The Zhitong Finance App learned that Taiming Securities released a research report stating that it maintains the Guangdong-Hong Kong Bay Intelligent Computing (01396) “buy” rating, with a target price of HK$36 for 12 months, with a potential increase of 255.0%. The bank believes that the continuous expansion of the billing base supports the rapid growth of the company's profits, the extension of the service network and the development of token services will open up room for growth, and the improvement in transaction liquidity is expected to further drive the company's value revaluation. In 2026-2028, the Group's net profit is expected to reach 675 million yuan, 1,315 billion yuan and 2,806 billion yuan, a compound increase of 103.9% over the two years.
The main views of Taiming Securities are as follows:
The results for the first half of the year were realized, and the net profit forecast to mother was raised to 675 million yuan
The company's revenue for the first half of the year was 2,559 million yuan, and net profit to mother was 275 million yuan. The half-year revenue scale of the Group's AI business has surpassed that of Tienton Data for the full year of 2025. The AI computing power technology service gross profit margin was 35.5%, contributing about 92% of the Group's gross profit base, and the large-scale profit base was further consolidated.
Order delivery has been accelerated, and the future revenue base will continue to expand
The disclosure scale of stable billing orders increased from over 15 billion yuan at the time of the annual report to over 20 billion yuan at the end of August; the cumulative delivery of new orders in the first half of 2026 increased from over 2 billion yuan at the end of June to over 4 billion yuan at the time of the announcement in August, and the speed of delivery accelerated. Intended orders have exceeded 37 billion yuan, and the scale of support delivery and billing continues to grow rapidly.
Token service and application incubation are expected to expand growth space
The Greater Bay Area's inference computing power and the Nansha platform connect supply and demand with the Northern Term Base, and the overseas layout extends the scope of services. Quantum calling and inference optimization supports per-token billing, and AI applications that have been incubated one after another expand the computing power portal, which is expected to drive continuous calls and customer accumulation.
Improved financing is a booster for growth
The US dollar debt-to-equity swap was completed, and the cost of additional borrowing was reduced to 3.5%; equipment financing, shares in listed companies, and local project capital jointly broadened the sources of funding. The subscription price for two additional shares issued in 12 months was raised from HK$6 to HK$11.75, which significantly improved capital efficiency per share. Improved financing and order delivery mutually reinforce each other.
Key risks
Delivery and billing progress, equipment renewal and pricing, financing and repayment, overseas execution, share dilution and liquidity.