Investment Rating - The report assigns a rating of 5.7 out of 10 for the IPO of the company, suggesting a recommendation for subscription based on the potential growth in AI computing demand and the company's strong technological barriers and order reserves [16]. Core Insights - The company focuses on general-purpose graphics processing unit (GPGPU) chips and intelligent computing solutions, which are critical for AI model training and inference, positioning itself as a key player in the AI infrastructure market [1]. - The company has achieved significant revenue growth, with projected revenues of RMB 3.37 billion in 2024 and RMB 589 million in the first half of 2025, supported by a strong order backlog totaling RMB 20.63 billion [2][5]. - The Chinese intelligent computing chip market is expected to reach USD 50.4 billion by 2025, indicating substantial growth potential for the company, which aims to capture approximately 0.2% of the market share [3][9]. Company Overview - The company has developed a complete solution comprising hardware systems and software platforms, including PCIe cards, OAM modules, and servers, which enhance energy efficiency in data centers [2]. - The company is the first in China to adopt 2.5D chip packaging technology for dual AI computing bare chips, showcasing its advanced technological capabilities [1][4]. - The company holds a robust patent portfolio with 613 patents granted and 972 pending, indicating strong technical reserves [4]. Industry Status and Prospects - The market is characterized by a concentration of leading players, with the top two companies holding 94.4% of the market share, providing a unique competitive space for the company [3]. - The domestic competition in the intelligent computing chip sector is expected to grow, with local companies projected to increase their market share from 20% in 2024 to 60% by 2029, benefiting the company as a local core enterprise [9]. Advantages and Opportunities - The company has a strong technical barrier and iterative capability, with a high proportion of R&D personnel (83%) and significant investment in R&D, exceeding 70% of total operating expenses from 2022 to 2024 [4]. - The company has a solid order reserve, with 24 unfulfilled binding orders valued at RMB 822 million and additional sales agreements worth RMB 1.241 billion, indicating strong revenue certainty for the future [5]. Commercialization Progress - The company has begun generating revenue from its intelligent computing solutions in 2023, with a steady increase in customer quality, moving from small trial customers to leading enterprises in the ICT and data center sectors [2][5]. - The company operates under a fabless model, focusing on core design and solution integration, allowing for flexible supply chain responses to customer needs [5].
壁仞科技（06082）：IPO点评