【私募调研记录】淡水泉调研澜起科技

Group 1 - The core viewpoint of the article highlights that 淡水泉 has conducted research on 澜起科技, focusing on its future development in computing hardware and interconnect chips, particularly in the context of AI industry trends [1] - 澜起科技 plans to concentrate on the research and development of computing power chips for the next 5-10 years, leveraging over 20 years of technical accumulation in the field [1] - The demand for DDR5 memory interface chips is expected to significantly increase due to the AI industry trends, with MRCD/MDB chips becoming preferred solutions for high-performance computing and AI applications [1] Group 2 - 澜起科技 is investing in the development of PCIe Switch chips, building on its successful experience with PCIe Retimer, which is expected to see continued demand growth driven by AI server shipments and PCIe protocol iterations [1] - The company’s MXC chips are at an industry-leading level, with CXL applications gradually maturing, indicating substantial market potential [1] - The company aims to enhance its product offerings in memory interface chips, PCIe Retimer, and MXC chips, while also expanding into PCIe Switch, Ethernet, and optical interconnect fields [1] Group 3 - The CKD chip is anticipated to achieve mainstream penetration alongside DDR5-6400 memory modules within the next three to four years [1] - The clock chip market presents significant opportunities, with the company launching its first programmable clock generator chips and planning to diversify its product models [1] - 澜起科技 maintains high-quality core business operations, characterized by high-margin products, timely customer payments, effective cost and expense management, and reasonable inventory control [1]