Price Target Changed • May 13
Price target increased by 10% to CN¥245 Up from CN¥223, the current price target is an average from 9 analysts. New target price is 5.2% below last closing price of CN¥259. Stock is up 226% over the past year. The company is forecast to post earnings per share of CN¥3.00 for next year compared to CN¥1.97 last year. New Risk • May 11
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Chinese stocks, typically moving 11% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. This is currently the only risk that has been identified for the company. Price Target Changed • Apr 28
Price target increased by 7.5% to CN¥197 Up from CN¥183, the current price target is an average from 8 analysts. New target price is 13% above last closing price of CN¥174. Stock is up 134% over the past year. The company is forecast to post earnings per share of CN¥3.06 for next year compared to CN¥1.97 last year. Reported Earnings • Apr 02
Full year 2025 earnings: EPS in line with expectations, revenues disappoint Full year 2025 results: EPS: CN¥1.97 (up from CN¥1.25 in FY 2024). Revenue: CN¥5.46b (up 50% from FY 2024). Net income: CN¥2.24b (up 58% from FY 2024). Profit margin: 41% (up from 39% in FY 2024). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 2.9%. Earnings per share (EPS) were mostly in line with analyst estimates. Revenue is forecast to grow 25% p.a. on average during the next 3 years, compared to a 26% growth forecast for the Semiconductor industry in China. Over the last 3 years on average, earnings per share has increased by 38% per year but the company’s share price has only increased by 20% per year, which means it is significantly lagging earnings growth. Announcement • Mar 30
Montage Technology Co., Ltd. to Report Q1, 2026 Results on Apr 28, 2026 Montage Technology Co., Ltd. announced that they will report Q1, 2026 results on Apr 28, 2026 Announcement • Mar 18
Montage Technology Co., Ltd. to Report Fiscal Year 2025 Results on Mar 30, 2026 Montage Technology Co., Ltd. announced that they will report fiscal year 2025 results on Mar 30, 2026 Price Target Changed • Mar 18
Price target increased by 11% to CN¥180 Up from CN¥163, the current price target is an average from 8 analysts. New target price is 17% above last closing price of CN¥154. Stock is up 97% over the past year. The company is forecast to post earnings per share of CN¥2.74 for next year compared to CN¥1.97 last year. Reported Earnings • Mar 02
Full year 2025 earnings released: EPS: CN¥1.97 (vs CN¥1.25 in FY 2024) Full year 2025 results: EPS: CN¥1.97 (up from CN¥1.25 in FY 2024). Revenue: CN¥5.46b (up 50% from FY 2024). Net income: CN¥2.24b (up 58% from FY 2024). Profit margin: 41% (up from 39% in FY 2024). The increase in margin was driven by higher revenue. Revenue is forecast to grow 26% p.a. on average during the next 2 years, compared to a 26% growth forecast for the Semiconductor industry in China. Over the last 3 years on average, earnings per share has increased by 38% per year whereas the company’s share price has increased by 41% per year. Announcement • Feb 05
Montage Technology Co., Ltd. has completed a Follow-on Equity Offering in the amount of HKD 7.042982 billion. Montage Technology Co., Ltd. has completed a Follow-on Equity Offering in the amount of HKD 7.042982 billion.
Security Name: H Shares
Security Type: Common Stock
Securities Offered: 26,472,859
Price\Range: HKD 106.89
Discount Per Security: HKD 0.694785
Security Name: H Shares
Security Type: Common Stock
Securities Offered: 6,589,000
Price\Range: HKD 106.89
Discount Per Security: HKD 0.694785
Security Name: H Shares
Security Type: Common Stock
Securities Offered: 32,828,141
Price\Range: HKD 106.89
Discount Per Security: HKD 0.694785
Transaction Features: New Market Listing; Regulation S; Rule 144A; Sponsor Backed Offering Announcement • Jan 30
Montage Technology Co., Ltd. has filed a Follow-on Equity Offering in the amount of HKD 7.042982 billion. Montage Technology Co., Ltd. has filed a Follow-on Equity Offering in the amount of HKD 7.042982 billion.
Security Name: H Shares
Security Type: Common Stock
Securities Offered: 26,472,859
Price(maximum): HKD 106.89
Discount Per Security: HKD 0.694785
Security Name: H Shares
Security Type: Common Stock
Securities Offered: 6,589,000
Price(maximum): HKD 106.89
Discount Per Security: HKD 0.694785
Security Name: H Shares
Security Type: Common Stock
Securities Offered: 32,828,141
Price(maximum): HKD 106.89
Discount Per Security: HKD 0.694785
Transaction Features: New Market Listing; Regulation S; Rule 144A; Sponsor Backed Offering Announcement • Jan 27
Montage Technology Launches PCIe 6.x/CXL 3.x AEC Solution to Enable High-Efficiency Interconnects for Next-Generation Data Centers Montage Technology announced the launch of its high-performance PCIe 6.x/CXL 3.x-based Active Electrical Cable (AEC) solution. Designed to address the evolution of data center architectures from intra-rack to more complex inter-rack, the solution adopts Montage Technology's PCIe 6.x/C XL 3.x Retimer to deliver high-bandwidth, low-latency interconnects for the hyperscalers and high-performance server platforms. Driven by the rapid growth of artificial intelligence and cloud computing, the data center infrastructure is evolving toward distributed multi-rack architectures. As the core interconnect interface linking CPUs, GPUs, NICs, and high-speed storage, PCIe continues spanning from rack server to supernode. As a result, copper connections powered by AECs are critical for maintaining signal integrity with longer reach. Montage Technology's PCIe 6.'/CXL 3.x AEC solution leverages its in-house SerDes technology and innovative DSP architecture, as well as the high-density OSFP-XD form factor to support stable PCIe x16 connectivity. It also offers comprehensive link monitoring and diagnostic features, significantly enhancing system maintainability and deployment efficiency. Flexible configurations are available to accommodate diverse hyperscaler infrastructure topologies. Montage Technology has completed the development and system-level validation of the PCIe 6.x/CX 3.x AEC solution, jointly designed with leading cable manufacturers in China. The solution has successfully passed interoperability tests with CPUs, xPUs, PCIe switches, NICs, and other devices. It meets the stringent PCIe interconnect requirements driven by supernode architecture. Looking ahead, Montage Technology will continue expanding its high-speed interconnect product portfolio, including the PCIe 7.0 Retimer and Ethernet PHY Retimer, to deliver more comprehensive interconnect solutions to customers worldwide. New Risk • Jan 23
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Chinese stocks, typically moving 7.2% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. This is currently the only risk that has been identified for the company. Price Target Changed • Jan 19
Price target increased by 11% to CN¥156 Up from CN¥140, the current price target is an average from 8 analysts. New target price is 12% above last closing price of CN¥139. Stock is up 106% over the past year. The company is forecast to post earnings per share of CN¥2.00 for next year compared to CN¥1.25 last year. Valuation Update With 7 Day Price Move • Jan 07
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to CN¥136, the stock trades at a forward P/E ratio of 52x. Average forward P/E is 42x in the Semiconductor industry in China. Total returns to shareholders of 117% over the past three years. New Risk • Sep 11
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Chinese stocks, typically moving 6.9% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. This is currently the only risk that has been identified for the company. Price Target Changed • Sep 02
Price target increased by 11% to CN¥105 Up from CN¥94.42, the current price target is an average from 7 analysts. New target price is 9.0% below last closing price of CN¥115. Stock is up 118% over the past year. The company is forecast to post earnings per share of CN¥2.09 for next year compared to CN¥1.25 last year. Reported Earnings • Sep 01
Second quarter 2025 earnings: EPS exceeds analyst expectations Second quarter 2025 results: EPS: CN¥0.56 (up from CN¥0.32 in 2Q 2024). Revenue: CN¥1.41b (up 52% from 2Q 2024). Net income: CN¥633.7m (up 71% from 2Q 2024). Profit margin: 45% (up from 40% in 2Q 2024). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 5.7%. Revenue is forecast to grow 26% p.a. on average during the next 3 years, compared to a 25% growth forecast for the Semiconductor industry in China. Over the last 3 years on average, earnings per share has increased by 16% per year but the company’s share price has increased by 30% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Aug 26
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to CN¥104, the stock trades at a forward P/E ratio of 47x. Average forward P/E is 42x in the Semiconductor industry in China. Total returns to shareholders of 93% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at CN¥41.49 per share. Announcement • Jun 24
Montage Technology Co., Ltd.(SHSE:688008) dropped from Shanghai Stock Exchange 180 Value Index Montage Technology Co., Ltd. has been removed form Shanghai Stock Exchange 180 Value Index . Declared Dividend • May 28
Dividend increased to CN¥0.39 Dividend of CN¥0.39 is 30% higher than last year. Ex-date: 30th May 2025 Payment date: 30th May 2025 Dividend yield will be 0.5%, which is lower than the industry average of 1.7%. Sustainability & Growth Dividend is well covered by both earnings (26% earnings payout ratio) and cash flows (35% cash payout ratio). The dividend has increased by an average of 5.4% per year over the past 5 years and payments have been stable during that time. EPS is expected to grow by 99% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Apr 14
Full year 2024 earnings: EPS exceeds analyst expectations Full year 2024 results: EPS: CN¥1.25 (up from CN¥0.40 in FY 2023). Revenue: CN¥3.64b (up 59% from FY 2023). Net income: CN¥1.41b (up 213% from FY 2023). Profit margin: 39% (up from 20% in FY 2023). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 2.2%. Revenue is forecast to grow 28% p.a. on average during the next 3 years, compared to a 23% growth forecast for the Semiconductor industry in China. Over the last 3 years on average, earnings per share has fallen by 2% per year but the company’s share price has increased by 6% per year, which means it is well ahead of earnings. Announcement • Apr 11
Montage Technology Co., Ltd., Annual General Meeting, May 06, 2025 Montage Technology Co., Ltd., Annual General Meeting, May 06, 2025, at 15:00 China Standard Time. Valuation Update With 7 Day Price Move • Apr 07
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to CN¥65.50, the stock trades at a forward P/E ratio of 32x. Average forward P/E is 38x in the Semiconductor industry in China. Total returns to shareholders of 12% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at CN¥37.36 per share. Major Estimate Revision • Mar 03
Consensus EPS estimates increase by 23% The consensus outlook for fiscal year 2025 has been updated. 2025 EPS estimate increased from CN¥1.84 to CN¥2.27. Revenue forecast unchanged at CN¥5.64b. Net income forecast to grow 83% next year vs 56% growth forecast for Semiconductor industry in China. Consensus price target up from CN¥78.54 to CN¥81.98. Share price was steady at CN¥76.25 over the past week. Reported Earnings • Feb 25
Full year 2024 earnings: EPS exceeds analyst expectations Full year 2024 results: EPS: CN¥1.25 (up from CN¥0.40 in FY 2023). Revenue: CN¥3.64b (up 59% from FY 2023). Net income: CN¥1.41b (up 213% from FY 2023). Profit margin: 39% (up from 20% in FY 2023). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 2.2%. Revenue is forecast to grow 35% p.a. on average during the next 2 years, compared to a 24% growth forecast for the Semiconductor industry in China. Over the last 3 years on average, earnings per share has fallen by 2% per year whereas the company’s share price has increased by 2% per year. Announcement • Jan 24
Montage Technology Delivers Gen2 MRCD & MDB Engineering Samples for DDR5 MRDIMM Montage Technology announced that it has successfully sampled its Gen2 Multiplexed Rank Registering Clock Driver (MRCD) and Multiplexed Rank Data Buffer (MDB) chipset to leading global memory manufacturers. Designed for DDR5 Multiplexed Rank DIMM (MRDIMM), this new chipset supports data rates up to 12800 MT/s, delivering exceptional memory performance for next-generation computing platforms. The release comes at a crucial time, as AI and big data analytics drive increasing demands for memory bandwidth in data centers. MRDIMM technology has emerged as a key solution to address this challenge, particularly as server processors continue to increase in core count. The innovative MRCD and MDB chips are fundamental to MRDIMM operation, featuring a "1+10" buffer architecture where each MRDIMM module incorporates one MRCD with ten MDB chips. In this configuration, the MRCD chip handles buffering and re-driving of address, command, clock, and control signals, while the MDB chips manage data traffic between the memory controller and DRAM chips. This architecture, coupled with double data rate and time-division multiplexing technology, enables simultaneous operation of two memory ranks at standard rates, effectively doubling data throughput. Montage Technology's Gen1 MRCD and MDB chipset, supporting speed up to 8,800 MT/s, has already secured volume purchases from major memory manufacturers. The new Gen2 engineering samples push performance boundaries further, achieving 12,800 MT/s -- a 45% improvement over the previous generation. Announcement • Jan 22
Montage Technology Samples PCIe 6.x/CXL 3.x Retimer Chips Montage Technology announced the sampling of its PCIe 6.x/CXL 3.x Retimer -- M88RT61632, which is designed to enhance connectivity performance for demanding high-bandwidth applications such as AI and cloud computing. This milestone extends the company's PCIe product portfolio, building upon its successful PCIe 4.0 and PCIe 5.0/CXL 2.0 Retimer solutions. The PCIe 6.x/C XL 3.x Retimer delivers excellent performance with data rates up to 64GT/s, twice that of PCIe 5.0. Powered by Montage Technology's proprietary PAM4 SerDes IP, the chip achieves superior signal integrity with link budget up to 43dB while maintaining low latency. Its innovative DSP architecture effectively addresses PCIe 6.x system design challenges including crosstalk and signal reflection. In addition, the chip features advanced link training and enhanced telemetry, enabling comprehensive link monitoring and fault diagnostics for high-reliability AI cluster deployments. Compliant with PCIe 6.x and CXL 3.x specifications and utilizing a mainstream package, the Retimer has demonstrated robust interoperability with CPUs, test equipment, and endpoint devices, positioning itself for widespread deployment across cloud computing and data center infrastructures. Montage Technology has begun sampling its PCIe 6.x/CXL 3.x Retimer to customers and partners, accompanied by comprehensive technical support for key applications including AI servers, active electrical cables (AECs), and storage systems. The support package includes M88RT61632-based reference designs, evaluation boards and software tools, enabling customers to expedite their development cycles and product launches. As part of its strategic roadmap, Montage Technology is advancing the development of its PCIe 7.0 Retimer, reinforcing its leadership in next-generation interconnect solutions and expanding its diverse product offerings. Valuation Update With 7 Day Price Move • Jan 02
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to CN¥65.93, the stock trades at a forward P/E ratio of 39x. Average forward P/E is 33x in the Semiconductor industry in China. Total loss to shareholders of 13% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at CN¥42.91 per share. Valuation Update With 7 Day Price Move • Nov 11
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to CN¥78.11, the stock trades at a forward P/E ratio of 46x. Average forward P/E is 40x in the Semiconductor industry in China. Total returns to shareholders of 4.1% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at CN¥41.65 per share. Major Estimate Revision • Nov 06
Consensus revenue estimates fall by 13% The consensus outlook for revenues in fiscal year 2024 has deteriorated. 2024 revenue forecast decreased from CN¥4.20b to CN¥3.65b. EPS estimate fell from CN¥1.28 to CN¥1.19 per share. Net income forecast to grow 63% next year vs 58% growth forecast for Semiconductor industry in China. Consensus price target broadly unchanged at CN¥75.18. Share price was steady at CN¥68.40 over the past week. Reported Earnings • Oct 31
Third quarter 2024 earnings: EPS in line with expectations, revenues disappoint Third quarter 2024 results: EPS: CN¥0.35 (up from CN¥0.15 in 3Q 2023). Revenue: CN¥905.9m (up 52% from 3Q 2023). Net income: CN¥384.9m (up 153% from 3Q 2023). Profit margin: 43% (up from 25% in 3Q 2023). Revenue is forecast to grow 39% p.a. on average during the next 3 years, compared to a 23% growth forecast for the Semiconductor industry in China. Over the last 3 years on average, earnings per share has fallen by 6% per year whereas the company’s share price has fallen by 2% per year. Buy Or Sell Opportunity • Oct 18
Now 34% overvalued after recent price rise Over the last 90 days, the stock has risen 9.4% to CN¥68.95. The fair value is estimated to be CN¥51.32, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 4.8% over the last 3 years. Earnings per share has declined by 9.1%. Revenue is forecast to grow by 133% in 2 years. Earnings are forecast to grow by 165% in the next 2 years. Valuation Update With 7 Day Price Move • Oct 15
Investor sentiment deteriorates as stock falls 19% After last week's 19% share price decline to CN¥65.00, the stock trades at a forward P/E ratio of 41x. Average forward P/E is 32x in the Semiconductor industry in China. Total returns to shareholders of 14% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at CN¥51.33 per share. New Risk • Sep 30
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Chinese stocks, typically moving 7.5% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. This is currently the only risk that has been identified for the company. Buy Or Sell Opportunity • Sep 30
Now 10% overvalued after recent price rise Over the last 90 days, the stock has risen 2.6% to CN¥57.00. The fair value is estimated to be CN¥51.62, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 4.8% over the last 3 years. Earnings per share has declined by 9.1%. Revenue is forecast to grow by 133% in 2 years. Earnings are forecast to grow by 165% in the next 2 years. Valuation Update With 7 Day Price Move • Sep 30
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to CN¥57.00, the stock trades at a forward P/E ratio of 36x. Average forward P/E is 29x in the Semiconductor industry in China. Total loss to shareholders of 2.5% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at CN¥51.62 per share. Reported Earnings • Aug 28
Second quarter 2024 earnings: EPS and revenues miss analyst expectations Second quarter 2024 results: EPS: CN¥0.32 (up from CN¥0.046 in 2Q 2023). Revenue: CN¥927.7m (up 83% from 2Q 2023). Net income: CN¥369.7m (up 495% from 2Q 2023). Profit margin: 40% (up from 12% in 2Q 2023). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 10%. Earnings per share (EPS) also missed analyst estimates by 3.0%. Revenue is forecast to grow 37% p.a. on average during the next 3 years, compared to a 22% growth forecast for the Semiconductor industry in China. Over the last 3 years on average, earnings per share has fallen by 9% per year whereas the company’s share price has fallen by 6% per year. Major Estimate Revision • Jul 09
Consensus revenue estimates increase by 10% The consensus outlook for revenues in fiscal year 2024 has improved. 2024 revenue forecast increased from CN¥3.91b to CN¥4.31b. EPS estimate increased from CN¥1.14 to CN¥1.19 per share. Net income forecast to grow 145% next year vs 55% growth forecast for Semiconductor industry in China. Consensus price target up from CN¥71.05 to CN¥72.89. Share price rose 7.6% to CN¥59.78 over the past week. Major Estimate Revision • Jul 05
Consensus revenue estimates increase by 23% The consensus outlook for revenues in fiscal year 2024 has improved. 2024 revenue forecast increased from CN¥3.88b to CN¥4.77b. EPS estimate increased from CN¥1.15 to CN¥1.16 per share. Net income forecast to grow 136% next year vs 55% growth forecast for Semiconductor industry in China. Consensus price target of CN¥71.05 unchanged from last update. Share price was steady at CN¥57.31 over the past week. Reported Earnings • Apr 26
First quarter 2024 earnings: EPS and revenues miss analyst expectations First quarter 2024 results: EPS: CN¥0.20 (up from CN¥0.02 in 1Q 2023). Revenue: CN¥737.3m (up 76% from 1Q 2023). Net income: CN¥223.4m (up CN¥203.7m from 1Q 2023). Profit margin: 30% (up from 4.7% in 1Q 2023). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 4.3%. Earnings per share (EPS) also missed analyst estimates by 13%. Revenue is forecast to grow 38% p.a. on average during the next 3 years, compared to a 23% growth forecast for the Semiconductor industry in China. Over the last 3 years on average, earnings per share has fallen by 12% per year but the company’s share price has only fallen by 2% per year, which means it has not declined as severely as earnings. Reported Earnings • Apr 12
Full year 2023 earnings: EPS and revenues miss analyst expectations Full year 2023 results: EPS: CN¥0.40 (down from CN¥1.15 in FY 2022). Revenue: CN¥2.29b (down 38% from FY 2022). Net income: CN¥450.9m (down 65% from FY 2022). Profit margin: 20% (down from 35% in FY 2022). The decrease in margin was driven by lower revenue. Revenue missed analyst estimates by 2.9%. Earnings per share (EPS) also missed analyst estimates by 7.5%. Revenue is forecast to grow 38% p.a. on average during the next 3 years, compared to a 23% growth forecast for the Semiconductor industry in China. Over the last 3 years on average, earnings per share has fallen by 11% per year whereas the company’s share price has fallen by 10% per year. Reported Earnings • Feb 27
Full year 2023 earnings: EPS and revenues miss analyst expectations Full year 2023 results: EPS: CN¥0.40 (down from CN¥1.15 in FY 2022). Revenue: CN¥2.29b (down 38% from FY 2022). Net income: CN¥450.9m (down 65% from FY 2022). Profit margin: 20% (down from 35% in FY 2022). The decrease in margin was driven by lower revenue. Revenue missed analyst estimates by 2.9%. Earnings per share (EPS) also missed analyst estimates by 7.5%. Revenue is forecast to grow 39% p.a. on average during the next 3 years, compared to a 24% growth forecast for the Semiconductor industry in China. Over the last 3 years on average, earnings per share has fallen by 11% per year and the company’s share price has also fallen by 11% per year. Announcement • Feb 08
Montage Technology Co., Ltd. (SHSE:688008) announces an Equity Buyback for CNY 600 million worth of its shares. Montage Technology Co., Ltd. (SHSE:688008) announces a share repurchase program. Under the program, the company will up to CNY 600 million worth of its shares. The shares will be repurchased at no more than CNY 55 per share. The purpose of the program is to safeguard the company's value and shareholders' rights. The program will be funded from company's own funds or self-raised funds. The program will be valid for 3 months. Announcement • Jan 05
Montage Technology Introduces 4th-Gen DDR5 RCDs Enabling Data Rates up to 7200 MT/s Montage Technology introduced its 4th-gen DDR5 Registering Clock Driver (RCD), also called DDR5 RCD04, to the industry. Designed for DDR5 RDIMM memory modules, this chip supports blazing-fast data rates up to 7200 MT/s, a 50% increase over the 1st-gen DDR5 RCDs. As a leader in memory interface technologies, Montage has led the development of JEDEC standards for DDR5 RCD chips and sustains high R&D investments to enable continuous product iterations and upgrades. Since debuting its 1st-gen DDR5 memory interface and memory module supporting chips in 2021, the company successfully released the second and third generation DDR5 RCD chips in 2022 and 2023 respectively. Now, Montage has achieved yet another breakthrough with its 4th-gen DDR 5 RCDs, further strengthening its leadership in memory interface chips. Montage is now delivering these cutting-edge DDR5 RCD04 engineering samples to leading memory manufacturers, empowering the development of next-generation DDR5 memory modules. Alongside its RCD portfolio, Montage provides DDR5 Data Buffers (DB) and other essential DDR5 module supporting chips like SPD EEPROM with Hubs, Temperature Sensors, and Power Management ICs. Together with the RCD chips, these components deliver indispensable capabilities for DDR5 memory modules. Buying Opportunity • Jan 02
Now 20% undervalued Over the last 90 days, the stock is up 16%. The fair value is estimated to be CN¥72.07, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 21% over the last 3 years. Earnings per share has declined by 4.6%. Revenue is forecast to grow by 165% in 2 years. Earnings is forecast to grow by 288% in the next 2 years. Price Target Changed • Nov 07
Price target increased by 7.6% to CN¥72.92 Up from CN¥67.77, the current price target is an average from 10 analysts. New target price is 26% above last closing price of CN¥57.81. Stock is down 8.5% over the past year. The company is forecast to post earnings per share of CN¥0.45 for next year compared to CN¥1.15 last year. Major Estimate Revision • Nov 06
Consensus EPS estimates fall by 13% The consensus outlook for earnings per share (EPS) in fiscal year 2023 has deteriorated. 2023 revenue forecast decreased from CN¥2.52b to CN¥2.42b. EPS estimate also fell from CN¥0.532 per share to CN¥0.464 per share. Net income forecast to grow 150% next year vs 69% growth forecast for Semiconductor industry in China. Consensus price target up from CN¥67.77 to CN¥69.21. Share price rose 5.8% to CN¥56.70 over the past week. Reported Earnings • Nov 01
Third quarter 2023 earnings: Revenues exceed analysts expectations while EPS lags behind Third quarter 2023 results: EPS: CN¥0.15 (down from CN¥0.28 in 3Q 2022). Revenue: CN¥597.6m (down 37% from 3Q 2022). Net income: CN¥151.9m (down 52% from 3Q 2022). Profit margin: 25% (down from 33% in 3Q 2022). Revenue exceeded analyst estimates by 32%. Earnings per share (EPS) missed analyst estimates by 35%. Revenue is forecast to grow 51% p.a. on average during the next 3 years, compared to a 25% growth forecast for the Semiconductor industry in China. Over the last 3 years on average, earnings per share has fallen by 5% per year whereas the company’s share price has fallen by 9% per year. Announcement • Oct 28
Montage Technology Leads in Trial Production of 3rd-Gen DDR5 RCDs Montage Technology Co., Ltd. announced it has taken the lead in trial production of the 3rd-generation DDR5 Registering Clock Driver (RCD03) designed for use in DDR5 RDIMMs. With its blazingly fast 6400 MT/s data rate, the RCD03 sets a new bar for DDR5 memory performance in upcoming server platforms. It unlocks dramatic capacity, bandwidth, and latency improvements to meet the growing demands of data center, cloud, and AI applications. The RCD03 marks a major advancement in Montage's continued role as an innovator driving rapid DDR5 developments. This chip achieves a 14.3% speed increase over the 2nd-gen DDR5 RCD and a 33.3% increase over the 1st--gen, making it one of the fastest DDR5 memory interface solutions available. Leveraging enhancements like a dual-channel architecture and lower power supplies (1.1V VDD and 1.0V VDDIO), the RCD03 significantly improves the latency while reducing the power consumption as compared to DDR4 RCDs. Another key benefit is its support for up to 256 GB DRAM per module, quadrupling the capacity of modules in DDR4 generation. In addition to its RCD portfolio, Montage provides a comprehensive lineup of DDR5 infrastructure solutions including SPD EEPROM with Hubs, Temperature Sensors, and Power Management ICs, which are essential in complete DDR5 module designs optimized for performance, reliability and power efficiency. Price Target Changed • Aug 29
Price target decreased by 7.2% to CN¥70.06 Down from CN¥75.48, the current price target is an average from 11 analysts. New target price is 38% above last closing price of CN¥50.80. Stock is down 6.7% over the past year. The company is forecast to post earnings per share of CN¥0.55 for next year compared to CN¥1.15 last year. Announcement • Aug 24
Montage Technology Co., Ltd. (SHSE:688008) announces an Equity Buyback for CNY 600 million worth of its shares. Montage Technology Co., Ltd. (SHSE:688008) announces a share repurchase program. Under the program, the company will repurchase up to CNY 600 million worth of shares. The program will be valid 6 months. Reported Earnings • Aug 24
Second quarter 2023 earnings: EPS and revenues miss analyst expectations Second quarter 2023 results: EPS: CN¥0.046 (down from CN¥0.33 in 2Q 2022). Revenue: CN¥508.1m (down 51% from 2Q 2022). Net income: CN¥62.1m (down 83% from 2Q 2022). Profit margin: 12% (down from 37% in 2Q 2022). Revenue missed analyst estimates by 4.4%. Earnings per share (EPS) also missed analyst estimates by 62%. Revenue is forecast to grow 46% p.a. on average during the next 3 years, compared to a 24% growth forecast for the Semiconductor industry in China. Over the last 3 years on average, earnings per share has remained flat but the company’s share price has fallen by 16% per year, which means it is significantly lagging earnings. Major Estimate Revision • May 05
Consensus revenue estimates fall by 13% The consensus outlook for revenues in fiscal year 2023 has deteriorated. 2023 revenue forecast decreased from CN¥5.00b to CN¥4.36b. EPS estimate fell from CN¥1.42 to CN¥1.28 per share. Net income forecast to grow 65% next year vs 72% growth forecast for Semiconductor industry in China. Consensus price target broadly unchanged at CN¥74.13. Share price fell 3.2% to CN¥58.94 over the past week. Reported Earnings • Apr 29
First quarter 2023 earnings released: EPS: CN¥0.02 (vs CN¥0.27 in 1Q 2022) First quarter 2023 results: EPS: CN¥0.02 (down from CN¥0.27 in 1Q 2022). Revenue: CN¥419.5m (down 53% from 1Q 2022). Net income: CN¥19.7m (down 94% from 1Q 2022). Profit margin: 4.7% (down from 34% in 1Q 2022). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 51% p.a. on average during the next 2 years, compared to a 23% growth forecast for the Semiconductor industry in China. Over the last 3 years on average, earnings per share has increased by 5% per year but the company’s share price has fallen by 15% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Apr 27
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to CN¥63.04, the stock trades at a forward P/E ratio of 44x. Average forward P/E is 35x in the Semiconductor industry in China. Total loss to shareholders of 35% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at CN¥37.10 per share. Valuation Update With 7 Day Price Move • Mar 23
Investor sentiment improves as stock rises 23% After last week's 23% share price gain to CN¥69.00, the stock trades at a forward P/E ratio of 48x. Average forward P/E is 37x in the Semiconductor industry in China. Total loss to shareholders of 9.9% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at CN¥37.20 per share. Announcement • Jan 06
Montage Technology Announces PCIe 5.0/CXL 2.0 Retimer Has Successfully Achieved Mass Production Montage Technology announced that its PCIe 5.0/CXL 2.0 Retimer has successfully achieved mass production. This chip is a key upgrade based on Montage's PCIe 4.0 Retimer, providing a stable and reliable PCIe 5.0 and CXL 2.0 interconnect solution with high bandwidth and low latency for the cloud and high-performance computing market. Montage's PCIe 5.0/CXL 2.0 Retimer employs advanced signal conditioning technologies to improve signal integrity and increase the effective transmission distance of high-speed signals. Compliant with relevant PCI-SIG and CXL specifications, the chip meets mainstream package requirements, supports transfer rate up to 32 GT/s, and takes the lead in supporting ultra-low transmission latency of less than 5 ns. The chip supports various complex system topologies such as SRIS and Retimer cascading, offering an ideal solution to address the PCIe/CXL signal integrity challenges in next-generation servers, enterprise storage, and AI acceleration systems. The PCIe 5.0/CXL 2.0 Retimer has passed extensive interoperability testing with a variety of compute, storage and networking products, such as CPU, PCIe switches, SSDs, GPUs and NICs, thus laying a solid foundation for the large-scale deployment of cloud computing and data centers. For typical application scenarios such as AI servers, NVMe SSDs and Riser Cards, Montage Technology provides comprehensive technical supports, such as PCIe 5.0/CXL 2.0 Retimer-based reference design, evaluation board, and supporting software, to help customers quickly complete the design-in and shorten the product launch cycle. Price Target Changed • Dec 20
Price target increased to CN¥79.92 Up from CN¥73.92, the current price target is an average from 10 analysts. New target price is 23% above last closing price of CN¥64.98. Stock is down 23% over the past year. The company is forecast to post earnings per share of CN¥1.19 for next year compared to CN¥0.73 last year. Price Target Changed • Dec 14
Price target increased to CN¥79.92 Up from CN¥73.92, the current price target is an average from 10 analysts. New target price is 21% above last closing price of CN¥66.01. Stock is down 14% over the past year. The company is forecast to post earnings per share of CN¥1.19 for next year compared to CN¥0.73 last year. Announcement • Dec 02
Montage Technology Co., Ltd. Releases World's First Gen3 Ddr5 Registering Clock Driver Engineering Samples Montage Technology Co., Ltd. announced that it has shipped the world’s first Gen3 registering clock driver (RCD or DDR5 RCD03) engineering samples to major memory manufacturers for their development of next-generation memory modules used in servers. The Gen3 DDR5 RCD chip supports a maximum data rate of 6400MT/s, which is 14.3% and 33.3% faster than the 2nd and 1st generation respectively. The industry-first DDR5 RCD03 engineering samples shipped by Montage Technology are an important upgrade on the DDR5 RCD products based on the JEDEC DDR5 standards and a substantial progress in DDR5 series product planning. The global memory industry is presently transitioning from DDR4 to DDR5. Montage successfully shipped mass volumes of its Gen1 RCD chip in October 2021; the Gen2 RCD chip took the industry lead for production in May this year and will soon be mass-produced; and now the Gen3 RCD chip samples have been shipped. Price Target Changed • Nov 17
Price target increased to CN¥74.92 Up from CN¥69.92, the current price target is an average from 10 analysts. New target price is approximately in line with last closing price of CN¥72.90. Stock is down 2.6% over the past year. The company is forecast to post earnings per share of CN¥1.15 for next year compared to CN¥0.73 last year. Board Change • Nov 16
Less than half of directors are independent There is 1 new director who has joined the board in the last 3 years. The new board member was not an independent director. The company's board is composed of: 1 new director. 10 experienced directors. No highly experienced directors. 4 independent directors (5 non-independent directors). Employee Director Yi Shi was the last director to join the board, commencing their role in 2021. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Valuation Update With 7 Day Price Move • Nov 06
Investor sentiment improved over the past week After last week's 21% share price gain to CN¥65.51, the stock trades at a forward P/E ratio of 43x. Average forward P/E is 34x in the Semiconductor industry in China. Negligible returns to shareholders over past three years. Simply Wall St's valuation model estimates the intrinsic value at CN¥57.37 per share. Price Target Changed • Nov 02
Price target decreased to CN¥69.92 Down from CN¥76.65, the current price target is an average from 10 analysts. New target price is 17% above last closing price of CN¥59.58. Stock is down 18% over the past year. The company is forecast to post earnings per share of CN¥1.13 for next year compared to CN¥0.73 last year. Reported Earnings • Oct 31
Third quarter 2022 earnings released: EPS: CN¥0.28 (vs CN¥0.18 in 3Q 2021) Third quarter 2022 results: EPS: CN¥0.28 (up from CN¥0.18 in 3Q 2021). Revenue: CN¥953.5m (up 9.8% from 3Q 2021). Net income: CN¥318.0m (up 55% from 3Q 2021). Profit margin: 33% (up from 24% in 3Q 2021). Revenue is forecast to grow 37% p.a. on average during the next 3 years, compared to a 26% growth forecast for the Semiconductor industry in China. Over the last 3 years on average, earnings per share has increased by 2% per year whereas the company’s share price has fallen by 3% per year. Valuation Update With 7 Day Price Move • Oct 10
Investor sentiment deteriorated over the past week After last week's 16% share price decline to CN¥44.10, the stock trades at a forward P/E ratio of 31x. Average forward P/E is 29x in the Semiconductor industry in China. Total loss to shareholders of 29% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at CN¥37.07 per share. Announcement • Sep 02
Montage Technology Delivers World’s First Gen1 DDR5 Clock Driver Engineering Samples Montage Technology Co., Ltd. announced that it is delivering the world’s first Gen1 DDR5 Clock Driver (CKD or DDR5CK01) samples to the top DRAM memory vendors for their development of memory modules used in new-generation desktop and notebook computers. For a long time, the clock driver functions have been integrated onto the register clock driver (RCD) device, which is used in the server platforms, rather than the PC computers. With the boost of the DDR5 data rate and the rising frequency of the clock signal, the signal integrity issue of the clock becomes increasingly challenging. As the DDR5 data rate reaches 6400MT/s and above, the memory modules such as UDIMMs and SODIMMs used in desktop and notebook computers, will need an on-DIMM clock driver to buffer and re-drive the clock signal of the memory modules, to meet the signal integrity and reliability requirement of the high-speed clock signal. With nearly 20 years of expertise and in-depth understanding of memory interface products, Montage Technology has been closely tracking the memory market trend. Now it becomes the leading vendor to roll out the world’s first DDR5CK01 chip, which is designed to buffer the clock signal coming from the CPU of desktop and notebook computers and then re-drive the output clocks to the DRAMs on the memory module. Compliant with the JEDEC DDR5CK01 standard, the DDR5CK01 chip supports data rates up to 6400MT/s and the low-power management mode. Reported Earnings • Aug 11
Second quarter 2022 earnings: EPS and revenues exceed analyst expectations Second quarter 2022 results: EPS: CN¥0.33 (up from CN¥0.15 in 2Q 2021). Revenue: CN¥1.03b (up 142% from 2Q 2021). Net income: CN¥374.9m (up 116% from 2Q 2021). Profit margin: 37% (down from 41% in 2Q 2021). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 3.8%. Earnings per share (EPS) also surpassed analyst estimates by 44%. Over the next year, revenue is forecast to grow 32%, compared to a 49% growth forecast for the industry in China. Over the last 3 years on average, earnings per share has fallen by 3% per year whereas the company’s share price has fallen by 6% per year. Announcement • May 09
Montage Technology Starts Producing 5600 MT/s 2nd-Generation DDR5 RCD Chip to Support Memory Module Vendors to Enable the DDR5-5600 Ecosystem Montage Technology announced it is producing its 5600 MT/s 2nd-generation DDR5 RCD (RCD02) chip to support memory module vendors to enable the DDR5-5600 ecosystem. The new device is targeted for demanding applications such as next-generation servers, edge computing, and AI. The RCD02 is compliant with the latest JEDEC DDR5RCD02 specification. Compared with the 1st-generation RCD (RCD01), the RCD02 boosts DDR5 data rate by 16.67%. The RCD02 chip adopts dual-channel memory architecture, supports 1.1V VDD and 1.0V VDDIO voltages and several power saving modes, thus enabling a great reduction in power consumption. In addition to providing industry-leading performance, power efficiency and reliability at the device level, Montage's DDR5 RCD02 solution supports CA, CS and DFE training modes, dual frequency, as well as other advanced features to facilitate the higher speed for the next generation DDR5 platform. Reported Earnings • May 02
First quarter 2022 earnings: Revenues exceed analysts expectations while EPS lags behind First quarter 2022 results: EPS: CN¥0.27 (up from CN¥0.12 in 1Q 2021). Revenue: CN¥900.4m (up 201% from 1Q 2021). Net income: CN¥306.1m (up 128% from 1Q 2021). Profit margin: 34% (down from 45% in 1Q 2021). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 1.5%. Earnings per share (EPS) missed analyst estimates by 100%. Over the next year, revenue is forecast to grow 42%, compared to a 44% growth forecast for the industry in China. Board Change • Apr 27
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 12 experienced directors. No highly experienced directors. 4 independent directors (7 non-independent directors). was the last director to join the board, commencing their role in . The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Major Estimate Revision • Feb 18
Consensus revenue estimates increase by 11% The consensus outlook for revenues in 2022 has improved. 2022 revenue forecast increased from CN¥3.71b to CN¥4.12b. EPS estimate increased from CN¥1.07 to CN¥1.10 per share. Net income forecast to grow 51% next year vs 51% growth forecast for Semiconductor industry in China. Consensus price target up from CN¥77.25 to CN¥78.85. Share price rose 4.4% to CN¥74.60 over the past week. Reported Earnings • Feb 11
Full year 2021 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2021 results: EPS: CN¥0.73 (down from CN¥0.98 in FY 2020). Revenue: CN¥2.56b (up 41% from FY 2020). Net income: CN¥829.1m (down 25% from FY 2020). Profit margin: 32% (down from 61% in FY 2020). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 1.5%. Earnings per share (EPS) missed analyst estimates by 100%. Over the next year, revenue is forecast to grow 59%, compared to a 56% growth forecast for the industry in China. Price Target Changed • Dec 22
Price target increased to CN¥75.95 Up from CN¥70.78, the current price target is an average from 11 analysts. New target price is 10% below last closing price of CN¥84.39. Stock is down 1.9% over the past year. The company is forecast to post earnings per share of CN¥0.70 for next year compared to CN¥0.98 last year. Price Target Changed • Nov 10
Price target increased to CN¥73.50 Up from CN¥67.31, the current price target is an average from 9 analysts. New target price is approximately in line with last closing price of CN¥76.00. Stock is up 3.0% over the past year. The company is forecast to post earnings per share of CN¥0.69 for next year compared to CN¥0.98 last year. Price Target Changed • Sep 06
Price target decreased to CN¥67.31 Down from CN¥72.56, the current price target is an average from 10 analysts. New target price is 12% above last closing price of CN¥60.26. Stock is down 24% over the past year. Reported Earnings • Aug 30
Second quarter 2021 earnings released: EPS CN¥0.15 (vs CN¥0.30 in 2Q 2020) The company reported a poor second quarter result with weaker earnings, revenues and profit margins. Second quarter 2021 results: Revenue: CN¥424.9m (down 28% from 2Q 2020). Net income: CN¥173.7m (down 49% from 2Q 2020). Profit margin: 41% (down from 57% in 2Q 2020). Valuation Update With 7 Day Price Move • Jul 26
Investor sentiment improved over the past week After last week's 16% share price gain to CN¥67.11, the stock trades at a forward P/E ratio of 70x. Average forward P/E is 68x in the Semiconductor industry in China. Total loss to shareholders of 20% over the past year. Simply Wall St's valuation model estimates the intrinsic value at CN¥27.51 per share. Price Target Changed • May 28
Price target decreased to CN¥72.94 Down from CN¥80.19, the current price target is an average from 10 analysts. New target price is 24% above last closing price of CN¥58.85. Stock is down 34% over the past year. Price Target Changed • May 06
Price target decreased to CN¥91.44 Down from CN¥98.94, the current price target is an average from 8 analysts. New target price is 67% above last closing price of CN¥54.73. Stock is down 46% over the past year. Reported Earnings • May 02
Full year 2020 earnings released: EPS CN¥0.98 (vs CN¥0.88 in FY 2019) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: CN¥1.82b (up 4.9% from FY 2019). Net income: CN¥1.10b (up 18% from FY 2019). Profit margin: 61% (up from 54% in FY 2019). The increase in margin was primarily driven by lower expenses. Valuation Update With 7 Day Price Move • Apr 30
Investor sentiment deteriorated over the past week After last week's 19% share price decline to CN¥53.52, the stock trades at a forward P/E ratio of 49x. Average forward P/E is 53x in the Semiconductor industry in China. Total loss to shareholders of 45% over the past year. Simply Wall St's valuation model estimates the intrinsic value at CN¥22.29 per share. Is New 90 Day High Low • Feb 28
New 90-day low: CN¥74.14 The company is down 2.0% from its price of CN¥75.60 on 30 November 2020. The Chinese market is up 3.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Semiconductor industry, which is up 4.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is CN¥22.48 per share. Valuation Update With 7 Day Price Move • Feb 26
Investor sentiment deteriorated over the past week After last week's 18% share price decline to CN¥74.14, the stock is trading at a trailing P/E ratio of 77.7x, down from the previous P/E ratio of 94.9x. This compares to an average P/E of 68x in the Semiconductor industry in China. Total return to shareholders over the past year is a loss of 16%. Is New 90 Day High Low • Jan 13
New 90-day high: CN¥94.50 The company is up 18% from its price of CN¥80.16 on 15 October 2020. The Chinese market is up 6.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Semiconductor industry, which is up 13% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is CN¥22.02 per share. Is New 90 Day High Low • Dec 10
New 90-day high: CN¥86.86 The company is up 16% from its price of CN¥74.59 on 11 September 2020. The Chinese market is up 5.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Semiconductor industry, which is up 12% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is CN¥20.82 per share. Is New 90 Day High Low • Oct 31
New 90-day low: CN¥68.65 The company is down 22% from its price of CN¥88.39 on 31 July 2020. The Chinese market is down 3.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Semiconductor industry, which is down 10.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is CN¥12.41 per share. 
