The Zhitong Finance App learned that Guoxin Securities released a research report stating that it covered Guangdong-Hong Kong Bay Intelligent Computing (01396) for the first time and gave it a “superior to the market” rating. The reasonable valuation was HK$15.53-17.09. The bank estimates that the revenue for 2026-2028 will be $4,599 billion, $9.041 billion and $14.329 billion, respectively, and net profit to mother will be $680 million, $1,230 million and $1,892 billion respectively.
Guoxin Securities's main views are as follows:
Guangdong-Hong Kong Bay Intelligent Computing focuses on intelligent computing infrastructure construction and builds full-stack service capabilities
The company has built a two-wheel drive business model of “hardware infrastructure+software cloud platform” with the wholly-owned subsidiary Tienton Data as the business core. At the bottom of the hardware level, the company has built more than 30,000 high-power cabinets nationwide, and the FP16 dense computing power cluster is over 5P, and has maintained rapid growth. It is the first batch of one-stop technical service providers for high-end computing power 10,000 card clusters in China. It has practical experience in multiple 10,000 card clusters, and serves more than 200 enterprise-level customers including domestic Internet technology companies, operators, and financial institutions. On the software scheduling side, the company independently developed a “quantum career” computing power cloud platform, which can achieve efficient management and intelligent scheduling of computing power across regions and heterogeneous computing power.
Demand for intelligent computing power is growing rapidly, and the company followed the trend and entered the computing power leasing sector
Scaling Law is currently expanding from pre-training to post-training and inference stages. Based on algorithm innovations such as reinforcement learning and thought chains, investing more computing power in post-training and inference stages can further greatly improve the deep thinking ability of large models. According to data disclosed by IDC, China's intelligent computing power scale is 1371.1 EFLOPS in 2025, and is expected to reach 10524.3 EFLOPS in 2030, corresponding to a CAGR of 50.3% from 2025 to 2030.
The company completed the acquisition of Tienton Data in October 2025 and began to fully deploy the computing power leasing sector. According to the “Voluntary Announcement - AI Business Progress Update” issued by the company on July 3, 2026, the amount of new AI computing power cloud service delivery orders in the first half of 2026 exceeded RMB 2 billion, and more than 95% of orders were long-term contracts with a period of 5 years.
The company has sufficient resources such as land and capital, and the business is expected to expand further
According to the company's 2026 interim report data, the company has now delivered and operated the first tier of the FP16 dense computing power cabinet industry, with planned orders exceeding 37 billion yuan, and the delivered and stable billing scale exceeding 20 billion yuan, which can guarantee cash flow for the next 3-5 years. At the same time, the total amount of credit granted by the company from financial institutions exceeds RMB 50 billion, laying a solid foundation for further expanding the AI computing power infrastructure business. According to the “Voluntary Notice” issued by the company on October 31, 2025, the company still has about 1.4 million square meters of land reserves. Relevant resources are sufficient, and the business is expected to expand further.
Profit forecasting and valuation
Guoxin Securities believes that Guangdong-Hong Kong Bay Intelligent Computing has completely transformed into an AI intelligent computing technology service provider and ecosystem construction platform, with planned orders exceeding 37 billion yuan. The bank estimates that the revenue for 2026-2028 will be $4,599 billion, $9.041 billion and $14.329 billion, respectively, and net profit to mother will be $680 million, $1,230 million and $1,892 billion respectively. The bank gave the company 20-22 times PE in 2027, with a corresponding valuation range of HK$24.598 billion to HK$27.058 billion, corresponding to a stock price of $15.53-17.09, covering and giving it a “superior to the market” rating for the first time.
Risk Alerts
The risk of high-end server acquisition channels converging, the risk of falling monthly rental prices and falling gross margins, and the risk that customer-side orders fall short of expectations, etc.