Montage Technology(688008) 兴业证券·2024-11-07 07:59Investment Rating - The report maintains a "Buy" rating for the company, with a target price based on expected earnings growth and market performance [4][5][6]. Core Views - The company has experienced significant year-on-year growth in performance, driven by the recovery in global server and computer demand, as well as the increasing penetration of DDR5 technology [3][5]. - The introduction of three new high-performance chips has contributed to revenue growth, with the interconnect chip product line achieving record sales in Q3 2024 [3][5]. - Revenue forecasts for 2024, 2025, and 2026 are projected at 36.74 billion, 54.56 billion, and 71.05 billion yuan, respectively, with year-on-year growth rates of 60.7%, 48.5%, and 30.2% [4][5]. Financial Performance Summary - For the first three quarters of 2024, the company reported revenue of 25.71 billion yuan, a year-on-year increase of 68.56%, and a net profit of 9.78 billion yuan, up 318.42% [5][6]. - In Q3 2024, the company achieved revenue of 9.06 billion yuan, a 51.60% increase year-on-year, and a net profit of 3.85 billion yuan, reflecting a 153.40% growth [5][6]. - The gross margin for the interconnect chip product line was reported at 62.21% in Q3 2024, indicating strong profitability [3][5]. Earnings Forecast - The company is expected to achieve net profits of 13.27 billion, 18.77 billion, and 23.33 billion yuan for the years 2024, 2025, and 2026, with corresponding year-on-year growth rates of 194.4%, 41.4%, and 24.3% [4][5][6]. - The projected price-to-earnings (PE) ratios for 2024, 2025, and 2026 are 55.5, 39.3, and 31.6, respectively, indicating a favorable valuation trend as earnings grow [4][5].