Shenwan Hongyuan Securities·2026-01-04 13:07Investment Rating - The report maintains a positive outlook on the industry, indicating a "Buy" rating for the sector [1]. Core Insights - The report highlights significant developments in the semiconductor and AI sectors, particularly focusing on companies like Wallran Technology and TianShu Intelligent Chip, which are preparing for IPOs and showcasing innovative GPU products [3][28]. - The report emphasizes the rapid growth of revenue in AI-related businesses, with companies like Zhipu and MiniMax leading the way in large model commercialization [39]. Summary by Sections Wallran Technology - Wallran Technology is set to launch its IPO on January 8, 2026, and has developed a range of GPGPU chips and intelligent computing solutions, with significant revenue growth from 0.499 million in 2022 to 58.9 million in 2025H1 [3][4]. - The company has a strong team with backgrounds from major tech firms like AMD and Huawei, focusing on GPGPU architecture and software platforms [4][5]. - Wallran's core products include the BR106 and BR110 series, with a sales volume of 9,344 units for BR106 in 2024 and a projected revenue of 1.24 billion from orders [26][21]. TianShu Intelligent Chip - TianShu Intelligent Chip commenced its IPO process on December 30, 2025, and has developed a comprehensive product line for AI computing, including the TianGai series for training and the ZhiKai series for inference [28][32]. - The company has achieved significant milestones, including the launch of its second-generation training product, TianGai Gen 2, and has a strong financial backing from notable investors [29][32]. - The average selling price for TianGai products is between 30,000 to 40,000 yuan, while ZhiKai products average around 10,000 yuan [34]. Zhipu - Zhipu has established itself as a leader in the B-end localization deployment of AI models, achieving a revenue of 310 million in 2024, with a year-on-year growth of 150.9% [42]. - The company focuses on a comprehensive AI model suite, including language, multi-modal, and intelligent agent models, with a strong emphasis on R&D and high gross margins in localized deployments [41][44]. - Zhipu's models have been adopted by over 8,000 institutional clients, showcasing its significant market presence [47]. MiniMax - MiniMax, founded in 2021, emphasizes efficient model architecture and rapid commercialization of AI products, with a significant portion of its revenue coming from overseas markets [39][50]. - The company has released several innovative products, including the Hailuo AI video generation platform and the M2 series models, which enhance coding capabilities across multiple programming languages [50]. - MiniMax's business model focuses on direct sales and expanding its distribution network, with a notable decrease in revenue concentration from its top clients over recent years [36].