Montage Technology(SH:688008) Changjiang Securities·2025-11-17 13:15Investment Rating - The investment rating for the company is "Buy" and is maintained [8] Core Views - The company achieved a record high revenue of 40.58 billion yuan in the first three quarters of 2025, representing a year-on-year increase of 57.83%. The net profit attributable to the parent company was 16.32 billion yuan, up 66.89% year-on-year [5][11] - In Q3 2025, the company reported revenue of 14.24 billion yuan, a year-on-year increase of 57.22% and a quarter-on-quarter increase of 0.92%. The net profit attributable to the parent company was 4.73 billion yuan, up 22.94% year-on-year but down 25.33% quarter-on-quarter due to the impact of equity incentive expenses [5][11] - The company is actively seizing opportunities in the AI industry, with significant increases in shipments of DDR5 memory interface chips and high-performance computing chips, contributing to substantial growth in operating performance [11] Summary by Sections Financial Performance - For the first three quarters of 2025, the company reported a gross margin of 61.46%, an increase of 3.34 percentage points year-on-year. The revenue from interconnect chips was 38.32 billion yuan, up 61.21% year-on-year, with a gross margin of 64.83% [11] - The company expects the demand for DDR5 memory interface chips and high-performance computing chips to continue to grow significantly in 2025, driven by trends in the AI industry [11] Research and Development - The company invested 5.33 billion yuan in R&D in the first three quarters of 2025, with an R&D expense ratio of 13.14%. It has launched new products such as the CXL 3.x MXC chip and is actively developing PCIe Switch chips [11] Future Outlook - The company forecasts net profits attributable to the parent company for 2025, 2026, and 2027 to be 21.97 billion yuan, 30.13 billion yuan, and 37.40 billion yuan, respectively, with corresponding EPS of 1.92 yuan, 2.63 yuan, and 3.27 yuan [11]