Bank of America Securities: Target price of HK$1,013 for the first deposit day, Smartchip (09903) “Buy” rating

The Zhitong Finance App learned that Bank of America Securities released a research report saying that for the first time, Tiansu Zhixin (09903) was given a “buy” rating, with a target price of HK$1,013. It believes that the company is a leading general graphics processor (GPGPU) company in China. Under the trend of localization, it is expected to benefit from the booming growth of the AI accelerator market in China. Coupled with new product launches and customer expansion, the market share increase, and diversified supply chain strategies support the expansion of revenue scale and are optimistic about its prospects.

Bank of America Securities predicts that Tianshu Zhixin's compound annual revenue growth rate from 2025 to 2028 will reach 145%. The adjusted net profit will change from a loss of 438 million yuan in 2025 (same below) to profit of 18 million yuan in 2026. Net profit is expected to increase to 2,338 billion yuan next year, further increase to 5.443 billion yuan in 2028, and the net profit margin is expected to reach 32.3% in 2028.