SOCAMM2具有创新性，但属于利基市场，对内存接口芯片TAM的影响有限。

Global Semis: SOCAMM2 - Innovative but niche, limited impacton memory interface chip TAM Nvidia recently released their latest ARM-based server CPU called Vera, in which they useda new memory package format called SOCAMM2. As this new package uses much lessmemory interface chip content, some investors are concerned that this will reduce theTAM for Montage/Renesas. We believe the SOCAMM2 format will likely remain niche toNvidia and thus only bring HSD to LT% impact to the memory interface chip TAM,reiterateOutperform on Montage and Renesas. Qingyuan Lin, Ph.D.+852 2123 2654qingyuan.lin@bernsteinsg.com David Dai, CFA+852 2918 5704david.dai@bernsteinsg.com SOCAMM is a DRAM package customized for NVIDIA rather than a disruptive newstandard. In Nvidia’s Grace CPU design, they use LPDDR5x instead of DDR5 to reducethe power consumption. From Grace to Vera, the shift from soldered LPDDR5x to modularSOCAMM2 provides modularity flexibility and expands the total capacity/bandwidth.However, SOCAMM2 advantages are tightly aligned with NVIDIA’s rack-level optimization,where maximizing performance-per-watt is paramount. Critically, these benefits comewith trade-offs in capacity, bandwidth, and ecosystem maturity compared with MRDIMM,therefore we expect this solution will remain niche mainly to Nvidia, which we estimated toonly have HSD to LT% in volume in the next few years. Francis Ma+852 2123 2626francis.ma@bernsteinsg.com Kai Zhang+852 2123 2665kai.zhang@bernsteinsg.com Other high-end ARM-based CPU and x86 server CPU likely will remain usingMRDIMM if they want to enjoy better capacity and bandwidth. NVIDIA’s adoption reflects its full-stack control and greenfield design, enabling re-design at rack levelfor their specific target. In contrast, x86 and other ARM CPU vendors are already fullyintegrated with the DDR ecosystem, they will face prohibitive switching costs acrossmemory controllers, platform design, and ecosystem requalification, alongside loss ofbackward compatibility. Meanwhile, MRDIMM continues to offer superior bandwidth (up to1.6TB/s vs 1.2TB/s per CPU) and capacity (up to 16TB vs 1.5TB per CPU) over SOCAMM2,making it difficult for the high end x86 server CPU design to shift module selection. Economic impact on interface chip suppliers is modest.SOCAMM2 introducesincremental chipset content versus soldered LPDDR, but value per module is only a fewdollars, far below DDR5 MRDIMM’s interface silicon content at 50-70 USD, thus indeedif SOCAMM2 became mainstream the memory interface chip TAM will reduce. Yet if thepackage design will remain niche to Nvidia, then the impact to TAM will be limited to theNvidia CPU vol share (HSD to LT%). Small incremental MRDIMM adoption could easilyoffset that impact. Additionally, SOCAMM2 also use some memory interface chip so theshift from LPDDR5 to SOCAMM2 within Nvidia actually brings some upside to the memoryinterface TAM. Rambus holds first-mover advantage at this stage, but we expect Renesasand Montage to catch up quickly given the relatively low technical barriers in SOCAMM2interface chips. We maintain Outperform on Montage and Renesas, with conviction reinforced bylimited substitution risk.SOCAMM2 does not alter the structural dominance of DDR inthe broader server market. For Montage, concerns around displacement are overstated,and the durability of MRDIMM-led growth remains the core investment thesis underpinningour positive view. BERNSTEIN TICKER TABLE INVESTMENT IMPLICATIONS We rate Montage Technology asOutperformand set atarget price of CNY 220 for A shares, based on a 44x P/E multipleapplied to 2BF (2027Q2–2028Q1) earnings. Given the company's high-growth profile and the anticipated new product launchcycle in 2027, we believe a 2BF P/E multiple provides a proper valuation anchor that captures the inflection in the company'searnings trajectory. For H shares, we set a target price of HKD 320. The H share premium reflects that global investors favor Montage as a scarceChina AI-exposed name without direct geopolitical risks, unlike many other Chinese semiconductor companies that face entitylist restrictions or export control headwinds. At our target price, the implied P/E multiple on 2BF EPS for H shares is 56.4x. Renesas:We rate RenesasOutperform, with PT =¥4,200. With a market cap slightly above Montage's, Renesas appearssignificantly undervalued: its memory interface revenue, comparable in scale to Montage's, accounts for only single-digit %of total company revenue—the high-growth business is obscured by its broad product lines. We see re-rating opportunity forRenesas. DETAILS NVIDIA CPU DRAM TECH ROADMAP: FROM SOLDERED LPDDR TO MODULAR SOCAMM2 NVIDIA's server CPU platform is undergoing a key memory architecture transition. The current Grace CPU uses solderedLPDDR5X — high-bandwidth, power-efficient mobile DRAM physically bonded to the motherboard. While this delivers excellentperformance-per-watt, it sacrifices field upgradeability: if memory fails