securities star news, December 26, 2023 lanqi technology (688008) announced that the company will accept institutional research on December 25, 2023, wells Fargo Fund Management Co., Ltd., Hongde Fund Management Co., Ltd., Tianfeng Securities Co., Ltd., Huatai Securities Co., Ltd., Kaiyuan Securities Co., Ltd., Western Securities Co., Ltd., Orient Securities Co., Ltd., CITIC Securities Co., Ltd., CITIC Construction Investment Securities Co., Ltd., Huafu Securities Co., Ltd., Huaan Securities Co., Ltd., Galaxy Securities Co., Ltd., Xingzheng Global Fund Management Co., Ltd., Guangfa Securities Co., Ltd. Company, Everbright Securities Co., Ltd., China International Capital Corporation, Bank of China International Securities Co., Ltd., Morgan Stanley Fund Management (China) Co., Ltd., Dunhe Asset Management Co., Ltd., Balsaiga (Shanghai) Investment Management Co., Ltd., Sumitomo Mitsui Investment Management (Hong Kong) Co., Ltd., Hong Kong Bauer Taiping Co., Ltd. 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The details are as follows:

Q: In the semiconductor industry policy, the United States continues to introduce "de-risk" related measures, please have no substantial impact on the company's business?

A: After the introduction of the relevant rules, the company consulted professional American law firms in this field. According to its analysis, the relevant rules have no direct impact on the company's business and related personnel. The company is currently operating normally, the company's global layout strategy can meet the requirements of overseas customers on the supply chain. The company will also continue to pay attention to the update of relevant rules and actively respond to measures.

Q: Could you please introduce the current DDR5 child iteration?

A: The child iteration of the DDR5 memory interface chip has officially started, and its iteration speed is significantly faster than that of the DDR4 generation. In the third quarter of 2023, the company's DDR5 first-generation RCD chip demand continued to increase, the second-generation RCD chip began to ship on a large scale, the third-generation RCD chip has been the first in the industry in October trial production, while the company is actively carrying out DDR5 fourth-generation RCD chip engineering research and development. According to public information, the fifth-generation Xeon processor (code-named Emerald Rapids) released in December this year supports DDR5 second-generation memory products (data rate of 5600MT/S). With the launch of the relevant mainstream CPU platform, it is expected that the shipments of the second generation of DDR5 RCD chips will continue to increase next year.

at the same time, according to the latest product roadmap released by mainstream CPU manufacturers, its new generation server CPU platform supporting memory rate of 6400MT/S is planned to be released next year. therefore, the third generation RCD chip of DDR5 will start large-scale shipment following the release of the CPU platform.

Q: The company's gross profit margin reached 8% in the third quarter. Is it expected to continue to rise?

A: In the third quarter of 2023, the company's gross profit margin increased mainly due to the increase in the proportion of DDR5 memory interface chip shipments, especially the significant increase in the second generation of DDR5 RCD chip shipments and their proportion. As DDR5 penetration accelerates and DDR5 children continue to iterate, the average gross margin of memory interface chips is expected to stabilize upward. Due to the large variety of existing products, the gross margin of different products varies greatly, so the company's comprehensive gross margin is closely related to the product structure, there is uncertainty.

Q: How does the company view the current destocking situation of downstream customers and the future industry demand?

a: according to the industry situation and customer exchanges, the current inventory cycle is nearing the end, the overall demand of the industry is expected to gradually recover. However, short-term industry demand is affected by a variety of factors, to remind investors to pay attention to investment risks.

Q: Can you tell us about the drivers of the company's business development in the next two years?

a: the growth logic of the company next year mainly includes the following four aspects

1, the overall demand of the industry

Recovery According to industry analysis, the de-stocking of the server and computer industry is nearing completion, and the industry expects server demand to resume growth from next year, thus driving the demand for the company's related products to continue to increase.

2. the continuous penetration of DDR5 will be an important time node for DDR5 penetration next year. at present, the mainstream view in the industry is that the penetration rate of DDR5 will exceed 50% in mid -2024 and will further increase by 2025. This will help the company's sales revenue of DDR5 related products continue to grow in the following year.

3, DDR5 child iteration speed up DDR5 memory interface chip child iteration has been officially opened, its iteration speed is significantly faster than the DDR4 generation. In the third quarter of 2023, the company's DDR5 first-generation RCD chip demand continued to increase, the second-generation RCD chip began to ship on a large scale, the third-generation RCD chip has been the first in the industry in October trial production, while the company is actively carrying out DDR5 fourth-generation RCD chip engineering research and development. Lanqi led the development of DDR5 RCD chip international standards, in this field of research and development to maintain a relatively leading, sub-generation iteration accelerated will help maintain the average sales unit price and gross margin of related products at a higher level.

4. starting from 2024, several new products of the company will be gradually added, including PCIe 5.0 Retimer chips, MRCD/MDB chips, MXC chips, CKD chips, etc. As these new products are all self-developed products of Lanqi, they are expected to achieve a higher gross profit margin level. At the same time, Lanqi has a global leading or global first competitive advantage in these fields, and the volume of new products will have a positive impact on the company's future performance.

q: we see that the company has recently released the fifth generation of cpu, please look at the future development of this product?

A: Since the second half of last year, by the domestic server industry to the impact of inventory, the company Jin catch? Server platform product line sales fell sharply year-on-year, this year, the ring than some positive signals, but demand recovery is expected to take some time. In the medium and long term, the CPU server platform product line focuses on China's local server market, with a large potential market space.

On December 18, 2023, the company officially released its new fifth-generation CPU, designed to meet the challenges of demanding workloads such as I, HPC, data services, network/5G, and storage with multi-faceted performance optimization. While maintaining the competitiveness of its products, the company also combines its own advantages and continues to devote itself to the construction of the ecosystem.

Lanqi Technology (688008) main business: providing chip-based solutions in the field of cloud computing and artificial intelligence.

Lanqi Technology's third quarterly report in 2023 showed that the company's main revenue was 1.525 billion yuan, down 47.06 percent from the same period last year. Net profit attributable to the parent company was 0.234 billion yuan, down 76.6 percent from the same period last year. Non-net profit was 0.156 billion yuan, down 79.66 percent from the same period last year.In the third quarter of 2023, the company's single-quarter main revenue was 0.598 billion yuan, down 37.33 percent from the same period last year. Net profit attributable to the parent in a single quarter was 0.152 billion yuan, down 52.23 percent from the same period last year. Non-net profit deducted in a single quarter was 0.152 billion yuan, down 44.33 percent from the same period last year. Debt ratio 4.57, investment income 76.5839 million yuan, financial expenses -0.131 billion yuan, gross profit margin 59.64.

the stock has been rated by 16 institutions in the last 90 days, with 14 buying ratings and 2 overweight ratings; the average institutional target price in the past 90 days is 73.13.

The following is detailed earnings forecast information:

the data of margin trading and securities lending show that the net outflow of financing of the stock in the past three months is 0.215 billion, and the financing balance is reduced; the net outflow of securities lending is 0.265 billion, and the balance of securities lending is reduced.

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