澜起科技-2025 年 Q4 毛利率提升抵消营收疲软，AI 基础设施核心逻辑不变

Flash | 01 Mar 2026 15:46:27 ET │ 14 pages Montage Technology (688008.SS) 4Q25 GPM Expansion Offsets Softer Revenue; AI Infrastructure Thesis Remains Intact CITI'S TAKE Montage disclosed on Feb 27 further details of its preliminary FY25 results. 4Q25 revenue grew 31% to Rmb1.4bn, at 6%/9% below BBG consensus/Citi estimates. Interconnect chips GPM rose 2ppt QoQ (+4.4ppt YoY) to 67.8% in 4Q25 driven by improved product mix. R&D expenses rose 80% YoY to Rmb380mn for new product development. 4Q25 net profit cam ...