Guosen Securities: Maintain "Outperform" rating for Rising Technology, with Power chip becoming a new growth engine.

Guosen Securities research report pointed out that in 2024, the revenue shares of Lanqi Technology's interconnect chips and Jinzhai server platform were 92% and 8% respectively, and both revenue and net profit attributable to shareholders reached record highs in 1Q25. The penetration rate of DDR5 continues to increase, and the company has taken the lead in launching the DDR5 successor iteration. At the same time, the DDR5 successor iteration helps to maintain ASP and gross margin. In 2024, the company's DDR5 second-generation RCD chips have exceeded the shipment volume of the first generation products, and the third generation RCD chips will be shipped on a large scale in 4Q24. The company's three new capacity products are shipped on a large scale, becoming a new growth engine. In addition, the MXC chip has entered the first batch of compliant supplier lists and is laying out PCIe switch chips. Based on the relative valuation method, a reasonable stock price of 84.50-93.89 yuan is given, with a premium of 11%-24% relative to the stock price on May 27th, maintaining an "outperforming the market" rating.