#GoldmanSachsBullishOnCXMT

Goldman Sachs has initiated coverage on ChangXin Memory Technologies, CXMT, with a Buy rating and a 12 month price target of CNY 129. The bullish view is built around three major themes, rising AI driven memory demand in China, aggressive capacity expansion, and stronger domestic substitution in the DRAM market.

Goldman Sachs estimates CXMT monthly wafer capacity could increase from around 270,000 wafers in 2026 to 447,000 in 2028 and potentially 665,000 by 2030. The bank also expects CXMT to strengthen its position in China’s DRAM supply chain, with HBM becoming an increasingly important part of the company’s future revenue mix.

The bigger story is the combination of AI, memory demand and technological self reliance. As AI infrastructure expands, demand for advanced memory continues to grow, creating opportunities for companies capable of increasing production and improving product quality.

However, investors should remember that bullish forecasts depend on several factors, including successful capacity expansion, customer qualification, product upgrades, DRAM pricing and improving margins.

CXMT is becoming an important company to watch as China’s semiconductor industry develops. Goldman Sachs’ Buy rating highlights the potential, but the execution story will ultimately determine whether CXMT can deliver on these ambitious expectations.

This is not financial advice. Always conduct your own research and manage risk carefully.

#GoldmanSachsBullishOnCXMT
@Gate_Square