Goldman Sachs: Raise the target price of Bibi Technology (06082) to HK$92 and gradually expand the next-generation platform

The Zhitong Finance App learned that Goldman Sachs released a research report stating that it reaffirmed the “buy” rating of Bijiao Technology (06082) and raised the 12-month target price from HK$80.5 to HK$92, optimistic about the company's next-generation GPU product volume, supply management capabilities, and customer expansion.

According to the bank, the company is conducting internal BR200 tests, and after completion, the goal is to enter customer verification; with active inventory management (inventory reached 1.2 billion yuan at the end of the first half of 2026, compared with 949 million yuan at the end of the first half of 2025) and guaranteed production capacity commitments, commercialization is expected to accelerate, and customers cover AI model developers, telecom operators, CSPs and enterprises. The bank expects the company to benefit from China's cloud capital expenditure growth, next-generation AI chip shipments, and further penetration of CSP customers, and expects the capital expenditure of China's leading cloud platforms to increase by 105%, 21%, and 14% year-on-year, respectively, from 2026 to 2028.

According to the bank, the company completed a new round of allotment of shares in October, raising a net capital of HK$4 billion, of which 70% was used for product commercialization, strategic supply chain procurement and production preparation, and 20% was used to enhance R&D capabilities and software ecosystem.

The bank raised the company's profit forecast for each year from 2027 to 2030 by 17%, 18%, 13%, and 9%, respectively, mainly due to higher GPU product revenue, driven by higher average sales prices and continued shipment volume, and lowered gross margin for the same period to reflect changes in the product portfolio.