的稳定性和可靠性，公司精准把握DDR5迭代升级的 ...

澜起科技高速互连芯片开启增长新引擎。澜起科技深度参与相关国际标准组织与 产业联盟的标准制定工作，并基于这些新标准研发出多款高性能运力芯片，包括 PCIe Retimer、MRCD/MDB、CKD、MXC 等。1.PCIe Retimer 芯片：用于 PCIe 高速数据传输协议的超高速时序整合芯片，在数据中心的数据高速、远距离传输 场景中，主要用于 AI 服务器、有源线缆（AEC）等典型场景。2.MRCD/MDB 芯 片：服务器新型高带宽内存模组 MRDIMM 的核心逻辑器件，旨在满足 AI 及高性 能计算等应用场景对内存带宽的高要求。3.CKD 芯片：客户端内存模组的关键器 件。根据 JEDEC 定义，当 DDR5 数据速率达到 6400MT/s 及以上时，客户端内 存模组需采用一颗专用的时钟驱动器（CKD）芯片对时钟信号进行缓冲和重新驱 动，以满足高速时钟信号的完整性和可靠性要求。4．MXC 芯片：作为一款 CXL 协议所定义的芯片，MXC 主要用于内存扩展及内存池化领域，能够有效提升内 存容量和带宽，以满足高性能计算和人工智能等数据密集型应用的需求。 公司收入利润持续高增长。2024 年公司实现营业收入 ...

Core Insights - Astera Labs (ALAB) is emerging as a key player in next-generation AI and cloud infrastructure, with a significant revenue increase of 144% year-over-year in Q1 2025, driven by strong demand for its product lines [1][8] Group 1: Product Portfolio and Innovations - Astera Labs has expanded its product offerings from Aries PCIe retimers to full-rack solutions, including Scorpio Fabric Switches, Aries 6 Retimers, Smart Gearboxes, Taurus Ethernet modules, and Leo CXL controllers, addressing both intra-server and inter-server connectivity challenges [2] - The company's COSMOS software suite enhances hardware synergy by providing advanced diagnostics, fleet observability, and performance optimization [2] Group 2: Strategic Collaborations - Astera Labs has strengthened its partnership with NVIDIA to support the NVLink Fusion ecosystem for Blackwell-based MGX platforms and is actively participating in the UALink Consortium to promote open interconnect standards for AI clusters [3][8] Group 3: Competitive Landscape - Advanced Micro Devices (AMD) is aligning its EPYC CPUs and Instinct GPUs with the PCIe 6.0 standard, indirectly boosting demand for high-speed interconnect solutions like those from Astera Labs [4] - Qualcomm (QCOM) is entering the AI data center connectivity market with a $2.4 billion acquisition of Alphawave and is partnering with NVIDIA in the NVLink Fusion initiative, positioning itself as a competitor to Astera Labs [5] Group 4: Financial Performance and Valuation - Astera Labs has seen a stock price increase of 32.9% over the past three months, outperforming the industry growth of 15.8% and the sector's rise of 12.3% [6] - The company is currently trading at a forward 12-month price-to-sales ratio of 19.02X, slightly below its one-year median of 19.95X, but still considered overvalued compared to the industry [9]

Core Insights - Credo Technology Group Holding Ltd (CRDO) stock has increased by 50.2% over the past month, outperforming the Electronic-Semiconductors sector's growth of 18.8% and the broader Computer and Technology sector's growth of 10.3% [1][8] - The company's fiscal Q4 revenues surged 179.7% year over year to $170 million, driven by strong product sales and AI demand [3][8] - CRDO expects fiscal 2026 revenues to exceed $800 million, indicating an 85% year-over-year growth [11][8] Financial Performance - CRDO's fiscal 2025 revenues rose 126% year over year to $436.8 million, with significant contributions from product sales [3][8] - The company anticipates first-quarter fiscal 2026 revenues between $185 million and $195 million, representing a 12% increase at the midpoint [11] - Non-GAAP gross margin is projected to be between 64-66%, with operating expenses estimated at $54 million to $56 million [11] Product and Market Dynamics - The Active Electrical Cables (AEC) product line has shown double-digit sequential growth, particularly in the data center market, due to its reliability compared to traditional optical solutions [4] - CRDO's Optical Digital Signal Processors (DSPs) are gaining momentum, with expectations for increased customer diversity and revenue growth [5][8] - The demand for PCIe and Ethernet retimers is robust, particularly in AI server applications, indicating a strong market position for CRDO [9][10] Competitive Positioning - CRDO's stock performance has significantly outpaced competitors like Broadcom, Marvell, and Cirrus Logic, which have seen gains of 22.3%, 14.2%, and 3.4%, respectively [15] - The company is trading at a forward 12-month Price/Sales ratio of 18.03, higher than the sector average of 8.21, indicating a premium valuation [16] Analyst Sentiment - Analysts have revised earnings estimates upwards in the past 60 days, reflecting increased confidence in CRDO's growth trajectory [12] - The company maintains a Zacks Rank 1 (Strong Buy), supported by strong business momentum and positive guidance [18]