CAITONG SECURITIES·2026-02-02 04:30Investment Rating - The report maintains a "Positive" investment rating for the industry [1]. Core Insights - The transition of server-level CPU memory modules towards MRDIMM technology is highlighted, with a focus on MRCD and MDB chips as key growth areas. MRDIMM is suitable for high-performance computing and AI applications, achieving data transfer rates of up to 8800MT/s, with future generations expected to reach 14000MT/s [3][5][11][12]. - The report anticipates significant demand growth for MRCD and MDB chips, projecting that by 2030, the demand could reach 5.93 billion and 59.28 billion units respectively under optimistic scenarios [5][20][22]. Summary by Sections 1. Development of Server CPU Memory Modules Towards MRDIMM - The report discusses the evolution of memory modules in servers, emphasizing the importance of stability, error correction, and low power consumption as data storage and processing loads increase [8][9]. - Current mainstream memory module technologies include UDIMM, RDIMM, and LRDIMM, with MRDIMM emerging as a new architecture designed to enhance memory bandwidth and performance [10][11]. 2. Core Incremental Growth from MRCD and MDB Chips - MRDIMM utilizes a "1+10" architecture, consisting of one MRCD and ten MDB chips, which are crucial for its performance enhancements. The technology is already compatible with Intel's sixth-generation CPUs, and major memory manufacturers have begun producing MRDIMM products [5][17]. - The report outlines potential penetration rates for MRDIMM by 2030, estimating demand for MRCD and MDB chips under various scenarios [20][22]. 3. Demand Projections for MRCD and MDB Chips - Under optimistic assumptions, the report forecasts that by 2030, the demand for MRCD and MDB chips could reach 5.93 billion and 59.28 billion units respectively, driven by the increasing adoption of MRDIMM technology in server environments [20][23].