壁仞科技：AI 训练、推理领域的本土 GPU 龙头；首次覆盖给予 “买入” 评级，目标价 54 港元

9 February 2026 | 8:59PM HKT Equity Research Biren (6082.HK) Local GPU leader for AI training/ inferencing; Initiate at Buy with TP at HK$54 6082.HK 12m Price Target: HK$54.00 Price: HK$33.66 Upside: 60.4% Biren is a local GPU leader, and we expect the company's AI training/ inferencing GPU business to achieve a 101% CAGR in 2025-30E, driven by (1) rising China Cloud Capex spending, indicating a ramp up in AI infrastructure within China following the launch of leading local foundation models in late 2024, ( ...