Montage Technology Co.Ltd(688008)
Record of investor relations activities
(March 2022)
Securities abbreviation: Montage Technology Co.Ltd(688008) securities code: Montage Technology Co.Ltd(688008)
✔ Specific object research □ analyst meeting □ media interview
Category of investor relations activities □ performance briefing □ press conference □ roadshow activities
□ site visit ✔ Others (teleconference)
March 1, 2022
Societe Generale Global Fund Management Co., Ltd
Oriental Asset Management Co., Ltd
China Industrial Securities Co.Ltd(601377)
March 3, 2022
Jingshun Great Wall Fund Management Co., Ltd
March 8, 2022
Shanghai Gaoyi asset management partnership
Sequoia Capital
Name of Shanghai harmony Asset Management Co., Ltd
Shanghai Shifeng Asset Management Co., Ltd
Shanghai Investment Morgan Fund Management Co., Ltd
BlackRock Fund Management Co., Ltd
Pinpoint
UBS
March 16, 2022
Guohai Franklin Investment Management Co., Ltd
Orient Securities Company Limited(600958)
March 17, 2022
Societe Generale Global Fund Management Co., Ltd
Bocom Schroeder Fund Management Co., Ltd
Ruiyuan Fund Management Co., Ltd
Wanjia Fund Management Co., Ltd
China Merchants Fund Management Co., Ltd
Huatai Asset Management Co., Ltd
Anxin Securities Co., Ltd
March 18, 2022
SDIC UBS Fund Management Co., Ltd
Everbright Securities Company Limited(601788)
March 22, 2022
Zhongrong Fund Management Co., Ltd
Everbright Securities Company Limited(601788)
March 23, 2022
CITIC Prudential Fund Management Co., Ltd
Anxin Securities Co., Ltd
March 27, 2022
Penghua Fund Management Co., Ltd
March 28, 2022
Cathay Pacific Fund Management Co., Ltd
March 29, 2022
GF Fund Management Co., Ltd
Time: March 1, March 3, March 8, March 16, March 17, March 18, March 22, March 23, March 27, March 28 and March 29, 2022
The location is investigated in the form of teleconference and on-site in the company's conference room
Secretary of the board of directors: Fu Xiao
Name of company Receptionist
Person in charge of investment: Liang platinum cobalt
Securities affairs representative of the company: Kong Xu
Office staff of the board of directors: Fang ZhouJie
(Ms. Fu Xiao participated in all sessions; others participated in some sessions)
Question 1: please introduce the company's operation from January to February 2022 and the prospect of the first quarter. Reply: the company disclosed the announcement of main business data from January to February 2022 on March 11, 2022.
With the company's ddr5 first generation memory interface chip, memory module supporting chip and the third generation memory interface chip ® CPU and other new products continued to ship, and the company made a good start. After preliminary accounting, from January to February 2022, the company achieved an operating revenue of about 620 million yuan, an increase of about 211% year-on-year; The net profit attributable to the shareholders of the listed company was about 220 million yuan, a year-on-year increase of about 157%. For the financial data of the company in the first quarter of 2022, please pay attention to the first quarterly report of 2022 disclosed by the company.
Question 2: how about the orders of ddr5 related chips from January to February 2022? What are the company's prospects for ddr5 related permeability?
Reply: the first generation of ddr5 memory interface chips and memory module supporting chips of the company have been mass produced and shipped since the fourth quarter of 2021, and relevant products have been shipped continuously from January to February of 2022. Since ddr5 is a brand-new product, the rhythm of loading related chips needs to be further observed.
Question 3: what is the proportion of shipments and revenue of ddr5 related chips in the fourth quarter of 2021?
Main Reply of investor relations activities: ddr5 related chips have just started mass production and shipment in the fourth quarter of 2021, and the content introduction of the volume is continuous and large-scale. From an industry perspective, in ddr5 generation, in addition to memory interface chips, server memory modules need three supporting chips (SPD, TS and PMIC), and udimm and sodimm of PC and notebook computers need two supporting chips (SPD and PMIC). The value of the whole ddr5 related chips is much higher than that of DDR4 generation.
Question 4: the gross profit margin of the company's interconnection chip product line has increased to 69.21% in the fourth quarter of 2021. What is the reason for the increase?
Reply: it is mainly because the gross profit margin of the new generation of memory interface chips is generally higher than that of the old products. With the increase of the first generation of ddr5 memory interface chips in the fourth quarter of 2021, the gross profit margin of the whole interconnection chip product line of the company will be increased.
Question 5: ddr5 memory interface chip has several generations. Is the iteration speed of each generation similar to DDR4? Is ddr6 planned in the industry?
Reply: according to the relevant information released by JEDEC, ddr5 memory interface chip has planned three generations, with the support rates of 4800mbps, 5600mbps and 6400mbps respectively. It is expected that there may be 1 ~ 2 generations in the future, and the maximum rate may support 8400mbps. The industry is still discussing it further. Further observation is needed on the iteration speed of the offspring of ddr5 memory interface chip. With regard to ddr6, the industry has made preliminary discussions. We will continue to pay attention to the development of the industry and participate in the discussion and formulation of relevant standards. Question 6: what is the competition pattern between ddr5 memory interface chip and memory module supporting chip? Reply: at present, the competition pattern of ddr5 memory interface chip is similar to that of DDR4 memory interface chip. Only three suppliers in the world can provide the first generation of mass production products, namely company, Renesas electronics and Rambus. The company's market share in memory interface chip remains stable. On the supporting chips, the two main suppliers of SPD and TS are Lanqi and Renesas electronics; PMIC has more competitors, and the competition will be more complex in the initial stage. Question 7: what is the price rule of each generation of memory interface chip? Reply: in combination with the price law of DDR4 memory interface chip, in the life cycle of a certain generation of products, the sales price will gradually decrease after the quantity is increased; However, due to the upgrading of technology and performance, the initial sales price of the products of the new generation is higher than that of the previous generation. Therefore, in the case of continuous iteration, the average sales price of the product will remain stable and upward. Question 8: Intel has launched a desktop CPU that supports ddr5. Does that mean that ddr5 desktop products will penetrate faster than DDR4? Answer: from the historical experience of DDR4, new DRAM products are usually applied on the server first, and then popularized on PCs and laptops. At present, desktop CPU supporting ddr5 is indeed the first to be listed, which promotes the demand for memory module supporting chips SPD and PMIC. We need to further observe the penetration rate of ddr5 on PCs and laptops. Q9: what is the market demand for PCIe retimer chips? Reply: in recent years, the high-speed data transmission protocol has developed from PCIe 3.0 to PCIe 4.0, and the data rate has increased from 8gt / s to 16gt / s and to PCIe 5.0 0、PCIe6. 0, the data rate will be further increased to 32gt / s and 64gt / s. while doubling the data transmission speed, it will bring prominent problems of signal attenuation and reference clock timing reorganization. PCIe retimer chip mainly solves the problems of uneven signal timing, large loss and poor integrity of data center server in high-speed and long-distance data transmission. Therefore, the industry expects that with the continuous improvement of transmission rate, PCIe
