算力为王，通用GPU量产标杆天数智芯如何成为AI时代的“硬通货”？

Core Viewpoint - The future of TianShu ZhiXin is positioned as a "hard currency" in the AI era, with potential for generating excess alpha through its leading R&D, integrated hardware and software, and a commercial closed-loop model [2][5]. Company Overview - TianShu ZhiXin has successfully passed the Hong Kong Stock Exchange hearing and is set to begin its IPO process, aiming for a listing on January 8, 2026, filling a gap in the Hong Kong market for general-purpose GPU core assets [3]. - The company is recognized as a benchmark for domestic general-purpose GPU mass production, having overcome critical technological challenges with its pioneering 7nm advanced process technology [3][12]. Financial Metrics - TianShu ZhiXin's market capitalization at the IPO price is estimated at 367.74 billion HKD (approximately 331.27 billion RMB), with a revenue of 540 million RMB last year, resulting in a price-to-sales (PS) ratio of about 61.35 times [3][4]. - In comparison, the PS ratios for newly listed peers, MoEr Thread and MuXi Co., were significantly higher at 644.41 times and 446.89 times, respectively [4]. Market Position and Growth Potential - The company is projected to achieve a market value potentially reaching 100 billion RMB post-IPO, driven by the increasing demand for AI infrastructure and general-purpose GPUs [5]. - The general-purpose GPU market in China is expected to grow from 154.6 billion RMB in 2024 to 715.3 billion RMB by 2029, indicating a 4.6-fold increase [38]. R&D and Innovation - TianShu ZhiXin has invested nearly 2.3 billion RMB in R&D over the past three and a half years, with a significant focus on developing its next-generation products [11][16]. - The company has successfully launched its TianVai and ZhiKai series of GPUs, which support large-scale AI models and have achieved significant performance improvements [13][15]. Business Model and Ecosystem - The company has established a comprehensive ecosystem by integrating hardware and software, ensuring compatibility with various CPU architectures and optimizing its software stack for mainstream AI frameworks [25][27]. - TianShu ZhiXin has served over 290 clients across various sectors, delivering more than 52,000 general-purpose GPU chips and completing over 900 deployments [29]. Financial Performance - The company has demonstrated a compound annual growth rate (CAGR) of 68.8% in revenue from 2022 to 2024, with a revenue of 324 million RMB in the first half of 2025, reflecting a year-on-year growth of 64.2% [30]. - The gross margin for the first half of 2025 improved to 50.1%, indicating a positive trend in profitability [32]. Strategic Vision - The IPO will raise approximately 3.479 billion HKD, aimed at furthering R&D for next-generation products and enhancing collaboration within the industry [41]. - The company is positioned as a key player in the AI infrastructure landscape, contributing to the establishment of a robust domestic GPU ecosystem [19][41].