Chipown: AI power-supply chips open up room for growth, but costs still constrain profit recovery
Nomura initiates coverage with a Buy rating and a target price of 79 yuan. The investment case is that mass production of AI server products will drive expansion in the higher-margin industrial business, but revenue growth coincided with a decline in profit in the first three quarters, and the bank’s profit recovery forecasts are also well below consensus.
Nomura ·