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BOCOM International Initiates AXERA (00600.HK) with Buy, TP HKD36
BOCOM International published a research report initiating coverage on AXERA (00600.HK), stating that the company is a leader in the AI inference system-on-chip (SoC) industry. Its...
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BOCOM International Initiates AXERA (00600.HK) with Buy, TP HKD36
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BOCOM International published a research report initiating coverage on AXERA (00600.HK)  +1.140 (+5.044%)   , stating that the company is a leader in the AI inference system-on-chip (SoC) industry. Its terminal and edge AI products demonstrate broad commercialization potential in application scenarios such as visual AI inference and intelligent driving. Its platform-based technology architecture establishes solid technological barriers. According to Frost & Sullivan, in 2024 the company ranked fifth globally in the visual edge-side AI inference chip market, and second and third, respectively, in Chinas intelligent driving system-on-chip and edge AI inference chip markets.

The report noted that as the new intelligent driving product M57 enters mass production, the company is expected to achieve strong growth in 2026. The high-end flagship intelligent driving product M97 will also provide growth momentum. M97 was successfully powered on in February 2026 and is expected to enter mass production in 1Q27. Benefiting from the AI agent boom, the broker expects the companys edge AI inference business to record YoY growth of 226% and 180% in 2026 and 2027, respectively.

BOCOM International forecasts total revenue of RMB852 million and RMB1.683 billion for 2026 and 2027, respectively. Overall gross margin is projected to steadily increase from 21.6% in 2025 to 34.2%, 38.9% and 42.7% in 2026, 2027 and 2028, respectively. The company is expected to achieve positive EBITDA in 2027 and turn to net profit in 2028. On initial coverage, the broker assigns a Buy rating and values the company at 22x 2026 price-to-sales based on its 2026 revenue forecast, corresponding to a TP of HKD36. (ad/da)(HK stocks quote is delayed for at least 15 mins.)

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