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研報掘金丨國信證券:維持瀾起科技“優於大市”評級 運力芯片成為增長新引擎
格隆匯 05-29 15:10

國信證券研報指出,瀾起科技(688008.SH)2024年互連類芯片和津逮服務器平台收入佔比分別為92%和8%,1Q25收入和歸母淨利潤均創季度新高。DDR5 滲透率持續提升,公司率先開啟DDR5子代迭代。同時,DDR5子代迭代有助於維持ASP和毛利率,2024年公司DDR5第二子代RCD芯片出貨量已超過第一子代產品,第三子代RCD芯片於4Q24規模出貨。公司三款運力新產品規模出貨,成為增長新引擎。此外,MXC芯片進入首批合規供應商清單,佈局PCIe Switch芯片。基於相對估值法,給予合理股價84.50-93.89元,相對5月27日股價有11%-24%溢價,維持“優於大市”評級。

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