Montage Technology(688008) 国信证券·2024-07-09 00:30Investment Rating - The investment rating for the company is "Outperform the Market" [4] Core Views - The company reported a 79% year-on-year revenue growth in the first half of 2024, with the second quarter's revenue reaching a record high for internet-related chips [1] - The expected revenue for the first half of 2024 is 1.665 billion yuan, representing a 79.49% increase, while the net profit attributable to shareholders is projected to be between 583 million and 623 million yuan, a year-on-year increase of 612.73% to 661.59% [1] - The company has successfully launched new AI "compute" chips, contributing to new revenue growth points [1] Summary by Sections Financial Performance - In Q2 2024, the company achieved a revenue of 928 million yuan, a year-on-year increase of 83% and a quarter-on-quarter increase of 26% [1] - The net profit attributable to shareholders for Q2 2024 is estimated to be between 360 million and 400 million yuan, reflecting a year-on-year increase of 479% to 543% [1] - The gross margin for internet-related chips is expected to be between 63% and 64%, indicating further improvement [1] Product Development - The company has successfully scaled the shipment of three new AI "compute" chips, with significant demand from the AI server market [1] - The PCIe Retimer chip saw shipments of approximately 300,000 units in Q2 2024, following 150,000 units in Q1 2024 [1] - The CKD chip began large-scale shipments in Q2 2024, generating over 10 million yuan in revenue for the quarter [1] Future Projections - The company has revised its net profit forecasts for 2024-2026 to 1.348 billion, 1.938 billion, and 2.638 billion yuan respectively, reflecting an increase from previous estimates [1] - The price-to-earnings ratio (PE) for 2024 is projected to be 49 times, decreasing to 34 times in 2025 and 25 times in 2026 [1]