Montage Technology(688008) 长江证券·2025-05-16 05:20Investment Rating - The investment rating for the company is "Buy" and is maintained [9] Core Views - The company achieved a revenue of 3.639 billion yuan in 2024, representing a year-on-year increase of 59.20%, and a net profit attributable to shareholders of 1.412 billion yuan, up 213.10% year-on-year [2][6] - In Q4 2024, the company reported a revenue of 1.068 billion yuan, a year-on-year increase of 40.43% and a quarter-on-quarter increase of 17.90%, with a net profit of 434 million yuan, up 99.72% year-on-year and 12.67% quarter-on-quarter [2][6] - For Q1 2025, the company expects to achieve a revenue of 1.222 billion yuan, a year-on-year increase of 65.78%, and a net profit of 510 to 550 million yuan, representing a year-on-year increase of 128.28% to 146.19% [2][6] Summary by Sections Financial Performance - In 2024, the company generated a total revenue of 3.639 billion yuan, with a gross profit of 2.115 billion yuan, resulting in a gross margin of 58% [17] - The revenue from interconnect chips reached 3.349 billion yuan, a year-on-year increase of 53.31%, with a gross margin of 62.66% [12][17] - The company’s R&D expenses for 2024 were 763 million yuan, accounting for 20.98% of total revenue [12][17] Product Performance - The interconnect chip revenue reached a historical high of 972 million yuan in Q4 2024, with a year-on-year increase of 40.27% [12][17] - The company benefited from the increasing penetration of DDR5 and the launch of new products, leading to significant growth in high-performance chips, which saw an 800% increase in revenue [12][17] Future Outlook - The company is expected to continue its growth trajectory, with projected net profits of 2.470 billion yuan, 3.176 billion yuan, and 3.890 billion yuan for 2025, 2026, and 2027 respectively [12][17] - The company is positioned as a leading player in the data processing and interconnect chip market, with a strong focus on R&D and product expansion [12][17]