28 April 2026 | 8:50AM HKT Equity Research Montage (688008.SS): 1Q26 GM beat on product mix; AI interconnect new products ramping up; Buy 1Q26 GM beat. Montage's 1Q26 revenues were Rmb1.5bn, slightly lower than GSe/ Bloomberg consensus of Rmb1.6bn, impacted by tight supply of some upstream materials and FX impact along with Rmb appreciation. 1Q26 GM was strong at 69.8%, beating GSe/ consensus of 63.0%/ 61.2%, which management attributed to (1) higher mix of high margin DDR5 products, (2) higher shipment pri ...