智通财经APP获悉，财通证券发布研报称，PCIe为服务器中的总线标准，数据传输速率不断提升。2025 年8月，PCI-SIG协会宣布正在开发的PCIe 8.0规范将把数据速率提升至256GT/s，并有望于2028年发布。 PCIe的通道配置是决定PCIe设备性能的关键因素，通道数决定PCIe插槽数量&长度的上限，随PCIe通道 数量提高，PCIe插槽需求量有望随之提高。受益于服务器CPU的不断更迭，适配服务器CPU的PCIe代际 &通道数有望逐步提升，并带来相关产业链的增量需求空间。 财通证券主要观点如下： PCIe为服务器中的总线标准，数据传输速率不断提升 风险提示 PCIe技术渗透不及预期，服务器需求不及预期，新一代服务器CPU渗透进度不及预期。 服务器CPU向着适配PCIe 6.0迭代，带来PCIe Retimer芯片增量空间 英特尔第六代服务器CPU已适配支持PCIe 5.0，AMD下一代EPYC霄龙服务器处理器"Venice"有望首次适 配PCIe 6.0，有望于2026年推出；PCIe协议快速发展，传输速率不断提升，另一方面，由于服务器的物 理尺寸受限于工业标准并没有很大的变化，导致整个链路的插损 ...

Core Insights - The PCIe interconnect chip industry is experiencing exponential growth due to the increasing demand for high bandwidth, low latency, and multi-device high-speed interconnects, driven by advancements in large model training, inference, and distributed computing [1][7] - The global market size for PCIe interconnect chips is projected to reach $3.109 billion by 2025, with a year-on-year growth of 35.9%, where PCIe Switch accounts for approximately 81.20% and PCIe Retimer for about 18.80% [1][7] Market Overview - High-speed interconnect chips are essential for enabling high-speed data exchange in data centers, servers, and computers, addressing bottlenecks in data transmission amid the continuous upgrade of intelligent computing systems [2] - The PCIe interconnect chip market is categorized into PCIe Retimer and PCIe Switch chips, which are critical components for high-speed data interconnect in data centers and servers [2] Market Policies - China has established strategic goals for the semiconductor industry, promoting self-sufficiency and providing a favorable policy environment for the development of the PCIe interconnect chip industry through various supportive policies [4][5] Industry Chain - The upstream of the PCIe interconnect chip industry includes semiconductor material suppliers, equipment manufacturers, and IP core providers, while the midstream involves design, manufacturing, packaging, and testing [6] - The downstream applications encompass servers, storage devices, network equipment, high-end PCs, consumer electronics, industrial control, and automotive electronics, with servers being the core application market [6] Development Status - The demand for PCIe interconnect chips is significantly driven by the rapid deployment of GPUs and AI chips, with the domestic market projected to reach 5.24 billion yuan by 2025, reflecting a year-on-year growth of 28.6% [7][8] Competitive Landscape - The PCIe interconnect chip industry is characterized by high technical, financial, and ecological barriers, leading to a concentrated market where the top players dominate, with PCIe Retimer CR2 market share reaching 96.9% and PCIe Switch suppliers holding over 90% of the market [9][10] Company Analysis - Lanqi Technology Co., Ltd. is a leading international data processing and interconnect chip design company, with a reported revenue of 4.058 billion yuan in the first nine months of 2025, where PCIe/CXL interconnect chip revenue accounted for 7.56% [10] - Beijing Shudu Information Technology Co., Ltd. focuses on developing high-speed interconnect technology products, aiming to meet core demands in the global computing field [10] Development Trends - Future PCIe interface standards will evolve towards higher transmission rates and multi-functional integration, enhancing data transmission, signal optimization, and power control [12] - Domestic PCIe interconnect chip companies are expected to overcome core technology barriers and gradually penetrate high-end markets, reducing reliance on overseas IP cores [13] - The industry is moving towards a collaborative ecosystem, with leading companies forming alliances to promote technology standards and enhance overall competitiveness [14]

2月9日，香港交易所，澜起科技（06809.HK）上市的锣声敲响。当日收盘，股价锁定在175.00 港元，较发行价暴涨63.72%，公司A+H双平台市值携手突破2100亿港元大关。这热烈的场景， 仿佛是七年前一次关键握手所激荡出的悠长回响。 澜起科技代表了中国在内存接口芯片这一高端半导体关键领域实现自主突破，并跻身全球规则制定 者行列。这为国家数字基础设施供应链注入了至关重要的安全与韧性。而如黄浦江资本这样的早期 重仓资本，成为了支撑这类硬核科技企业攻坚克难的市场化基石。产业与资本的深度融合，正是中 国加速关键领域国产替代、培育世界级创新企业的生动呈现。 从1000亿到1600亿，完整一级市场周期陪跑与二级市场持续加持 资本范本：一场跨越双城的价值长跑 ｜从上海科创到香港主板的双城记 从100亿到1000亿，价值发现与重仓布局并伴随上市 在澜起科技自纳斯达克私有化回归后，黄浦江资本便果断重仓入股，成为公司前几大重要民营战略 股东。这不是试探性的小额投资，而是基于深度产业研究后，对一家已具备全球竞争力龙头的确定 性下注。 黄浦江资本深度陪伴澜起科技于2019年作为首批硬科技企业登陆科创板。自2018年初投资打款 ...

点击蓝字，关注我们 公司简介 澜起科技成立于2004年，是一家专注于 内存接口与高速互连芯片设计 的高新技术企业，服务于云计算 与AI训练平台。公司产品覆盖 DDR内存接口芯片、PCIe Retimer、CXL控制器 等，是全球内存接口芯 片市场的领先者，全球市占率超 36% 。 市场格局 | 竞争领域(1 | 主要竞争对手(] | 澜起的市场地位(1 | | --- | --- | --- | | 内存接口芯片(1 | 瑞萨电子（日本）、Rambus（美国） | 全球第一,24年市场份额 36.8%2 | | PCle Retimer 芯片4 | Astera Labs（美国）、博通(2 | 全球第二,24年市场份额10.9%2 | | CXL 内存控制器(2 | Marvell (美国) ( | 全球首发量产 CXL MXC 芯片,成本较 | | | | Marvell 低 30% | | 时钟芯片( | 瑞萨、TI 等(2 | 新产品布局,已通过多家头部客户测试验证( | 澜起科技在 内存接口芯片 领域占据全球第一 ，2024年市占率达 36.8% ，领先瑞萨电子与Rambus。作为 DDR5国际标准的 ...

Core Viewpoint - 澜起科技 is preparing for an H-share IPO amid a surge of semiconductor companies entering the Hong Kong market, with significant growth in revenue and profit projected for 2025, driven by strong sales of memory interface chips and modules [1][3]. Financial Performance - As of January 28, 2026, 澜起科技's market capitalization reached 198.6 billion yuan [1]. - Revenue from 2022 to the first three quarters of 2025 was 3.672 billion yuan, 2.286 billion yuan, 3.639 billion yuan, and 4.058 billion yuan, respectively [1]. - Net profit attributable to shareholders for the same periods was 1.299 billion yuan, 0.451 billion yuan, 1.412 billion yuan, and 1.630 billion yuan [1]. - The company expects a net profit of 2.150 billion to 2.350 billion yuan for 2025, representing a year-on-year growth of 52.29% to 66.46% [1]. Business Segments - The interconnect chip business accounted for over 94% of total revenue in the first three quarters of 2025, generating 3.832 billion yuan [1]. - Gross margin improved from 58.7% in 2022 to 64.8% in the first three quarters of 2025 [1]. Market Trends - The server memory module market is transitioning to DDR5, with penetration expected to rise from 50% in 2024 to 85% in 2025, providing growth opportunities for 澜起科技 [3]. - The demand for memory modules is anticipated to increase due to trends in the AI industry, positively impacting the sales of interconnect chips [3]. Market Position - 澜起科技 holds a 36.8% market share in the memory interconnect chip market, leading the sector [3]. - In the emerging PCIe Retimer chip market, 澜起科技 ranks second with a 10.9% global market share [3]. Inventory and Risks - The company's inventory increased significantly, from 350 million yuan at the end of 2024 to 795 million yuan by the end of September 2025 [4]. - The rise in raw material costs and the need for inventory impairment provisions indicate potential risks associated with inventory management [4]. Customer Dependency - 澜起科技's revenue is heavily reliant on a few major clients, with the top five customers contributing 84.2% to 76.8% of total revenue from 2022 to 2025 [5]. - The largest customer accounted for 25.6% to 28.1% of total revenue during the same period, highlighting the risks of customer concentration [5]. Financial Health - As of the end of Q3 2025, 澜起科技 had a low debt ratio of 10.87% and held 8.9 billion yuan in cash [6]. - The company has consistently generated positive operating cash flow, with 1.691 billion yuan in Q3 2025 [6]. Strategic Outlook - 澜起科技 aims to attract international talent and enhance its global presence through the Hong Kong listing [6]. - The company is navigating the cyclical nature of the semiconductor industry and focusing on inventory management and customer diversification to ensure long-term stability [7].

Investment Rating - The investment rating for the company is "Buy" (maintained) [6] Core Views - The company's Q3 performance, excluding share-based payment expenses, showed significant year-on-year growth, with interconnect chip revenue reaching a new high [7][11] - The company is positioned as a leader in memory interface chips, with rapid growth in AI and accelerated penetration of DDR5 technology expected to drive future growth [11] Financial Summary - For Q1-Q3 2025, the company reported revenue of 4.058 billion yuan, a year-on-year increase of 58%, and a net profit attributable to shareholders of 1.632 billion yuan, up 67% year-on-year [8] - In Q3 2025, revenue was 1.424 billion yuan, reflecting a year-on-year increase of 57%, while net profit was 470 million yuan, up 23% year-on-year [8] - The gross margin for Q3 2025 was 63.3%, an increase of 5 percentage points year-on-year [8] - The company expects to achieve net profits of 2.1 billion yuan, 3.4 billion yuan, and 4.2 billion yuan for the years 2025, 2026, and 2027, respectively, with corresponding P/E ratios of 68, 43, and 35 [11] Product and Market Developments - Q3 2025 saw interconnect chip revenue reach 1.371 billion yuan, a year-on-year increase of 62%, with a gross margin of 65.7% [9] - The company has transitioned its stock appreciation rights to restricted stock to mitigate the negative impact of share-based payments on profits [9] - The DDR5 memory interface chip continues to evolve, with the third generation RCD chip sales surpassing the second generation for the first time [9][10]

Group 1 - The company announced the progress of its second share repurchase plan for 2025, having repurchased a total of 1.662 million A-shares, accounting for 0.14% of the total share capital, with a total payment of approximately 220 million yuan as of December 31, 2025 [2] - The repurchase plan was approved by the shareholders' meeting in July 2025, with a budget of 200 million to 400 million yuan for share buybacks aimed at reducing registered capital. The initial repurchase price ceiling was set at 118.00 yuan per share, later adjusted to 117.80 yuan due to equity distribution [2] - The board of directors approved a significant increase in the repurchase price ceiling to no more than 200.00 yuan per share in October 2025, with the implementation period from July 8, 2025, to July 7, 2026 [2] Group 2 - For the first three quarters of 2025, the company achieved total operating revenue of 4.058 billion yuan, representing a year-on-year increase of 57.83%, and a net profit attributable to shareholders of 1.632 billion yuan, up 66.89% year-on-year [3] - The company has made significant progress in its plan to issue H-shares and list on the Hong Kong Stock Exchange, having submitted its listing application on July 11, 2025, and received the overseas issuance listing filing notice from the China Securities Regulatory Commission on December 9, 2025 [3] - The Hong Kong Stock Exchange's listing committee held a hearing on December 15, 2025, and approved the company's application for this issuance and listing [3]

Core Viewpoint - The company, Lanke Technology, is a leading global player in data processing and interconnect chip design, focusing on high-performance, low-power chip solutions for cloud computing and artificial intelligence [1] Group 1: Product Lines - Lanke Technology has two main product lines: interconnect chips and the Zindai server platform, with a strong position in the memory interface chip industry as one of the top three global DDR5 manufacturers [1] - The interconnect chip product line includes a comprehensive range of products such as memory interface chips (including MRCD/MDB chips, CKD chips), memory module supporting chips, PCIe Retimer chips, MXC chips, and clock chips [2] - The Zindai server platform includes Zindai CPUs, data protection and trusted computing acceleration chips, and hybrid secure memory modules (HSDIMM), providing a secure computing platform for cloud data centers [2] Group 2: Growth Drivers - The company is experiencing significant growth driven by the increasing penetration of DDR5 and the demand for AI-related "capacity" chips, with notable performance from PCIe Retimer, MRCD/MDB, and CKD chips [2] - The MXC chip, recognized as the world's first CXL MXC chip, is applied in memory expansion and pooling, maintaining an industry-leading position and benefiting from high-performance computing and AI demand [2] Group 3: Financial Outlook - The company is expected to maintain strong growth, with projected net profits for 2025-2027 at 2.4 billion, 3.4 billion, and 4.6 billion yuan, corresponding to current PE valuations of 57, 39, and 29 times [3] - The company has been rated as a "buy" due to its leading position in memory supporting chips and its advanced layout in AI-related capacity chips [3]

Core Insights - In September, a total of 335 companies on the Sci-Tech Innovation Board were investigated by institutions, with 17 companies receiving over 100 inquiries each [1] - The most investigated companies included Juhe Materials, Maiwei Bio, Juguang Technology, Lankai Technology, and Jingzhida, with inquiry counts of 370, 340, 305, 231, and 194 respectively [1] - Key sectors attracting attention were semiconductors, automation equipment, photovoltaic equipment, specialized equipment, and bioproducts [1] Company Developments - Juhe Materials announced plans to acquire SK Enpulse's blank mask business for 68 billion KRW, aiming to enhance its strategic layout and address domestic semiconductor material shortages [2][3] - Maiwei Bio formed a partnership with Aditum Bio to establish Kalexo Bio and secured a global exclusive licensing agreement for a cardiovascular siRNA drug [2] - Zhongkong Technology introduced the concept of "industrial embodied intelligence," aiming to integrate autonomous intelligence into the entire production process [3] Sector Focus - Institutions showed significant interest in companies within the chip interconnection, optical interconnection, battery, and energy storage sectors [4] - Lankai Technology is advancing its MXC chip and PCIe Retimer chip, which are crucial for AI server applications, enhancing bandwidth and reducing latency [5][6] - Xiatuo New Energy is focusing on solid-state battery materials and has achieved stable production of oxide solid-state electrolytes [7][8] Financial Performance - Hai Moxing reported a 350 million CNY inventory impairment in the first half of the year but expects improvement in the coming quarters [9] - Mei Ai Technology anticipates a long-term increase in overall gross margin, driven by a higher proportion of consumable products and expanding overseas market share [10] - Jingchen Co. noted a significant increase in inventory due to a surge in orders, with a record shipment volume in the second quarter [10]

Core Viewpoint - The strategic alliance between NVIDIA and Intel aims to integrate AI-accelerated computing with the x86 ecosystem, significantly enhancing the influence of NVIDIA's NVLink technology over the traditional PCIe standard [3][15][21] Group 1: NVLink vs PCIe - NVLink technology offers several times the bandwidth and lower latency compared to PCIe, posing a significant challenge to the long-standing PCIe standard [3][15] - Intel's embrace of NVLink is a symbolic shift, indicating a potential restructuring of CPU and GPU interconnect paradigms, which may impact the demand for PCIe Retimer chips [3][15][21] Group 2: PCIe Retimer Chips - PCIe Retimer chips emerged as a necessary solution to address signal integrity issues as data transfer rates increased from PCIe 3.0 to PCIe 6.0, with insertion loss rising from 22dB to 36dB [6][7] - Retimer chips are crucial for extending transmission distances and improving signal quality in high-speed data center environments, especially as AI demands grow [10][11] Group 3: Market Dynamics - The PCIe Retimer chip market is characterized by a "duopoly" led by AsteraLabs and Lanqi Technology, with other players like Pericom and TI competing in various segments [12][13][14] - The global PCIe Retimer chip market is projected to reach $1.8 billion by 2025, driven by the increasing demand for high-speed interconnects in AI and server applications [14] Group 4: Impact of NVIDIA and Intel Alliance - The partnership between NVIDIA and Intel may disrupt the PCIe Retimer market, as NVLink's superior bandwidth and lower latency could reduce the need for Retimer chips in AI server configurations [15][16][21] - Intel's integration of NVLink into its x86 CPUs could lead to a shift in the server ecosystem, potentially establishing NVLink as the new industry standard [17][18] Group 5: Future Outlook - Despite the potential challenges posed by NVLink, PCIe Retimer chips may still hold value in scenarios where long-distance transmission and complex topologies are required, ensuring their relevance in the AI era [21]