The fair value of personal calculation is between 45~52.

Firstly, 70 billion has been raised for delivery. Conservatively assuming that out of the 39 billion backlog, 35 billion can be smoothly converted into revenue in the next few quarters. After adjusting for equity dilution, the corresponding SPS per share is about 56; even without giving it the high valuation of an AI software company and only giving it the bottom 0.8x P/S of Dell or traditional server manufacturers; 0.8 of 56 is 44.8, plus the boost from Micron, I think there is a chance for another round of upward movement.

​Anchoring the lower limit of fair value at 45 is based on the most conservative 0.8x P/S OEM valuation. Placing the upper limit at 52 is to begin giving it a certain valuation premium as the AI liquid cooling leader, corresponding to about 18-20x forward PE repair; and 52 is only 16 times forward PE, mainly because their own reputation is too bad, so my personal expectation is set this low.