Yamato: Raising the target price of Wall Technology (06082) to HK$130 and reaffirms the “buy” rating

The Zhitong Finance App learned that Yamato released a research report stating that it raised the target price of Bijiao Technology (06082) from HK$100 to HK$130, reaffirming the “buy” rating, corresponding to the 2027 forecast market sales rate of about 15 times. The company's management recently raised the 2027 revenue guide from 10 billion yuan to 20 billion yuan. The bank believes that this is due to the recent increase in the average sales price of mainstream AI chips in the Chinese market and the increase in the revenue contribution of the super-pod solution due to changes in the product portfolio, which reflects the company's confidence in the subsequent development of its flagship BR20x chip and customer order acquisition.

Daiwa raised Bijiao Technology's 2026-2028 revenue forecasts by 14%, 94%, and 58%, respectively, to 2,408 billion yuan, 21.008 billion yuan and 45.508 billion yuan, to reflect the results of the first half of this year and the positive revenue guidance for next year. The net profit forecast for 2027 to 2028 was raised by 35% and 10% to 4.179 billion yuan and 11.967 billion yuan.