In-depth Interpretation of the Memory Interface Chip Industry

English summary

### In-depth Interpretation of the Memory Interface Chip Industry Time: 2026-07-29 16:26:50 Content: We maintain an Overweight rating on Montage Technology, raising the A-share target price to RMB 400 and the H-share target price to HK$520, compared with previous targets of RMB 220 and HK$320, respectively. We also maintain an Overweight rating on Renesas Electronics. 1. Core growth logic of the industry: Memory interface chips are a direct, high-benefit track driven by agentic AI in the revival of the server CPU industry. The industry's development focus is shifting from GPU-dominated model training to large-scale deployment scenarios of inference-oriented agentic AI, where CPUs once again assume the core role of scheduling multi-step, continuous tasks. Server CPU shipments will see structurally surprising growth, with DRAM capacity and bandwidth per CPU increasing simultaneously, amplifying the importance of memory interface chips. …