Financial Performance - In the first three quarters of 2024, the company achieved a revenue of 2.571 billion CNY, representing a year-on-year growth of 68.56% [3] - Revenue from interconnect chip products was approximately 2.377 billion CNY, up 59.37% year-on-year [3] - Revenue from server platform products reached 185 million CNY, a significant increase of 565.34% compared to the previous year [3] - Net profit attributable to the parent company was 978 million CNY, reflecting a growth of 318.42% year-on-year [3] - The net profit after deducting non-recurring gains and losses was 874 million CNY, up 460.88% year-on-year [3] - The net cash flow from operating activities was 1.261 billion CNY, exceeding the net profit, indicating strong operational quality [3] Research and Development - R&D investment for the first three quarters of 2024 was 552 million CNY, an increase of 13.42% year-on-year, accounting for 21.48% of revenue [3][10] - In Q3 2024, R&D expenditure was 186 million CNY [3] Product Performance - In Q3 2024, the company reported revenue of 906 million CNY, a year-on-year increase of 51.60% [3] - The net profit attributable to the parent company in Q3 was 385 million CNY, up 153.40% year-on-year [3] - The interconnect chip product line generated revenue of 849 million CNY in Q3, a growth of 46.02% year-on-year [3] Market Position and Strategy - The company leads in the memory interface chip sector, having developed DDR2 to DDR5 series chips, with a significant reduction in competitors over generations [5] - The company is actively involved in setting international standards for DDR5 memory interface chips, maintaining a leading position in the industry [5][6] - The market for clock chips is projected to grow from 2.03 billion USD in 2022 to 3.02 billion USD by 2027 [9] Future Outlook - The company anticipates increased demand for MRCD/MDB chips as more mainstream CPUs support the next generation of MRDIMM [7][8] - The CKD chip is expected to see growth in downstream applications as client CPU platforms are launched [8] - The company plans to expand its clock chip product line, including clock buffer chips, to meet diverse market needs [10]

公司将持续关注 2024 年员工持股计划后续变动情况，并按照相关法律法规 的要求及时履行信息披露义务。 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 澜起科技股份有限公司（以下简称"公司"）于 2024年 9月 2日召开了第三 届董事会第三次会议、第三届监事会第三次会议，并于 2024年 9月 19日召开了 2024 年第三次临时股东大会，审议通过了《关于公司<2024 年员工持股计划 （草案）>及其摘要的议案》《关于公司<2024 年员工持股计划管理办法>的议案》 等相关议案，具体内容详见公司 2024 年 9 月 3 日刊登于上海证券交易所网站 （www.sse.com.cn）的《澜起科技 2024 年员工持股计划（草案）》及其摘要、 《2024 年员工持股计划管理办法》。 根据中国证监会《关于上市公司实施员工持股计划试点的指导意见》及 《上海证券交易所科创板上市公司自律监管指引第 1 号——规范运作》等法律 法规的相关要求，现将公司 2024 年员工持股计划的购买公司股票情况公告如下： 截至本公告披露日，公司 20 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price based on expected earnings growth and market performance [4][5][6]. Core Views - The company has experienced significant year-on-year growth in performance, driven by the recovery in global server and computer demand, as well as the increasing penetration of DDR5 technology [3][5]. - The introduction of three new high-performance chips has contributed to revenue growth, with the interconnect chip product line achieving record sales in Q3 2024 [3][5]. - Revenue forecasts for 2024, 2025, and 2026 are projected at 36.74 billion, 54.56 billion, and 71.05 billion yuan, respectively, with year-on-year growth rates of 60.7%, 48.5%, and 30.2% [4][5]. Financial Performance Summary - For the first three quarters of 2024, the company reported revenue of 25.71 billion yuan, a year-on-year increase of 68.56%, and a net profit of 9.78 billion yuan, up 318.42% [5][6]. - In Q3 2024, the company achieved revenue of 9.06 billion yuan, a 51.60% increase year-on-year, and a net profit of 3.85 billion yuan, reflecting a 153.40% growth [5][6]. - The gross margin for the interconnect chip product line was reported at 62.21% in Q3 2024, indicating strong profitability [3][5]. Earnings Forecast - The company is expected to achieve net profits of 13.27 billion, 18.77 billion, and 23.33 billion yuan for the years 2024, 2025, and 2026, with corresponding year-on-year growth rates of 194.4%, 41.4%, and 24.3% [4][5][6]. - The projected price-to-earnings (PE) ratios for 2024, 2025, and 2026 are 55.5, 39.3, and 31.6, respectively, indicating a favorable valuation trend as earnings grow [4][5].

一、持有人会议召开情况 澜起科技股份有限公司（以下简称"公司"）2024 年员工持股计划（以下简 称"本员工持股计划"或"员工持股计划"）第一次持有人会议（以下简称"持 有人会议"或"会议"）于 2024 年 11 月 4 日以通讯方式召开。本次会议由公司 董事会秘书召集和主持，出席会议的持有人及其代理人共 56 人，代表本员工持 股计划份额 2.98 亿份，占本员工持股计划总份额的 100%。会议的召集、召开及 表决程序均符合相关法律法规及本员工持股计划的有关规定。 二、持有人会议审议情况 1、审议通过《关于设立公司 2024 年员工持股计划管理委员会及选举管理委 员会委员的议案》 证券代码：688008 证券简称：澜起科技 公告编号：2024-071 澜起科技股份有限公司 2024 年员工持股计划第一次持有人会议决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 本议案经出席本次会议的持有人及其代理人一致同意获得通过。 2、审议通过《关于授权公司 2024 年员工持股计划管理委员会办理员工持股 计划相关事宜的议案 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative increase in stock price of over 15% compared to the CSI 300 index in the next six months [9]. Core Insights - The company reported significant growth in its financial performance for the first three quarters of 2024, with total revenue reaching 72.57 billion yuan, a year-on-year increase of 68.56%, and a net profit attributable to shareholders of 978 million yuan, up 318.42% year-on-year [3]. - The third quarter of 2024 marked a historical high in performance, with revenue of 9.06 billion yuan, a 51.60% increase year-on-year, and a net profit of 3.85 billion yuan, reflecting a 153.40% year-on-year growth [3]. - The growth is attributed to the recovery in global server demand, increased penetration of DDR5 technology, and the launch of new products, particularly the second generation of DDR5 memory interface chips [3]. Financial Performance Summary - For the first three quarters of 2024, the company's revenue from memory interface chips and server platforms was 2.377 billion yuan and 185 million yuan, respectively, representing year-on-year growth of 59.37% and 565.34% [3]. - The net profit margin for the third quarter of 2024 was 37.98%, an increase of 22.64 percentage points year-on-year [3]. - The company expects total revenue for 2024 to reach 37.27 billion yuan, with a year-on-year growth rate of 63.07%, and net profit of 1.327 billion yuan, reflecting a growth rate of 194.29% [4]. Product and Market Dynamics - The company is experiencing a structural optimization in its product offerings, leading to improved profitability [3]. - New high-speed interconnect products, including PCIe Retimer and other AI-related chips, are contributing to new revenue growth, with over 600,000 units shipped in the third quarter of 2024 [3]. - The report anticipates continued growth in revenue and net profit for the years 2024 to 2026, with projected revenues of 55.14 billion yuan and 72.36 billion yuan for 2025 and 2026, respectively [4].

Investment Rating - The report maintains a "Buy" rating for the company [3][10]. Core Insights - The company reported a revenue of 2.571 billion yuan for Q1-Q3 2024, representing a year-over-year increase of 68.56%, with a net profit of 978 million yuan, up 318.42% year-over-year [1]. - In Q3 2024, the company achieved a revenue of 906 million yuan, a year-over-year increase of 51.60%, and a net profit of 385 million yuan, reflecting a year-over-year growth of 153.40% [1]. - The company's DDR5 memory interface chip sales exceeded 50% of its total sales, contributing to a record high revenue of 849 million yuan for interconnect chips in Q3, a 46.02% increase year-over-year [1]. - The company is actively investing in the development of the fifth-generation RCD chip to maintain its technological leadership [1]. - The AI "capacity" chip has started mass shipments, providing a new growth point for the company's performance [1]. - The company forecasts revenues of 3.703 billion yuan and 5.598 billion yuan for 2024 and 2025, respectively, with net profits of 1.325 billion yuan and 2.022 billion yuan [2][9]. Financial Summary - The company's gross margin and net margin for Q3 2024 were 58.74% and 42.30%, respectively [1]. - The earnings per share (EPS) are projected to be 1.16 yuan for 2024 and 1.77 yuan for 2025, with corresponding price-to-earnings (P/E) ratios of 59 and 39 [2][9]. - The total market capitalization of the company is approximately 78.161 billion yuan [3].

证券简称：澜起科技 证券代码：688008 编号：2024-022 | --- | --- | --- | |---------------|--------------------------|---------------------------| | | | | | 投资者关 | □ 特定对象调研 | □ 分析师会议 □ 媒体采访 | | 系活动类 | □ 业绩说明会 | □ 新闻发布会 □ 路演活动 | | 别 | □ 现场参观 √ | 其他（电话会议） | | | 广发基金管理有限公司 | | | | 工银瑞信基金管理有限公司 | | | | 富国基金管理有限公司 | | | | 兴证全球基金管理有限公司 | | | | 中欧基金管理有限公司 | | | | 朱雀基金管理有限公司 | | | | 中海基金管理有限公司 | | | | 长信基金管理有限责任公司 | | | | 长盛基金管理有限公司 | | | | 长城基金管理有限公司 | | | 参与单位 名称 | 长安基金管理有限公司 | | | | 圆信永丰基金管理有限公司 | | | | 民生基金管理有限公司 | | | | 银华基金管理有限公 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The report highlights that the company's revenue from interconnect chip business has reached a new high, driven by the continuous iteration of DDR5 technology [1] - The company achieved a revenue of 2.57 billion yuan in the first three quarters of 2024, representing a year-on-year growth of 68.6% [1] - The net profit attributable to the parent company for the first three quarters was 0.98 billion yuan, showing a significant year-on-year increase of 318% [1] - The report anticipates that the company's net profit will reach 1.45 billion yuan in 2024, with an EPS of 1.27 yuan, corresponding to a PE ratio of 54.0 [1][2] Financial Performance Summary - The company's revenue for Q3 2024 was 0.91 billion yuan, reflecting a year-on-year increase of 51.6% [1] - The gross margin for Q3 2024 was 58.7%, with a slight decrease of 6.1 percentage points year-on-year [1] - The net profit for Q3 2024 was 0.385 billion yuan, marking a year-on-year growth of 153.4% [1] - The company expects to see continued growth in revenue and profit margins due to the increasing demand for high-performance chips driven by AI trends [1] Financial Projections - The projected revenues for the company are as follows: 2.286 billion yuan in 2023, 3.740 billion yuan in 2024, 5.520 billion yuan in 2025, and 7.240 billion yuan in 2026 [3][4] - The net profit projections are 0.451 billion yuan for 2023, 1.448 billion yuan for 2024, 2.376 billion yuan for 2025, and 3.282 billion yuan for 2026 [3][4] - The company's operating cash flow is expected to improve significantly, reaching 1.437 billion yuan in 2024 and 3.125 billion yuan in 2026 [3]

Investment Rating - The investment rating for the company is "Outperform the Market" [3][15]. Core Views - The company achieved record high revenue and net profit in the third quarter, with a year-on-year revenue growth of 68.56% and a net profit margin increase to 37.98% [1]. - The company expects steady growth in net profit for 2024-2026, with projected figures of 1.30 billion, 1.96 billion, and 2.64 billion yuan respectively [1][2]. Financial Performance Summary - For the first three quarters of 2024, the company reported revenue of 2.57 billion yuan (YoY +68.56%) and a net profit of 978 million yuan (YoY +318.42%) [1]. - In Q3 2024, the company achieved revenue of 906 million yuan (YoY +51.60%, QoQ -2.35%) and a net profit of 385 million yuan (YoY +153.4%, QoQ +4.1%) [1]. - The gross profit margin for the first three quarters of 2024 was 58.12%, a decrease of 1.5 percentage points year-on-year [1]. Product Line Performance - The interconnect chip product line saw a revenue increase of 59.37% to 2.38 billion yuan, while the server platform product line revenue surged by 565.34% to 185 million yuan [1]. - The company reported that the shipment of DDR5 second-generation chips exceeded that of the first generation, with over 600,000 PCIe Retimer chips shipped in Q3 2024 [1]. Investment Recommendations - The company maintains a positive outlook on new product shipments and continues to hold the "Outperform the Market" rating [1].

电子 | 证券研究报告 — 调整盈利预测 2024 年 10 月 31 日 688008.SH 买入 原评级：买入 市场价格:人民币 69.08 板块评级:强于大市 股价表现 (22%) (8%) 6% 19% 33% 47% Oct-23Dec-23Jan-24Feb-24Mar-24Apr-24May-24Jun-24Jul-24Aug-24Sep-24Oct-24 澜起科技 上证综指 (%) 今年 至今 1 个月 3 个月 12 个月 绝对 19.9 3.3 18.1 28.9 相对上证综指 9.6 5.4 4.7 20.8 | --- | --- | --- | |-------------------------------|--------|-----------| | | | | | 发行股数 ( 百万 ) | | 1,142.54 | | 流通股 ( 百万 ) | | 1,142.54 | | 总市值 ( 人民币 百万 ) | | 78,926.51 | | 3 个月日均交易额 ( 人民币 | 百万 ) | 1,611.52 | | 主要股东 | | | | 香港中央結算有限公司 | | 10 ...