一季度业绩延续高增长，澜起科技深耕“运力”启新程

Core Insights - The company, Lanke Technology, reported strong financial performance for Q1 2025, achieving a revenue of 1.222 billion yuan, a year-on-year increase of 65.78%, and a net profit of 525 million yuan, up 135.14% [2] - The sales revenue from interconnect chips reached 1.139 billion yuan, reflecting a growth of 63.92% year-on-year, with multiple operational metrics hitting historical highs [2] - The gross margin for interconnect chips increased to 64.50%, up 3.57 percentage points year-on-year, indicating high business quality [2] Financial Performance - The company achieved a net profit of 602 million yuan when excluding the impact of share-based payments, resulting in a net profit margin approaching 50% [2] - The interconnect chip sales revenue and net profit have shown consistent quarter-on-quarter growth for eight consecutive quarters, demonstrating resilience in the company's development [2] - As of April 22, 2025, the company has over 1.29 billion yuan in hand orders for interconnect chips expected to be delivered in Q2 2025, with new orders continuing to flow in [2] Product Development - The company successfully passed the CXL2.0 compliance test for its CXLMXC chip and is now listed among the first batch of CXL2.0 compliant suppliers [3] - New products such as PCIe6.x/CXL3.x Retimer chips and second-generation MRCD/MDB sets have been developed, expanding the product matrix [3] - The sales revenue for three high-performance interconnect chips reached 135 million yuan in Q1 2025, marking a year-on-year growth of 155% [3] Strategic Focus - The company has set long-term strategic goals for the next five to ten years, aiming to become a leading global designer of all-interconnect chips, focusing on the interconnect chip sector [4] - Plans include advancing DDR memory interface product iterations, enhancing core technology R&D in PCIe/CXL interconnects, and exploring Ethernet and optical interconnect fields [4] - The company will actively seek investment and acquisition opportunities to align business expansion with strategic goals [4] Market Outlook - Analysts believe that as computing power increases, the demand for interconnect chips will grow, making the interconnect chip market a promising blue ocean [5] - The interconnect demand within AI systems, including between chips, server chassis, clusters, and data centers, highlights the potential for significant market growth [5] - With strong technical capabilities and industry experience, the company is well-positioned to capitalize on opportunities in this emerging market [5]