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The thesis has two axes — RCD is required in every high-capacity DRAM module of an AI server, lifting volume (2025 revenue +50%), while CXL MXC and PCIe retimers open a new axis in next-gen memory expansion. Risks are capacity dependence from a design-only, TSMC-outsourced model and the memory cycle, and in graph terms Samsung/SK Hynix DDR5-module demand transmits into Montage RCD.","analysis_asof":"2026-07-10"},"edges":[{"direction":"cost","counterparty":"TSMC","counterparty_slug":"tsmc","confidence":"high","metric":null,"note":"DDR5 RCD·CXL 칩을 TSMC에 위탁생산(팹리스).","note_en":"Manufactures DDR5 RCD and CXL chips at TSMC (fabless).","sources":[{"stance":"confirms","publisher":"DigiTimes","publisher_en":"DigiTimes","kind":"news","lang":"en","published_at":"2026-04-02","url":"https://www.digitimes.com/news/a20260402VL208/2025-ddr5-growth-profit-revenue.html","title":"Montage(澜起), DDR5 급증으로 2025 성장","title_en":"Montage sees DDR5 surge drive 2025 growth","excerpt":"DDR5 RCD·CXL 칩을 TSMC에 위탁생산(팹리스).","excerpt_en":"Manufactures DDR5 RCD and CXL chips at TSMC (fabless)."},{"stance":"confirms","publisher":"Montage/SSE","publisher_en":"Montage/SSE","kind":"filing","lang":"zh","published_at":"2026-03-01","url":"https://www.sse.com.cn/disclosure/listedinfo/announcement/?productId=688008","title":"澜起科技 회사·IR(상하이거래소 688008)","title_en":"Montage company/IR (SSE 688008)","excerpt":"Montage 연차·IR: 2025 매출 ¥54.6억(+50%).","excerpt_en":"Montage annual/IR: 2025 revenue RMB 5.46B (+50%)."}]},{"direction":"revenue","counterparty":"메모리 모듈·AI 서버 (RCD)","counterparty_slug":null,"confidence":"high","metric":{"type":"qualifier","value":null,"qualifier":"confirmed_no_disclosed_value"},"note":"DDR5 메모리 모듈·AI 서버에 RCD 인터페이스 칩 공급(세계 톱3).","note_en":"Supplies RCD interface chips to DDR5 modules and AI servers (global top-3).","sources":[{"stance":"confirms","publisher":"DigiTimes","publisher_en":"DigiTimes","kind":"news","lang":"en","published_at":"2026-04-02","url":"https://www.digitimes.com/news/a20260402VL208/2025-ddr5-growth-profit-revenue.html","title":"Montage(澜起), DDR5 급증으로 2025 성장","title_en":"Montage sees DDR5 surge drive 2025 growth","excerpt":"DDR5 RCD 세계 톱3, AI 서버 수요.","excerpt_en":"Top-3 in DDR5 RCD on AI-server demand."}]},{"direction":"revenue","counterparty":"CXL·PCIe 인터커넥트 (신규)","counterparty_slug":null,"confidence":"mid","metric":{"type":"qualifier","value":null,"qualifier":"confirmed_no_disclosed_value"},"note":"CXL MXC 메모리 확장·PCIe 리타이머.","note_en":"CXL MXC memory expanders and PCIe retimers.","sources":[{"stance":"confirms","publisher":"Montage/SSE","publisher_en":"Montage/SSE","kind":"filing","lang":"zh","published_at":"2026-03-01","url":"https://www.sse.com.cn/disclosure/listedinfo/announcement/?productId=688008","title":"澜起科技 회사·IR(상하이거래소 688008)","title_en":"Montage company/IR (SSE 688008)","excerpt":"CXL MXC 메모리 확장·PCIe 리타이머(회사 공시)","excerpt_en":"CXL MXC memory expanders and PCIe retimers (company filings)"}]},{"direction":"revenue","counterparty":"삼성전자","counterparty_slug":"samsung-electronics","confidence":"mid","metric":null,"note":"삼성전자 DDR5 모듈에 RCD 공급 — 메모리 2사 모두를 고객으로 둔 인터페이스 칩 수요처.","note_en":"Supplies RCD for Samsung DDR5 modules — an interface-chip demand point with both memory leaders as customers.","sources":[{"stance":"confirms","publisher":"Montage/SSE","publisher_en":"Montage/SSE","kind":"filing","lang":"zh","published_at":"2026-03-01","url":"https://www.sse.com.cn/disclosure/listedinfo/announcement/?productId=688008","title":"澜起科技 회사·IR(상하이거래소 688008)","title_en":"Montage company/IR (SSE 688008)","excerpt":"삼성 DDR5 모듈에 RCD 공급(세계 톱3)","excerpt_en":"Supplies RCD for Samsung DDR5 modules (global top-3)"}]},{"direction":"revenue","counterparty":"SK하이닉스","counterparty_slug":"sk-hynix","confidence":"mid","metric":null,"note":"SK하이닉스 DDR5 모듈에 RCD 인터페이스 칩 공급 — 고용량 서버 D램이 늘수록 모듈당 RCD 수요가 함께 증가.","note_en":"Supplies RCD interface chips for SK Hynix DDR5 modules — as high-capacity server DRAM grows, per-module RCD demand rises with it.","sources":[{"stance":"confirms","publisher":"Montage/SSE","publisher_en":"Montage/SSE","kind":"filing","lang":"zh","published_at":"2026-03-01","url":"https://www.sse.com.cn/disclosure/listedinfo/announcement/?productId=688008","title":"澜起科技 회사·IR(상하이거래소 688008)","title_en":"Montage company/IR (SSE 688008)","excerpt":"SK하이닉스 DDR5 모듈에 RCD 인터페이스 칩 공급(세계 톱3)","excerpt_en":"Supplies RCD interface chips for SK Hynix DDR5 modules (global top-3)"}]},{"direction":"cost","counterparty":"EDA·IP·R&D (비공개)","counterparty_slug":null,"confidence":"low","metric":{"type":"qualifier","value":null,"qualifier":"confirmed_no_disclosed_value"},"note":"설계 EDA·IP·R&D.","note_en":"Design EDA, IP and R&D.","sources":[{"stance":"confirms","publisher":"Montage/SSE","publisher_en":"Montage/SSE","kind":"filing","lang":"zh","published_at":"2026-03-01","url":"https://www.sse.com.cn/disclosure/listedinfo/announcement/?productId=688008","title":"澜起科技 회사·IR(상하이거래소 688008)","title_en":"Montage company/IR (SSE 688008)","excerpt":"설계 EDA·IP·R&D 원가(회사 공시)","excerpt_en":"Design EDA/IP/R&D cost (company filings)"}]}]}