【私募调研记录】瞰道资产调研澜起科技

Group 1 - The core focus of the company is on the research and development of computing hardware base chips, particularly in the field of interconnect chips, leveraging over 20 years of technical accumulation [1] - The demand for DDR5 memory interface chips is significantly increasing due to trends in the AI industry, with MRCD/MDB chips expected to become preferred solutions for high-performance computing and AI applications [1] - The company is advancing its development of PCIe Switch chips and has a strong foundation in core technologies and customer resources, benefiting from the growth in AI server shipments and PCIe protocol iterations [1] Group 2 - The company’s MXC chips are at an industry-leading level, with CXL-related applications maturing and presenting substantial market potential [1] - The company plans to continue the iterative development of memory interface chips, PCIe Retimer, and MXC chips, while also expanding into PCIe Switch, Ethernet, and optical interconnect fields [1] - The CKD chips are expected to achieve mainstream penetration alongside the scale application of DDR5-6400 memory modules within the next three to four years [1] Group 3 - The company has launched its first batch of programmable clock generator chips and plans to further diversify its product offerings [1] - The core business of the company is characterized by high-quality products with high gross margins, timely customer payments, effective cost and expense management, and reasonable inventory control [1] - The company has linked its market value to executive performance evaluations for three consecutive years, aligning management interests with shareholder interests [1] Group 4 - The company’s revenue from products delivered to the U.S. accounts for less than 1%, indicating minimal direct impact from recent tariff adjustments [1]