Montage Technology(688008)2024-12-26 07:33Group 1: Company Overview - Lianqi Technology is an international leader in data processing and interconnect chip design, focusing on high-performance, low-power chip solutions for cloud computing and artificial intelligence [10] - The company has two main product lines: interconnect chips and the Jindai® server platform [10] Group 2: Product Offerings - The product offerings for servers include memory interface chips (RCD and high bandwidth memory interface chips), memory module supporting chips (SPD/TS/PMIC), PCIe Retimer, MXC chips, programmable clock generator chips, Jindai® CPU, data protection, and trusted computing acceleration chips [11] - The value of products in a single server has significantly increased due to a richer product portfolio [11] Group 3: Market Demand and Trends - The demand for memory interface chips is strong in Q4, with DDR5 penetration expected to increase [11] - The sales revenue of three high-performance interconnect chips (PCIe Retimer, MRCD/MDB, CKD chips) was approximately CNY 130 million in Q2 2024, accounting for 10% to 20% of the interconnect chip product line sales in Q3 2024 [11][12] Group 4: Future Growth Potential - The PCIe Retimer chip is expected to contribute to new performance growth, driven by increased demand for AI servers, market share growth, and continuous iterations of the PCIe protocol [12] - The second generation MRDIMM is projected to have a data transfer rate of 12800MT/s, significantly enhancing system performance for high-performance computing and AI workloads [12][13] Group 5: Research and Development - In the first three quarters of 2024, the company's R&D investment was CNY 552 million, a year-on-year increase of 13.42%, accounting for 21.48% of operating income [13] - The company plans to maintain reasonable growth in R&D expenses aligned with business development [13]