$AXERA(00600.HK) data shows that in 2024, Aixin Yuanzhi ranked first globally in shipment volume, becoming the largest supplier of mid-to-high-end visual edge-side AI inference chips and entering the top five in the global market. The company's core technologies, the "Aixin Tongyuan Mixed-Precision Neural Network Processor" and the "Aixin Zhimou AI-ISP" solution, have both achieved industry breakthroughs. In 2024, the shipment volume of AI inference SoCs reached 9.3 million units, which can be considered a key milestone in China's AI chip field.

My analysis and views:

1. IPO premium + High industry prosperity

As a scarce target in the AI chip track, coupled with the global AI industry hype, Aixin Yuanzhi is highly likely to attract capital pursuit in the short term, leading to a certain IPO premium. The Hong Kong stock market has historically favored technology innovation companies, especially those with core technologies and leading market share.

2. Performance delivery is key

Although the company has leading technology and a broad market space, whether its stock price can continue to strengthen in the future depends on the release of performance and order fulfillment. The shipment of 9.3 million SoCs is already impressive, but to sustain high growth, attention must be paid to the actual demand growth in the AI terminal market and the speed of the company's product iteration.

3. Valuation and volatility

Valuations are generally high in the early stages of an IPO, and short-term fluctuations may occur, especially during lock-up expiration periods or market sentiment swings. Investors need to focus on factors such as the company's medium- to long-term earnings growth, market share improvement, and industry policy support.

4. Domestic substitution logic

Currently, China's AI chip industry is in a stage of rapid rise. The listing of Aixin Yuanzhi is expected to strengthen the domestic substitution logic and attract more attention. However, risks such as overseas competitive pressure and technological updates cannot be ignored.

What do you think about the listing of Aixin Yuanzhi? How do you think its stock price will perform in the short and medium to long term?