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Fabless chipmaker whose memory-interface chips help servers run high-speed DDR memory modules reliably.
Fabless chipmaker whose memory-interface chips help servers run high-speed DDR memory modules reliably.
Designs interface chips that sit on server memory modules and buffer signals between processors and memory, and sells them to the memory makers who assemble the modules. Each new memory generation requires a new set of chips, so revenue steps up at server platform transitions. It is fabless: it designs the chips and contracts out manufacturing.
In one line: China's Rambus/IDT (memory interface side).
Moat: narrow (IP / patents, customer qualification). JEDEC-standard memory-interface chips require deep IP and long qualification with server OEMs/memory makers.
Headquarters: Shanghai, China · Founded: 2004 · Employees: 784
Size Montage Technology (688008.SS) is a China Information Technology company (Semiconductors) with a market value of $25.5B, the 73rd largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥150.10 on 6 Nov 2026.
Performance Over six months the shares fell 13.4%, against -20.5% for the median peer and -16.4% for the China market (cap-weighted) — 10th highest of 20 in its peer set.
Growth Revenue grew 32.9% over the last twelve months (peer median +24.4%); the operating margin is 42.0% (peer median 19.2%).
Valuation It trades at 43.7× forward earnings against a peer median of 16.2× (6th most expensive of 18).
Price implies For today's price to make sense, revenue must grow about 40% a year for seven years (Req g). Recent delivered growth is +25%, so the hurdle is +15 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 47.5 points above its cost of capital (13.3% WACC).
Next results Next results expected around 23 Apr 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥6.81B | CN¥5.46B | CN¥3.64B | CN¥2.29B | CN¥3.67B |
| Revenue growth | — | +50% | +59% | -38% | — |
| Gross profit | CN¥4.56B | CN¥3.30B | CN¥2.02B | CN¥1.27B | CN¥1.67B |
| EBITDA | n/a | CN¥2.03B | CN¥1.15B | CN¥309M | CN¥873M |
| Net income | CN¥3.84B | CN¥2.24B | CN¥1.41B | CN¥451M | CN¥1.30B |
| Free cash flow | CN¥2.91B | CN¥1.78B | CN¥1.36B | CN¥361M | CN¥536M |
| Capital expenditure | CN¥440M | CN¥266M | CN¥379M | CN¥424M | CN¥227M |
| Total debt | CN¥136M | CN¥34.1M | CN¥44.8M | CN¥15.5M | CN¥20.7M |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Montage Technology 688008.SS | $25.5B | -13% | +33% | 42% | 43.7× | 39.7% |
| RMBS RMBS | $7.98B | -42% | +17% | 37% | 19.9× | 24.5% |
| Renesas Electronics 6723.T | $27.9B | -23% | +26% | 24% | 9.9× | 12.2% |
| SK hynix 000660.KS | $608B | -12% | +220% | 74% | 3.1× | -3.1% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | 688008.SS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -23.8% | -21.7% | 8th lowest of 21 |
| 6-month return | -13.4% | -20.5% | 10th highest of 20 |
| Distance from 52-week high | -54.9% | -52.7% | 9th lowest of 21 |
| Revenue growth (TTM) | +32.9% | +24.4% | 8th highest of 20 |
| Operating margin | 42.0% | 19.2% | 4th highest of 18 |
| Forward P/E | 43.7× | 16.2× | 6th most expensive of 18 |
| Growth the price implies (Req g, 7 yrs) | 39.7% | 22.4% | 3rd most demanding of 13 |
| Growth delivered (Del g) | +24.5% | +6.5% | 3rd highest of 13 |
| Hurdle (Req g minus delivered) | +15.2 pp | +5.1 pp | 6th most demanding of 13 |
| ROIC minus cost of capital | +47.5 pp | -0.2 pp | 2nd highest of 18 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Montage Technology 688008.SS | China | $25.5B | -13% | +33% | 42% | 43.7× | 39.7% | +24.5% |
| Hua Hong Grace Semiconductor 688347.SS | China | $25.5B | +23% | +18% | -2% | 234.7× | n/a | n/a |
| Giga Device Semiconductor 603986.SS | China | $25.3B | -23% | +166% | 50% | 10.9× | 16.5% | +15.4% |
| Global Unichip 3443.TW | Taiwan | $25.1B | +29% | +104% | 13% | 50.1× | n/a | n/a |
| Moore Threads Technology 688795.SS | China | $25.1B | -53% | +226% | -9% | n/a | n/a | n/a |
| ON Semiconductor ON | United States | $24.6B | -39% | +3% | 19% | 14.3× | 20.0% | +2.7% |
| Shanghai Enflame Technology 688801.SS | China | $23.8B | n/a | n/a | n/a | n/a | n/a | n/a |
| Renesas Electronics 6723.T | Japan | $27.9B | -23% | +26% | 24% | 9.9× | 12.2% | +13.0% |
| SJ Semiconductor 688820.SS | China | $22.9B | -21% | +1% | n/a | 136.4× | n/a | n/a |
| MetaX Integrated Circuits (Shanghai) 688802.SS | China | $29.5B | -35% | +84% | n/a | 469.5× | n/a | n/a |
| Piotech 688072.SS | China | $21.7B | +23% | +24% | 14% | 55.5× | 43.5% | +71.7% |
| First Solar FSLR | United States | $21.6B | -9% | -1% | 39% | 9.2× | 12.4% | +14.0% |
| GlobalFoundries GFS | United States | $21.2B | -48% | +1% | 12% | 16.2× | 24.9% | +7.0% |
| Microchip Technology MCHP | United States | $31.7B | -41% | +21% | 16% | 14.5× | 34.2% | -2.8% |
| Suzhou TFC Optical Communication 300394.SZ | China | $19.9B | -44% | +26% | 51% | 36.3× | 44.8% | +42.7% |
| Astera Labs ALAB | United States | $33.1B | -5% | +115% | 26% | 28.0× | n/a | n/a |
| Skyworks Solutions SWKS | United States | $19.3B | +24% | -3% | 9% | 14.3× | 39.4% | -5.0% |
| DapuStor 301666.SZ | China | $18.8B | +20% | +611% | 23% | n/a | n/a | n/a |
| United Micro Electronics 2303.TW | Taiwan | $34.9B | +11% | +13% | 21% | 13.7× | 14.2% | +6.1% |
| Nanya Technology 2408.TW | Taiwan | $35.8B | +34% | +586% | 71% | 2.9× | 0.6% | +1.8% |
| STMicroelectronics STMPA.PA | France | $37.7B | -32% | +10% | 7% | 31.4× | 34.0% | +3.1% |