#GoldmanSachsBullishOnCXMT

Goldman Sachs Bullish on CXMT
Goldman Sachs has initiated coverage of ChangXin Memory Technologies (CXMT) with a Buy rating and a 12-month price target of CNY 129, highlighting the Chinese DRAM maker’s growth potential.
The investment case is built around three major trends: rising AI-driven memory demand, expanding production capacity and increasing demand for domestically produced DRAM in China. Goldman expects CXMT’s monthly wafer capacity to increase from about 270,000 wafers in 2026 to 447,000 in 2028 and 665,000 by 2030.
The bank also estimates CXMT could eventually supply around 50% of China’s DRAM demand by 2028, while its high-bandwidth memory (HBM) business could become increasingly important. Goldman forecasts HBM’s revenue contribution rising from about 2% in 2026 to 27% by 2030.
However, the bullish outlook depends on successful capacity expansion, product qualification, improving yields, strong DRAM pricing and higher margins. CXMT still faces technological and geopolitical challenges against global leaders such as Samsung, SK Hynix and Micron.