澜起科技首季赚5.25亿元创单季新高

Core Insights - The core viewpoint of the articles highlights the strong performance of Changjiang Technology (澜起科技) in the memory interface chip sector, driven by robust industry demand and advancements in AI technology [2][3]. Financial Performance - In Q1 2025, the company achieved a revenue of 1.222 billion yuan, representing a year-on-year increase of 65.78%, and a net profit of 525 million yuan, up 135.14% year-on-year [2]. - The company's non-GAAP net profit reached 503 million yuan, reflecting a year-on-year growth of 128.83% [2]. - All three key performance indicators set new quarterly historical highs, with net profit and non-GAAP net profit increasing for eight consecutive quarters [2]. Product Line Performance - The interconnect chip product line generated a revenue of 1.139 billion yuan, a year-on-year increase of 63.92%, while the津逮® server platform product line saw revenue of 80 million yuan, up 107.38% year-on-year [3]. - The company attributes its growth to the rising demand for DDR5 memory interface chips and the strong performance of its high-performance interconnect chips, which generated 135 million yuan in sales, a 155% increase year-on-year [2][3]. Research and Development - The company has significantly increased its R&D expenditure from 267 million yuan in 2019 to 764 million yuan in 2024, totaling 2.947 billion yuan over six years [4]. - The R&D expense ratio has remained stable at around 15%, with a ratio of 12.53% in Q1 2025 [4]. - As of the end of 2024, the company employed 536 R&D personnel, accounting for approximately 74.65% of its total workforce [5]. Financial Health - As of Q1 2025, the company reported cash and cash equivalents of 7.175 billion yuan, a year-on-year increase of 25.36%, with total liabilities of only 724 million yuan [6]. - The asset-liability ratio stood at 5.72%, remaining below 10% for six consecutive years since 2019 [6].