SDIC Securities International: Easway Computing (01256) offering valuation already reflects RISC-V computing chip growth rights recommendations for prudent financing

The Zhitong Finance App learned that SDIC Securities International released a research report saying that the offering price of SDIC Securities (01256) is HK$1.48-1.59, corresponding to a total market value of HK$325-35 billion, corresponding to a market sales rate of 11.4 to 12.3 times in 2025. Compared with traditional DDDIC manufacturers such as Lianyong Technology and Scenic Optoelectronics, the P/S of traditional DDIC manufacturers such as Lianyong Technology and Scenic Optoelectronics is 1.3 times to 3.3 times, compared to 10.5 times that of domestic A-share RISC-V chip companies Lexin and 10.8 times that of Zhongke Lanxun. The bank believes that the prospectus valuation already reflects the long-term growth rights of RISC-V computing chips, that there is limited room for valuation to rise, and that subsequent stock prices may be more dependent on the implementation of new business results. Considering valuation, prospects, business topics, and no green shoes, it is recommended to refer to the popularity of subscription, careful financing, and appropriate cash purchases.

SDIC Securities International's main views are as follows:

Company Overview

Easway Computing is a Fabless chip, software and hardware integration solution provider with a self-developed RISC-V architecture as the core. The main products include two categories: one is human-computer interaction and multimedia processing chip products, which are used in home, office and portable scenarios, such as TVs, monitors, notebook computers, mobile phones and watch displays; the other is interconnect and computing chip products, which are mainly used in automobiles, robots and industrial scenarios. Customers mainly include AIoT, consumer electronics, technology companies and distributors.

According to Frost & Sullivan data, in terms of revenue in 2025, the company's share of the smart terminal human-computer interaction chip market in China was 5.7%, ranking 4th; the market share in RISC-V main control chip products was 1.2%, ranking 5th.

Financial performance

In 2023-2025, the company's total revenue was 1.8 billion yuan, 2 billion yuan and 2.4 billion yuan respectively, with a year-on-year increase of 16% in 2024 and a 20% year-on-year increase in 2025; revenue for the first quarter of 2026 was 500 million yuan, up 18% year on year. In 2023-2025, the company's gross profit was 270 million yuan, 360 million yuan and 450 million yuan respectively, of which the year-on-year increase was 32% in 2024 and 27% year-on-year increase in 2025. The gross margin for the same period was 15%, 18% and 19% respectively; adjusted net losses were 1.7 billion yuan, 1.4 billion yuan and 1.2 billion yuan respectively.

Status and prospects of the industry

According to Frost & Sullivan data, China's smart terminal human-computer interactive chip product market in 2025 is 32.5 billion yuan, up 10% year on year, and is expected to increase to 50.9 billion yuan by 2030, and the expected compound annual growth rate is 9%; in 2025, China's smart terminal multimedia processing chip product market size is 29 billion yuan, up 5% year on year, expected to increase to 36.4 billion yuan by 2030, and 6% compound annual growth rate from 2025 to 2030.

Advantages and opportunities

China Investment Securities International pointed out that the company has a dual business layout, human-computer interaction chips form a stable revenue chassis, self-developed RISC-V core supports integrated software and hardware delivery, and expands intelligent computing scenarios; the company has a full-stack self-developed RISC-V architecture, which can perform external IP licensing; at the same time, one-time disruptions in the sealing and testing supply chain are repaired, and depreciation pressure on interconnected chip stocks is released in stages.

Funding raised and its use

The company expects to raise a median amount of HK$2.3 billion. The nine cornerstone investors subscribed for a total of HK$1.16 billion, accounting for 48%-50% of the issued shares, including Yitang Shenghai Fund, Hefei Construction Investment, and Haiyao Industrial. In terms of planning future use of capital, 35% is used for human-computer interaction, multimedia processing chips, interconnection and computing chip R&D iterations, 30% is used for software and hardware technology platform capabilities, 15% is used for potential strategic mergers and acquisitions, 10% is used for global commercial networks, and 10% is used to supplement operating capital.