【私募调研记录】盘京投资调研萤石网络、澜起科技

Group 1: YingShi Network - YingShi Network has made significant progress in smart home cameras, cloud services, and smart home integration, with smart home integration becoming a second growth curve and profitability gradually improving [1] - The company is increasing its investment in smart home cameras, launching screen cameras and interactive robots, while AI services are gradually being implemented [1] - Despite the downturn in the real estate market, the company's pre-installation business accounts for a low percentage, and its post-installation business is mainly unaffected by new home deliveries [1] Group 2: Lanqi Technology - Lanqi Technology will focus on the research and development of computing power chips for intelligent hardware bases over the next 5-10 years, emphasizing the importance of interconnect chips [2] - The demand for DDR5 memory interface chips is expected to increase significantly due to trends in the AI industry, with the second generation of MRDIMM likely becoming a preferred solution for high-performance computing and AI applications [2] - The company has a strong core business with high-margin products, timely customer payments, and effective cost and inventory management [2]