The Zhitong Finance App learned that Goldman Sachs released a research report stating that it maintains the “buy” rating of Bijiao Technology (06082) and continues to use the 2030 EV/EBITDA discount method to calculate the 12-month target price to reflect the company's long-term growth. The target EV/EBITDA ratio was updated from 36.0 times previously to 36.3 times, discounted until 2027 at the same 12.7% equity cost rate.
According to the report, Goldman Sachs pointed out that the company's revenue for the first half of 2026 was 1,236 billion yuan, up 1998% year on year and 27% month on month, in line with the company's guidelines and expectations. The company's 26H1 revenue was 21% higher than Bloomberg's agreed forecast and 1% higher than the company's guidance. The gross profit for the same period was 527 million yuan, and gross margin was 42.7%. The company's operating expenses for the first half of 2026 were better than the bank's expectations and Bloomberg's agreed expectations, reflecting an improvement in the company's operating efficiency as shipments increased. The company also delivered AI chip computing clusters and SuperPods to customers to improve their AI training and inference efficiency, and enable the company to grasp the growing demand for computing power terminals in the Chinese market.
Goldman Sachs maintained a positive view of the company's subsequent growth, mainly based on four factors: first, rising cloud capital expenditure in the local market; second, AI chip shipments continued to rise; third, upgrading the product portfolio to AI chips with better performance and higher average sales prices; and fourth, expanding the customer base to CSP customers.
In terms of profit forecasting, Goldman Sachs included the results of the first half of 2026 and remained essentially unchanged from 2027 to 2030. The bank generally maintained the 2026 revenue forecast and lowered the 2026 forecast operating expenses rate to reflect rising component costs. As shipments increased, the company's operating efficiency improved. In terms of valuation, the target EV/EBITDA ratio is still based on the relationship between the updated industry's forward EV/EBITDA and the average EBITDA year-on-year growth rate.