On May 11, BOC International released a research report, noting Biren Technology (06082.HK) for the first time, stating that as a leader in China's GPGPU sector, it will benefit from the surging demand for AI computing power in China. The report emphasizes that Biren Technology not only possesses technological advantages from chip to system levels but also has deep integration with the domestic supply chain, forming a unique competitive edge. BOC International forecasts that Biren Technology's compound annual revenue growth rate from 2025 to 2028 will reach 137% and is expected to achieve break-even in 2027, thanks to the commercialization of its next-generation products anticipated in the second half of 2026. Based on this, BOC International assigns a 'Buy' rating to Biren Technology, with a target price set at HK$74.43, based on a 20x forward price-to-sales ratio for 2027.