研報掘金丨中銀證券:維持瀾起科技“買入”評級,行業需求旺盛,DDR5滲透率持續提升
中銀證券研報指出,行業復甦疊加新品突破助力瀾起科技(688008.SH)2024年多項財務指標創歷史新高。2025年一季度公司預計經營業績實現大幅增長,歸母淨利潤5.10-5.50億元,同比增長128.28%-146.19%,連續八個季度環比增長。在DDR5內部子代迭代進程中,公司DDR5第二子代RCD芯片24年出貨量已超過第一子代產品,第三子代RCD芯片於第四季度開始規模出貨,同時,第五子代RCD芯片已順利向客户送樣。2025年一季度,受益於AI產業趨勢,行業需求旺盛,DDR5滲透率持續提升,公司的DDR5內存接口及模組配套芯片出貨量顯著增長,且第二子代和第三子代RCD芯片出貨佔比增加,推動公司內存接口及模組配套芯片銷售收入大幅增長。展望2025年,預計DDR5內存接口芯片需求及滲透率較2024年大幅提升,同時高性能運力芯片需求亦有望呈現良好成長態勢,維持“買入”評級。
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