Lyon: Montage Technology (06809) target price of 447.2 Hong Kong dollars benefited from strong CPU demand.
As AI transitions from model training to inference, especially with the development of AI agents, the demand for server CPUs is continuously increasing. The industry believes that Lenovo Group (06809) is the main beneficiary of strong CPU demand.
Lyon released a research report stating that with the shift of AI from model training to inference, especially the development of AI agents, the demand for server CPUs is continuously increasing. The bank believes that Montage Technology (06809) is the main beneficiary of the strong demand for CPUs. In addition, the market size for the company's new products is large and growing rapidly. The bank raised its profit forecast for Montage Technology, initiated coverage of Montage Technology's Hong Kong stocks with a target price of 447.2 Hong Kong dollars, and raised the target price for Montage Technology's A shares (688008.SH) from 209.6 RMB to 277.9 RMB. They maintain a "highly confident outperforming the market" rating, and have raised their net profit forecasts for the company for 2026 to 2028 by 9%, 33%, and 25% respectively, to 4.1 billion, 6.8 billion, and 8.7 billion RMB.
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