Taiping Securities has issued a research report maintaining its "Buy" rating on GBA AI COMP (01396), with a 12-month target price of HK$36, implying a potential upside of 255.0%.

The brokerage believes that the continued expansion of the billing base supports rapid earnings growth, while the extension of the service network and the development of Token services open up growth opportunities. Improved trading liquidity is expected to further drive a revaluation of the company's value.

Net profit attributable to shareholders for the group is projected to reach RMB 675 million, RMB 1.315 billion, and RMB 2.806 billion for 2026-2028, representing a two-year compound growth rate of 103.9%.

First-half results delivered, net profit forecast raised to RMB 675 million

The company reported first-half revenue of RMB 2.559 billion and net profit attributable to shareholders of RMB 275 million. The group's AI business revenue for the half-year has already exceeded Tiandun Data's full-year 2025 revenue.

The AI computing technical services segment achieved a gross margin of 35.5%, contributing approximately 92% of the group's gross profit, further solidifying the foundation for profitable operations at scale.

Accelerated order delivery, revenue base continues to expand

The disclosed scale of stable billing orders increased from over RMB 15 billion at the time of the annual report to over RMB 20 billion by the end of August. Cumulative delivery of new orders in the first half of 2026 rose from over RMB 2 billion at the end of June to over RMB 4 billion at the time of the August announcement, reflecting an acceleration in delivery pace.

Intent orders in hand exceed RMB 37 billion, supporting continued rapid growth in delivery and billing scale.

Token services and application incubation expected to expand growth space

The Greater Bay Area inference computing power, the Nansha platform, and the northern token base connect supply and demand, while overseas expansion extends the service reach. Quantum invocation and inference optimization support Token-based billing, and the gradual incubation of AI applications expands computing power entry points, which is expected to drive sustained invocation and customer accumulation.

Financing improvements become a growth enabler

The conversion of US dollar bonds into equity has been completed, and the cost of new borrowings has dropped to 3.5%. Equipment financing, listed company equity, and local project capital jointly broaden funding sources. The subscription price for two additional share placements within 12 months rose from HK$6 to HK$11.75, significantly improving per-share capital efficiency. Financing improvements and order delivery are mutually reinforcing.

Key risks

Delivery and billing progress, equipment renewal and pricing, financing and receivables collection, overseas execution, share dilution, and liquidity.