Montage Technology(SH:688008) Great Wall Securities·2024-04-10 16:00Investment Rating - The report maintains an "Accumulate" rating for the company [1][6] Core Views - The company is expected to benefit significantly from the increasing penetration of DDR5 memory technology and has a large domestic market potential for its CPU products [6] - The first quarter of 2024 is projected to show substantial revenue growth driven by new AI-related products, with a forecasted revenue increase of 75.7% year-on-year [4][10] Financial Summary - 2022 Financials: Revenue was 3,672 million, with a year-on-year growth rate of 43.3%. Net profit was 1,299 million, with a growth rate of 56.7% [2][13] - 2023 Financials: Revenue decreased to 2,286 million, a decline of 37.8%. Net profit fell to 451 million, down 65.3% [3][11] - 2024 Projections: Expected revenue of 3,509 million, representing a growth of 53.5%. Projected net profit is 1,125 million, with a growth rate of 149.5% [2][13] Business Segments - The primary business segment is interconnect chips, projected to generate 6.95 billion in revenue for Q1 2024, accounting for 94% of total revenue [5][10] - The second segment, the CPU platform, is expected to generate 0.39 billion in revenue for Q1 2024, accounting for 5% of total revenue [5] Product Development - The company launched the DDR5 fourth-generation RCD chip in January 2024, which is anticipated to drive future growth as DDR5 penetration increases [5][10] - New products such as PCIe Retimer and MRCD/MDB chips have begun large-scale shipments, significantly contributing to revenue growth in Q1 2024 [10]