Montage Technology(SH:688008) Zhi Tong Cai Jing·2026-02-12 07:52Core Insights - Company is a global leader in fabless integrated circuit design, focusing on innovative, reliable, and high-efficiency interconnect solutions for cloud computing and AI infrastructure [3] - The strategic goal is to enhance data exchange and transmission efficiency, supported by significant R&D investments, establishing a market leadership position in memory interface chips for DDR4 and DDR5, and beyond [3] - The company is expanding its expertise into PCIe/CXL interconnect and new interconnect chip areas to further solidify its leading position [3] Market Analysis - Citigroup's report indicates that the growth in CPU server demand and new developments in AI applications may catalyze increased usage of DIMM memory modules, providing upward potential for the company's memory interface business and driving profit growth in the coming years [3] - Citigroup currently rates the company as "Buy" with a target price of HKD 205, corresponding to a forecasted P/E ratio of approximately 54 times for the second half of this year to the first half of next year [3] Industry Trends - First Shanghai notes that with the advent of the AI era, the performance of computing chips is rapidly increasing, and interconnect capabilities are becoming a bottleneck for AI computing clusters [3] - The company's interconnect chip business is expected to experience significant growth, driven by upgrades in memory interface technology from DDR4 to DDR5 and even DDR6, as well as enhancements in PCIe from 4.0 to 6.0 and 7.0, alongside the introduction of CXL standards for memory pooling, which will greatly enhance the value of related interface chips [3]