Bank of America Securities first rated the domestic computing power circuit, Tianshou Zhixin (09903): AI localization dividends continue to release a target price of HK$1,013

The Zhitong Finance App learned that recently, the international investment bank Bank of America Securities (BofA) completed its first coverage of Tianshu Zhixin (09903), with a target price of HK$1,013.

According to the report, Tianshu Zhixin is the leading domestic general computing GPU (GPGPU) manufacturer, and has two major product lines: Tianyu and Zhikai. Institutions are optimistic about the company's development mainly based on three core logics: first, under the domestic substitution trend, the company will fully benefit from domestic AI to accelerate the rapid expansion of the chip market; second, as new products are launched and continue to develop large terminal customers, the company's market share will steadily increase; and third, diversified supply chain layout can support continuous revenue growth.

Domestic demand for AI computing power continues to expand, and demand for computing power in inference scenarios is growing rapidly. Combined with restrictions on imports of high-end GPUs from overseas and support from domestic semiconductor support policies, localization has become a long-term structural trend. The agency predicts that the domestic AI acceleration chip market will grow from 32 billion US dollars in 2025 to about 90 billion US dollars in 2028, with a compound market growth rate of 41%; Tianshu Zhixin products cover all training and reasoning scenarios, and are expected to fully seize the industry's growth opportunities.