Montage Technology
ConvictionContext
Fabless IC design; sells memory-interface chips (RCD/DB) that DRAM module makers mount on server DIMMs, plus a growing 'new interconnect' line (PCIe/CXL retimers, MRCD/MDB, CKD) and the Intel-co-developed Jintide/Jindai secure server platform. Foundry-manufactured (TSMC), royalty-free unit-sales model.
Revenue
CNY5.69B TTM~$790M); CNY5.456B FY2025 (~$759MRev growth
+49.9% FY2025+19.5% YoY Q1 2026 (tougher comps, profit still +61.3%Gross margin
62.2% FY2025+4.1pp YoY); 69.8% Q1 2026 (+9.3pp YoYOp margin
not separately disclosed cleanlynet margin ~41% FY2025, ~45% TTMCapex intensity
lowfabless — no fabs; capex limited to R&D equipment, IP and testMarket cap
~$45.6B USDCNY327.6B; SSE STAR 688008, dual-listed HKEX 6809), as of ~2026-07-06The read
Where our coverage leans
Coverage leans bullish
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Earnings, margins & COGS, the income-statement breakdown, SWOT, moats & dependencies, the supplier–customer ecosystem graph, top signals & trends, and the valuation range.
- Income statement & margin structure
- SWOT, moats & dependency map
- Supplier–customer ecosystem graph
- Signals, trends & valuation range
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