Montage Technology(SH:688008) Xin Lang Cai Jing·2025-12-22 08:27Core Viewpoint - The company, Lanke Technology, is a leading global player in data processing and interconnect chip design, focusing on high-performance, low-power chip solutions for cloud computing and artificial intelligence [1] Group 1: Product Lines - Lanke Technology has two main product lines: interconnect chips and the Zindai server platform, with a strong position in the memory interface chip industry as one of the top three global DDR5 manufacturers [1] - The interconnect chip product line includes a comprehensive range of products such as memory interface chips (including MRCD/MDB chips, CKD chips), memory module supporting chips, PCIe Retimer chips, MXC chips, and clock chips [2] - The Zindai server platform includes Zindai CPUs, data protection and trusted computing acceleration chips, and hybrid secure memory modules (HSDIMM), providing a secure computing platform for cloud data centers [2] Group 2: Growth Drivers - The company is experiencing significant growth driven by the increasing penetration of DDR5 and the demand for AI-related "capacity" chips, with notable performance from PCIe Retimer, MRCD/MDB, and CKD chips [2] - The MXC chip, recognized as the world's first CXL MXC chip, is applied in memory expansion and pooling, maintaining an industry-leading position and benefiting from high-performance computing and AI demand [2] Group 3: Financial Outlook - The company is expected to maintain strong growth, with projected net profits for 2025-2027 at 2.4 billion, 3.4 billion, and 4.6 billion yuan, corresponding to current PE valuations of 57, 39, and 29 times [3] - The company has been rated as a "buy" due to its leading position in memory supporting chips and its advanced layout in AI-related capacity chips [3]