The United States lifted the ban on selling H20 chips to China by NVIDIA. Since shipments reached 20,000 to 30,000 films in the first half of this year, foreign capital estimates that if the ban is fully lifted, the annual shipment will be expected to be watched by 50,000 films, and the name creation will be one of the beneficiaries. Therefore, it maintains the "coded" rating and reiterates that the target price of 150 yuan will not change, and even believes that the system-level AI business of the company has been underestimated.
Foreign Information said that with the approval of the NVIDIA H20 export license, Hopper UBB is expected to grow in the third quarter and expects the orders for GB200 computing platform to increase in the second half of 2025. It is believed that Xincai will continue to become one of the main beneficiaries of NVIDIA's new generation of AI servers.
Foreign information pointed out that NVIDIA announced two weeks ago that it would obtain the export license from the US government and resume shipping H20 and RTX Pro to the Chinese market. In terms of H20, the main business of the company is to manufacture and build 8 GPUs for NVIDIA.
Foreign information believes that 20,000 to 30,000 Hopper UBB shipped 20,000 to 30,000 Hopper UBB in the first half of 2025 is expected to be lifted, and this number may rise to about 50,000, and believes that this will be less than 1% of the profit contribution this year. At the same time, seeing an increase in orders for the GB200 computing platform in the second half of 2025, it is estimated that most orders should be shipped as soon as possible in the third quarter.
Foreign data analysis, CNK has prepared for NVIDIA Rubin, such as CNKI invoking about $45 million to its California subsidiary for future AI businesses, which means CNKI is testing production and testing for the next generation of AI servers, carrying out the necessary infrastructure upgrades, from circuit board to rack design.
Foreign information is emphasized, Xincai will become a close partner of NVIDIA in terms of racks, and can win important rack orders through GB200/GB300. Therefore, it maintains the "coded" rating, and reiterates that the target price of 150 yuan will not change, and even believes that the system-level AI business of Xincai is underestimated.
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