According to a research report published by Citigroup, Lanqi Technology announced strong initial results for the first half of 2026. Net profit for the second quarter ranged from 1,053 billion yuan to 1,253 billion yuan, up 66% to 98% year-on-year, higher than general market expectations and the bank's expectations of 37% and 42% respectively, mainly driven by higher revenue scale, gross margin expansion and return on investment. Revenue for the period increased 33% year over year to $1,874 billion. The supermarket and the bank expected 6% and 11% respectively. Among them, interconnect chip revenue increased 28% year over year to 1,694 billion yuan. DDR5 RCD shipments continued to grow, and the share of Gen 3 and Gen 4 was further expanded. The bank mentioned that although the news that South Korean prosecutors raided the relevant office due to suspected price monopoly collusion caused stock prices to fall, and the investigation is still ongoing and may cause further stock price fluctuations, the bank believes that the strong 2026 performance forecast, plus the 300 million to 600 million yuan A-share repurchase plan announced by management, should help stabilize stock prices. Citi said that Lanqi Technology's H shares provided a rare opportunity for international investors to participate in the expansion of AI data centers in China and the world. Its strong AI theme was favored by international investors, leading to a premium for H shares over A-shares. The bank set its target price for Hong Kong stocks at HK$305, corresponding to a projected price-earnings ratio of 66 times in 2027, maintaining a “buy” rating.

According to a research report published by Citigroup, Lanqi Technology announced strong initial results for the first half of 2026. Net profit for the second quarter ranged from 1,053 billion yuan to 1,253 billion yuan, up 66% to 98% year-on-year, higher than general market expectations and the bank's expectations of 37% and 42% respectively, mainly driven by higher revenue scale, gross margin expansion and return on investment. Revenue for the period increased 33% year over year to $1,874 billion. The supermarket and the bank expected 6% and 11% respectively. Among them, interconnect chip revenue increased 28% year over year to 1,694 billion yuan. DDR5 RCD shipments continued to grow, and the share of Gen 3 and Gen 4 was further expanded. The bank mentioned that although the news that South Korean prosecutors raided the relevant office due to suspected price monopoly collusion caused stock prices to fall, and the investigation is still ongoing and may cause further stock price fluctuations, the bank believes that the strong 2026 performance forecast, plus the 300 million to 600 million yuan A-share repurchase plan announced by management, should help stabilize stock prices. Citi said that Lanqi Technology's H shares provided a rare opportunity for international investors to participate in the expansion of AI data centers in China and the world. Its strong AI theme was favored by international investors, leading to a premium for H shares over A-shares. The bank set its target price for Hong Kong stocks at HK$305, corresponding to a projected price-earnings ratio of 66 times in 2027, maintaining a “buy” rating.