The Zhitong Finance App learned that DBS released a research report saying that the first “buy” rating was given to Bijiao Technology (06082), with a target price of HK$54.46, indicating that the company is a genuine full-stack GPGPU platform, covering chips, BIRENSUPA software stacks and supernode systems, and has locked in domestic foundry production capacity; the bank believes that the company is currently at an inflection point in the localization of China's artificial intelligence computing power, and expects the 2027 fiscal year to be the company's profit inflection point.
According to DBS, the BR20X next-generation chip entered commercial sales in the fourth quarter of this year and was delivered in the 2027 fiscal year. It is estimated that the revenue of the BR20X will reach 18.2 billion yuan and 32.5 billion yuan respectively, with shipments of 70,000 and 130,000 units, accounting for 91% and 65% of total revenue respectively, driving the Group's 2027 and 2028 revenue to 19.9 billion yuan and 50 billion yuan, up 680% and 151% year-on-year.
The bank believes that it is currently at an inflection point in the localization of artificial intelligence computing power in China. As restrictions on foreign chips shift the capital expenditure of cloud service providers to domestic GPU suppliers, Alibaba-W (09988), Tencent Holdings (00700), and ByteDance are speeding up investment in AI, and demand is visible in the next few years.
The bank expects the 2027 fiscal year to be the inflection point of the company's profit. Next year's net profit is expected to reach 2.9 billion yuan, and the 2028 fiscal year is expected to rise to 7.5 billion yuan.