Report published August 30, 2026
Montage (688008.SS): Goldman Sachs 2Q26 Earnings Review & Memory Interface IC Outlook
Source and citation context
- Issuer
- Goldman Sachs
- Report date
- August 30, 2026
- Analysis as of
- August 28, 2026
Authors / editors: Allen Chang, Verena Jeng, Ting Song
Finvaulta summarizes Goldman Sachs's analysis. Attribute opinions, forecasts, time-sensitive values, and chronology to the issuer and report date; do not treat this page as an independent verification or a current market-data source.
Montage reported 2Q26 net income of Rmb1.15bn (+81% YoY), meeting guidance, driven by DDR5 interface IC migration and innovative product growth. Goldman Sachs reiterated its Buy rating with target prices of Rmb380 (A-share) and HK$572 (H-share).
Key Takeaways
- 1.Montage's 2Q26 net income increased 81% YoY and 36% QoQ to Rmb1.15bn, aligning with Goldman Sachs estimates and company guidance.
- 2.DDR5 migration continues strongly, with Gen 3 and Gen 4 exceeding 50% of 1H26 RCD shipments, and DDR5 Gen 5 starting volume shipments.
- 3.Innovative products revenue rose 81% YoY to Rmb538mn in 1H26, driven by PCIe retimers and CKD chips, with MRCD/MDB ramp-up projected for 2027E.
Table of Contents
- DDR5 product migration continues
- Innovative products to gradual ramp up in 2027E
- Earnings revision
- Valuation
- Price target methodology and risks - Montage
- Disclosure Appendix
Report data
Exhibit 1: Montage 2Q26 result snapshot — as of August 28, 2026.
| Metric | Estimate | Context |
|---|---|---|
| 2Q26 Net Income | 1150 Rmb mn | Montage reported quarterly net income in line with guidance |
| 2Q26 Revenue | 1875 Rmb mn | Revenue growth driven by DDR5 interface IC ramp up and innovative products |
| 2Q26 Gross Margin | 61.8% | Gross margin below Goldman Sachs estimate due to product mix changes |
| 1H26 Innovative Products Revenue | 538 Rmb mn | Revenues from MRCD/MDB, PCIe Retimer, CKD, and CXL MXC chips |
| A-share 12M Target Price | 380.00 Rmb | Based on 48.1x 2030E discounted P/E |
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Authors / Editors
Reported Data Context
- 2Q26 Net Income: 1150 Rmb mn (2Q26) · Source: Company data
- 2Q26 Revenue: 1875 Rmb mn (2Q26) · Source: Company data
- 2Q26 Gross Margin: 61.8 % (2Q26) · Source: Company data, Goldman Sachs Global Investment Research
- 1H26 Innovative Products Revenue: 538 Rmb mn (1H26) · Source: Company data
- A-share 12M Target Price: 380.00 Rmb (12-month forward) · Source: Goldman Sachs Global Investment Research
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