19 October 2026 | 8:33PM HKT Equity Research CXMT (688825.SS): Sequential QoQ growth ahead on AI driving DRAM demand; 3Q26 revenues +15%~20% QoQ; Buy CXMT reported 3Q26 revenues guidance at Rmb115bn~Rmb120bn, with continuous QoQ growth at 15%~20%. The midpoint of revenues is 30% higher than our previous estimates, and we attribute it to the strong DRAM demand riding on AI, clients' diversification, and DRAM price staying at high level. 3Q NI was guided at Rmb53bn~Rmb55bn, with slight QoQ growth, or midpoint ...