Core Viewpoint - Jefferies reports that Innoscience has significant long-term upside potential, maintaining a "Buy" rating with a target price of HKD 54.29 [1] Group 1: Market Potential - Jefferies estimates the Total Addressable Market (TAM) for Innoscience's NV72 (based on GB200) to be approximately USD 1.5 billion, and USD 2.5 billion when including ASICs from cloud service providers [1] - Assuming a 50% market share for Innoscience, with a net profit margin of 25%, the recent market capitalization increase of USD 1.5 billion reflects only a 5x price-to-earnings ratio of potential profits from AI servers [1] Group 2: Future Projections - Jefferies anticipates that mass production will begin in 2027, although the quantifiable potential is still considered premature as the 800VDC architecture and Ruben chip design have not been finalized [1] - The firm acknowledges that further profit-taking after the recent price surge would not be unexpected [1]