Investment Rating - The report suggests a cautious subscription for the company [2] Core Insights - The company develops General-Purpose Graphics Processing Unit (GPGPU) chips and AI computing solutions, providing essential computational power for artificial intelligence (AI) [2] - The company's GPGPU-based solutions have strong performance and efficiency in training and inference of large language models (LLMs), giving it a competitive edge in the domestic market [2] - The Chinese smart computing chip market is expected to reach USD 50.4 billion by 2025, with the company aiming for a market share of approximately 0.2% [2] - The global smart computing chip market is projected to grow from USD 6.6 billion in 2020 to USD 119 billion by 2024, with a compound annual growth rate (CAGR) of 106.0% [2] - The company’s revenue for 2022 to 2024 is projected to be RMB 0.5 million, RMB 62.03 million, and RMB 336.8 million, with net losses of RMB -1,474.31 million, RMB -1,743.95 million, and RMB -1,538.1 million respectively [2] - The GPGPU market has significant long-term growth potential and is currently in a rapid development phase [2] - The company's Hong Kong IPO valuation is approximately 117 times price-to-sales (PS) for 2024, leading to a recommendation for cautious subscription due to unclear profitability timeline [2]
壁仞科技（06082）：IPO申购指南