Montage (688008.SS): Rising memory interface IC with Gen-3/ Gen-4 ramp up; 2Q26 NI guidance beat; Buy

研报英文原文证据摘录

Montage (688008.SS): Rising memory interface IC with Gen-3/ Gen-4 ramp up; 2Q26 NI guidance beat; Buy

Equity Research

18 July 2026 | 2:04AM HKT

Montage (688008.SS): Rising memory interface IC with Gen-3/ Gen-4

ramp up; 2Q26 NI guidance beat; Buy

Montage announced 2Q26 revenues at Rmb1.9bn (34% YoY), or 5% higher than our Allen Chang

+852-2978-2930 |

estimates, driven by interconnect chip growth at 28% YoY in 2Q26 and strong growth allen.k.chang@gs.com

Goldman Sachs (Asia) L.L.C.

of new products (PCIe retimer). The company guided 2Q26 NI at

Verena Jeng

Rmb1.0bn~Rmb1.2bn (+61%~77% YoY), with the midpoint NI beating our estimates +852-2978-1681 | verena.jeng@gs.com

by 48%, which we attribute to the product mix upgrade toward new generation of Goldman Sachs (Asia) L.L.C.

Ting Songproducts and better-than-expected non-OP. With the increasing adoption of agentic +852-2978-6466 | ting.song@gs.com

AI and heavier workload of CPUs and memory management, we are positive on the Goldman Sachs (Asia) L.L.C.

rising demand for the company’s memory interface IC’s and its expansion to new

products across MRCD/ MDB, CXL, PCIe, and Optical interconnect ICs in the

long-term. Maintain Buy.

Ramp up of DDR5 Gen-3/ Gen-4 interface IC: Management notes the contribution

from DDR5 Gen-3 and Gen-4 interface IC continues to increase in 2Q26, driving

better product mix and interconnect chips up 28% YoY/ 20% QoQ. Montage has also

started the shipment of Gen-5 interface IC to clients. Mgmt. notes the company is

developing the new generation of product DDR6 Gen-1 interface IC, and benefits

from the strong momentum from clients. On MRCD/ MDB, the company is now

undertaking verification of Gen-2 products with clients, and we expect the

accelerated adoption to start from 2027E.