Innogrit benefits from expanding AI inferencing demand, with AI SSDs and PCIe Gen6 migration becoming the main growth drivers

Overview

This report is a meeting memo from Goldman Sachs' China Private Tech Tour, recording an exchange with Innogrit's CEO in Shanghai on April 22, 2026. Innogrit is a private company providing storage controller ICs and SSD solid-state storage products. Management highlighted the company's competitive advantages in technology, product coverage, customer base, and supply chain, and believes that growing global AI inferencing demand will increase the importance of AI SSDs.

Core views

The core view is that growing AI workloads are shifting storage solutions from a traditional supporting component to a critical component affecting inferencing efficiency. Through self-developed controller chips and AI SSD products, Innogrit aims to reduce inferencing latency for AI applications, especially AI agents at runtime. Management remains optimistic on AI inferencing demand and is firmly advancing the migration to PCIe Gen6 technology, which it believes will support the company's future shipments and growth.

Analysis framework

The report is based on management meeting notes and company product information, analyzing competitive advantages, AI SSD demand, technology migration, and read-across to comparable companies. Goldman Sachs further maps Innogrit's positive comments on the importance of AI storage to Montage, believing Montage can benefit from rising demand for cloud computing and AI infrastructure interconnects, while driving product mix upgrades through new products such as PCIe Retimer, DDR5 MRCD/MDB, DDR5 CKD, and CXL MXC.

Methodology notes

• meeting notesPrivate Tech Tour management exchange

  Extract technology roadmaps, demand trends, and competitive advantages through communication with company management.

  The report mainly comes from Goldman Sachs' exchange with Innogrit's CEO during the China Private Tech Tour, with a focus on management's comments regarding AI SSDs, PCIe Gen6, and customer demand.

• read-across analysisRead across to Montage

  Map a private company's management comments on industry demand to investment views on related listed companies.

  The report reads through Innogrit's positive tone on the growing importance of storage in AI applications to Montage, believing it is poised to benefit from AI infrastructure interconnect demand.

• factor frameworkGS Factor Profile

  Goldman Sachs' factor profile compares stocks across Growth, Financial Returns, Multiple, and Integrated dimensions.

  The disclosure appendix explains that the GS Factor Profile measures a stock's position relative to the market and industry peers using growth, financial returns, valuation multiples, and integrated metrics, but the main body of this report does not provide specific factor scores for Innogrit.

• M&A frameworkM&A Rank

  Goldman Sachs uses a score of 1 to 3 to assess the potential probability that a covered company will be acquired.

  The disclosure appendix explains that M&A Rank 1 represents high probability, 2 represents medium probability, and 3 represents low probability; this report does not disclose a specific M&A Rank for Innogrit.

Asset mapping & comparison

Structured mapping from thesis to named assets (strengths, weaknesses, peers, risks).

• Innogrit

  main company in the report, private company

  Strengths

  self-developed storage controller chips, AI SSD products, coverage across consumer/enterprise/industrial segments, diversified customer base, relatively strong supply chain stability.

  Weaknesses

  The report does not disclose financial data, valuation, earnings forecasts, or a formal rating, and publicly verifiable information is limited.

  Comparison

  Management stated that its PCIe Gen6 AI SSD plan and random read performance reflect technology leadership relative to peers.

  Risks

  AI inferencing demand falls short of expectations, PCIe Gen6 mass-production progress is delayed, customer adoption is slower than expected, and competition in NAND and SSD intensifies.

• Montage(A/H)

  industry read-across name

  Strengths

  Goldman Sachs believes it can benefit from demand for cloud computing and AI infrastructure interconnects, while expanding into new products such as PCIe Retimer, DDR5 MRCD/MDB, DDR5 CKD, and CXL MXC.

  Weaknesses

  The report does not elaborate on detailed financial forecasts or valuation assumptions for Montage.

  Comparison

  Innogrit management's positive comments on the growing importance of AI storage align with Goldman Sachs' positive view on Montage.

  Risks

  A slowdown in AI infrastructure investment, weaker-than-expected ramp-up of new products, or industry competition and pricing pressure.

Key data

• meeting date2026-04-22Goldman Sachs hosted Innogrit's CEO in Shanghai during the China Private Tech Tour.
• Private Tech Tour dates2026-04-20至2026-04-28The illustration on the report cover and the main text mention this event window.
• number of self-developed mass-produced chips10款Innogrit has 10 self-developed chips in mass production.
• PCIe Gen6 AI SSD plan2026年底开始生产Management said the company aims to begin producing PCIe Gen6 AI SSDs by the end of 2026.
• Dongting N3X SSD launch date2025年The product integrates XL-Flash and SLC NAND to deliver data to GPUs faster.
• Montage(A) rating and target priceBuy，Rmb163.50Rating and target price for the relevant covered name as shown on the disclosure page.
• Montage(H) rating and target priceBuy，HK$227.80Rating and target price for the relevant covered name as shown on the disclosure page.
• Goldman Sachs global equity coverage rating distributionBuy 50%，Hold 34%，Sell 16%As of April 1, 2026, Goldman Sachs Global Investment Research covered 3,074 stocks.

Impact & implications

If AI inferencing demand continues to grow, the importance of low-latency, high-bandwidth storage and controller chips may increase, benefiting Innogrit's AI SSD and PCIe Gen6 roadmap. At the listed-company level, the report emphasizes that Montage can benefit from demand for cloud computing and AI infrastructure interconnects, while expanding with new products to support product portfolio upgrades and earnings growth.

Risks

• Growth in AI inferencing demand is lower than management expects.
• Mass production or customer validation of PCIe Gen6 AI SSDs progresses more slowly than the end-2026 target.
• The actual improvement in customers' overall inferencing efficiency from AI SSDs is below expectations.
• Competition in storage modules, SSDs, and controller chips intensifies, potentially affecting pricing and margins.
• Supply chain issues, NAND price fluctuations, or customer concentration may affect delivery and earnings stability.
• The report does not provide Innogrit financial data or valuation, limiting the quantifiability of the investment view.

What to watch

• Progress of Innogrit's PCIe Gen6 AI SSD mass production by the end of 2026.
• Customer validation, shipments, and performance feedback for the Dongting N3X SSD in AI inferencing scenarios.
• Whether global AI inferencing demand continues to drive upgrades to low-latency storage solutions.
• Order momentum and adoption pace from AI server vendors, CSPs, and storage module customers.
• Progress of Montage's new products including PCIe Retimer, DDR5 MRCD/MDB, DDR5 CKD, and CXL MXC.
• Changes in pricing and competitive dynamics across the NAND, SSD, and storage controller IC supply chain.