Research on the evaluation of growth capability of hard-tech enterprises—based on the financial data of Montage Technology from 2021 to 2025
Abstract
After selecting data of Montage Technology from 2021 to 2025, one can observe a growth process that is not neatly linear. The overall scale expanded over the five years, yet the differences between years were large. Based mainly on the company's annual reports, this paper continuously observes the changes in operating revenue, profit, R&D expenses, assets, and equity, and uses relevant data from the Science and Technology Innovation Board as a reference. There is a time lag between input and output in the chip design business: R&D occurs first, and sales may only form after sample production, validation, and customer introduction are completed; meanwhile, fluctuations in the server and storage markets also affect orders. In 2023, the company's revenue and profit clearly fell, and then recovered in 2024–2025 with the DDR5 upgrade, shipment of new products, and increased demand from AI servers. In 2025, operating revenue grew 49.94% year-on-year and R&D investment intensity was 16.77%. Therefore, this paper's judgment of the company is not simply "fast growth", but rather a strong growth foundation coupled with pronounced volatility; customer structure, revenue sources, and the external manufacturing dependence under the Fabless model still require continued attention.
