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JPM Initiates Tianshu Zhixin (09903.HK) with Overweight, TP HKD620; Expects More Orders
Recommend 4 Positive 13 Negative 9 |
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JPMorgan released a research report stating that amid uncertainties surrounding NVIDIA (NVDA.US) GPU supply, the availability of foundry services, rather than chip performance, has become the key bottleneck, especially for second-tier domestic AI chip suppliers. The bank believes that Tianshu Zhixin (09903.HK) can leverage foundry services from both domestic and international suppliers through its product portfolio. As a result, it expects the company to secure more design orders from leading cloud service providers in China due to its sufficient supply. In addition, the companys customer-optimized products are suitable for prefill/decoding (P/D) disaggregated infrastructure, which can significantly enhance inference efficiency. JPMorgan initiated coverage on Tianshu Zhixin with an "Overweight" rating and a TP of HKD620 through June next year, implying a forecast 20x forward price-to-sales ratio. The bank expects the companys sales CAGR to reach 102% from 2026 to 2028 and forecasts the company to turn profitable in 2027, with estimated adjusted earnings of RMB2.88 million. JPMorgan projects Tianshu Zhixins revenue to reach RMB2.951 billion in 2026 and RMB5.569 billion in 2027. (ss/w) This article was automatically translated by AI, the Chinese version should be considered the authoritative version. AASTOCKS.com Limited does not guarantee its accuracy or completeness and accepts no liability for any damages or losses arising from the use of this translation. Auto-translated by AI AASTOCKS Financial News |
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