《Large Banks》 BofA Securities initiates coverage on TianShu Zhixin (09903.HK) with a “Buy” rating; target price: 1,013 yuan

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Bank of America Securities released a research report, giving TianShu Zhixin (09903.HK) its first-ever rating of “Buy” with a target price of 1,013 yuan. The report noted short selling of 110.800 (-18.685%) totaling $393 million, with a ratio of 16.927%. Bank of America believes the company is a leading general-purpose graphics processing unit (GPGPU) enterprise in China, and expects it to benefit from the booming growth of China’s AI accelerator market under the trend of localization. It also expects market share to rise thanks to the launch of new products and customer expansion, with revenue scale expansion supported by a diversified supply-chain strategy, and is optimistic about its prospects.

Bank of America forecasts that TianShu Zhixin’s revenue compound annual growth rate will reach 145% from 2025 to 2028. Adjusted net profit is expected to turn from a 2025 loss of RMB 438 million (same below) to a profit of RMB 18 million in 2026. Next year, net profit is expected to increase to RMB 2.338 billion, and further to RMB 5.443 billion in 2028. The net profit margin for 2028 is forecast to reach 32.3%. (gc/da) (Hong Kong stock quotes are delayed by at least fifteen minutes. Short selling data as of 2026-07-10 12:25.)

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