Morgan Stanley initiates coverage of CXMT with a 'Buy' rating, target price set at 65 yuan, benefiting from the DRAM super cycle.

Morgan Stanley initiates coverage of CXMT with a 'Buy' rating, target price set at 65 yuan, as the company is in a phase of rapid production capacity expansion and has a higher P/E ratio than its peers; Morgan Stanley views CXMT as China's largest DRAM manufacturer, ranking fourth globally, and is optimistic about its profitability during the DRAM super cycle and the growth opportunities in China's AI/data center sectors.