【私募调研记录】华夏未来调研澜起科技

Group 1 - The core focus of the company is on the research and development of computing power chips for intelligent computing hardware over the next 5-10 years, emphasizing the importance of interconnect chips [1] - The demand and penetration rate for DDR5 memory interface chips are expected to increase significantly due to trends in the AI industry, with MRCD/MDB chips becoming preferred solutions for high-performance computing and AI applications [1] - The company has invested in the development of PCIe Switch chips and is leveraging its core underlying technology and customer resource advantages from its successful experience with PCIe Retimer chips [1] Group 2 - The company’s MXC chips are at an industry-leading level, and CXL-related applications are gradually maturing, indicating a huge market potential [1] - The company plans to continue advancing the research and iteration of memory interface chips, PCIe Retimer, and MXC chips, while also expanding into PCIe Switch, Ethernet, and optical interconnect fields [1] - The company has introduced its first batch of programmable clock generator chips and plans to further enrich its product offerings in the clock chip market [1] Group 3 - The company maintains high-quality core business with major products being high value-added, resulting in high gross margins, timely customer payments, and effective cost and expense management [1] - The company has linked its market value to the performance evaluation of its management team for three consecutive years, aiming to align management interests with shareholder interests [1] - The impact of recent tariff adjustments on the company is minimal, as revenue from products delivered to the U.S. accounts for less than 1% of total revenue [1]