大行评级丨里昂：上调英诺赛科目标价至113.6港元 重申“跑赢大市”评级

Core Viewpoint - The report from Citi highlights NVIDIA's promotion of a new 800VDC AI server architecture aimed at improving power efficiency, expected to launch in 2027 [1] Group 1: Market Potential - The design demonstrates the demand for gallium nitride (GaN) in AI servers, with an estimated total addressable market (TAM) of $10 billion [1] - Innovasea, in collaboration with NVIDIA, is identified as the only supplier capable of providing a complete GaN solution [1] Group 2: Company Performance - Innovasea holds a 30% market share, translating to a potential revenue share of approximately $21 billion [1] - Citi has raised its target price for Innovasea to HKD 113.6, reiterating a "outperform" rating [1]