Core Viewpoint - The company TianShu ZhiXin (09903) has garnered significant investor interest, achieving a subscription multiple of nearly 300 times and raising over 1 billion HKD during its IPO, indicating strong market confidence in its growth potential and product offerings [1][5]. Group 1: Company Overview - TianShu ZhiXin is a leader in the domestic general-purpose GPU sector, with a projected revenue compound annual growth rate (CAGR) of 68.8% from 2022 to 2024, and a continued high growth rate of 64.2% in the first half of 2025 [2]. - The company has a robust research and development (R&D) capability, with R&D expenditures from 2022 to the first half of 2025 amounting to 457 million, 616 million, 772.8 million, and 334 million CNY respectively, representing significant percentages of revenue [2][3]. Group 2: Product Development - The company has developed two main product lines: the TianYai series, which is the first domestically produced general-purpose GPU for AI model training, and the ZhiKai series, designed for inference applications, enhancing integer computation and optimizing data pathways [2][3]. - The product delivery has shown a doubling trend, with shipments increasing from 7,800 units in 2022 to 16,800 units in 2024, and 15,700 units in the first half of 2025 [3]. Group 3: Market Position and Growth Potential - The company is positioned in a high-growth industry, with the AI chip market in China expected to grow at a CAGR of 80.3% from 2022 to 2024, and the domestic GPU market share projected to rise from 8.3% in 2022 to 17.4% in 2024, potentially exceeding 50% by 2029 [3]. - The company is expected to solidify its market leadership, with a projected revenue exceeding 10 billion CNY in the next five years, and a price-to-sales (PS) ratio significantly lower than industry leaders like NVIDIA [4]. Group 4: Investment Appeal - The company’s IPO raised a net amount of 3.479 billion HKD, with 80% allocated for R&D and product commercialization, indicating a strong commitment to innovation and market expansion [4]. - The current market valuation is considered low, presenting a potential opportunity for long-term investors, especially in light of the ongoing AI development wave and domestic substitution trends [5].
超300倍认购，天数智芯暗盘大涨49%的背后逻辑