澜起科技-首次覆盖 —— 调整澜起科技A 股目标价，覆盖澜起科技 H 股

Initiating Coverage on Montage-H; Adjusting TP for Montage-A CITI'S TAKE We initiate coverage on Montage-H (6809.HK) with a Buy rating and a TP of HK$205 based on 54x 12-M fwd. P/E (10% discount to Montage-A, 688008.SS) after the stock's HKEx listing on 9-Feb, 2026. We also raise our Montage forecast on revenue/earnings upside and lift Montage-A TP to Rmb205 (from Rmb170) and maintain Buy. Montage-A shares have risen 35% YTD (vs. SSE Index +2%) on strong, secular AI infrastructure growth. Recent agentic AI ...