壁仞科技港股鸣锣：千亿市值背后，资本市场在买什么？

Core Viewpoint - The successful listing of Wallen Technology marks a significant milestone for domestic GPU companies, highlighting the critical need for China to establish its own computing power supply capabilities in the context of AI becoming a key driver of the global economy [1][22]. Market Overview - The global intelligent computing chip market is projected to grow from $6.6 billion in 2020 to $119 billion by 2024, with a compound annual growth rate (CAGR) of 106%, and expected to reach $585.7 billion by 2029, maintaining a CAGR of 37.5% from 2024 to 2029 [2]. - China's intelligent computing chip market is anticipated to reach $201.2 billion by 2029, with a CAGR of 46.3% from 2024 to 2029, significantly outpacing the global average [3]. Competitive Landscape - The intelligent computing chip market is highly concentrated, with NVIDIA dominating globally, while the top two players in China are expected to hold 94.4% of the market share by 2024, leaving over 15 participants with less than 1% each [3][4]. - In the GPGPU sector, the top two players are projected to account for 98% of the market share in 2024, indicating a significant concentration of power [4]. Technological Innovation - Wallen Technology adopts a Chiplet architecture, which allows for greater flexibility, scalability, and cost efficiency, addressing the challenges of rising costs and declining yields in traditional single-chip designs [6][10]. - The BR166 GPGPU chip, utilizing Chiplet technology, demonstrates a twofold improvement in key performance metrics compared to its predecessor, the BR106 [6][9]. System-Level Delivery - Wallen Technology emphasizes its system-level delivery capabilities rather than just chip performance, positioning itself as a provider of comprehensive intelligent computing solutions rather than merely a GPU supplier [10][13]. - The company has developed a complete hardware ecosystem that includes PCIe, OAM, and server products, along with a self-developed software platform to optimize performance and manage large-scale GPGPU clusters [12][13]. Financial Performance - Wallen Technology's revenue grew from 62 million yuan in 2023 to 336.8 million yuan in 2024, representing a growth of over 400%, with continued growth into 2025 [16][17]. - The company recorded gross profits of 47.4 million yuan and 179.2 million yuan in 2023 and 2024, respectively, with gross margins of 76.4% and 53.2% [18]. Research and Development - Wallen Technology has maintained high R&D expenditures, with 1.018 billion yuan in 2022, 886 million yuan in 2023, and 827 million yuan in 2024, reflecting a commitment to innovation in a capital-intensive industry [19][21]. - The company is advancing its next-generation flagship data center chip, BR20X, expected to be commercialized in 2026, which aims to enhance efficiency in large model training and inference [21]. Conclusion - The success of Wallen Technology's listing and its strategic focus on engineering solutions and system-level delivery reflect a broader trend in the Chinese GPU industry towards achieving self-sufficiency in computing power, essential for supporting the digital economy [22].