Goldman Sachs has released a research report maintaining its "Buy" rating on BIREN TECH (06082). The firm continues to employ its fiscal 2030 projected EV/EBITDA discounted valuation method to derive a 12-month price target, reflecting the company's long-term growth prospects. The target EV/EBITDA multiple has been updated to 36.3 times from the previous 36.0 times, and after discounting to 2027 using an unchanged 12.7% cost of equity, the 12-month price target remains at HK$80.5.

The report indicates that the company's first-half 2026 revenue reached RMB 1.236 billion, representing a 1,998% year-over-year increase and a 27% quarter-over-quarter growth, which aligns with both company guidance and the bank's expectations. The H1 2026 revenue came in 21% higher than the Bloomberg consensus estimate and 1% above company guidance. During the same period, gross profit totaled RMB 527 million, translating to a gross margin of 42.7%.

Goldman Sachs noted that the company's operating expense ratio for the first half of 2026 outperformed both the bank's forecasts and Bloomberg consensus estimates, reflecting improved operational efficiency as shipment volumes continue to increase. The company has also delivered AI chip computing clusters and Superpod solutions to customers, enhancing their AI training and inference efficiency while enabling the company to capture the growing demand for compute capacity in the Chinese market.

The bank maintains a positive outlook on the company's future growth, supported by four key factors: rising cloud capital expenditure in the domestic market, the ongoing ramp-up in AI chip shipments, the product portfolio upgrade toward higher-performance and higher-average-selling-price AI chips, and the expansion of the customer base to include CSP clients.

Regarding earnings projections, Goldman Sachs has incorporated BIREN TECH's first-half 2026 results while largely maintaining its 2027 to 2030 forecasts. The bank has broadly sustained its 2026 revenue projection but has revised down its 2026 forecast operating expense ratio to reflect higher component costs, partially offset by improved operational efficiency as shipment volumes grow. On valuation, the target EV/EBITDA multiple remains derived from the relationship between updated peer forward EV/EBITDA and average EBITDA year-over-year growth rates.