Guosheng Securities has released a research report stating that sustained global demand for large model training and inference is driving comprehensive acceleration in AI computing infrastructure investment, providing robust growth momentum for INGDAN's innovative technology solutions business. Concurrently, the rapid expansion of AI application scenarios continues to fuel strong demand for memory and high-capacity storage chips, supporting a swift uptrend in the company's storage-related operations. Furthermore, the domestic humanoid robotics and industrial automation sectors have entered a phase of large-scale implementation, significantly boosting demand for high-performance computing chips and embedded systems, which further expands the company's growth potential. The synergistic effect of these three high-growth sectors is expected to drive continued strong performance growth for the company. Guosheng Securities forecasts revenue of RMB 28.56 billion, RMB 39.03 billion, and RMB 48.08 billion for 2026 to 2028, with net profit attributable to the parent company reaching RMB 380 million, RMB 500 million, and RMB 640 million, respectively. Consequently, the firm maintains its "Buy" rating on INGDAN. The key points from Guosheng Securities are as follows:
INGDAN reported its Q1 2026 results, achieving revenue of approximately RMB 6.034 billion, a significant year-on-year increase of 125.6%. Revenue composition was 44.7% from technology solutions, 54.8% from distribution, and 0.5% from self-developed products. Operating profit reached about RMB 208 million, a 51.0% increase year-on-year. The strong Q1 2026 performance is attributed to three main factors: 1) Continued high demand for AI computing power: Rapidly expanding global demand for large model training and inference has led to a substantial increase in market investment in AI computing infrastructure, resulting in high-speed growth in orders and market demand for the group's supporting technology solutions business. 2) A robust storage market: The implementation of AI technologies has triggered a significant surge in demand for memory and high-capacity storage chips, which in turn has driven rapid growth in the group's storage segment. 3) Strong demand in the robotics industry chain: The domestic humanoid robotics and industrial automation industries are accelerating towards large-scale implementation, leading to continuously rising market demand for high-performance computing chips and embedded systems, opening up new avenues for the company's performance growth.
INGDAN has strategically positioned itself in the core embodied intelligence sector. 2026 marks the inaugural year for humanoid robots transitioning from "lab prototypes" and "interactive showcases" to "mass production." Leveraging its "Digua Robot Brain-Small Brain Integration" AI chip solution, INGDAN has built a comprehensive chip matrix covering AI brains, small brains, and domain controllers. Its S600 model achieves a single-chip closed loop for "perception + decision-making + action/real-time control" on a System-on-Chip (SoC), integrating a highly intelligent decision-making brain with a highly efficient execution small brain. This solution addresses the high latency issues associated with traditional edge AI processors requiring external MCUs. INGDAN already serves leading robotics companies such as Galaxy General and Star Era, continuously enhancing the embodied intelligence industry ecosystem.
The company's AI chip-based technology service platform focuses on connecting upstream AI chip technology with the needs of downstream innovative enterprises. Through deep collaborations with global top-tier chip manufacturers like NVIDIA, Intel, AMD, and Sandisk, INGDAN empowers downstream industries such as "AI infrastructure + AI smart terminals," providing a full-process ecosystem service from chip supply to terminal implementation. The company has established a comprehensive product matrix covering GPUs, CPUs, FPGAs, ASICs, storage chips, and software ecosystems, serving benchmark clients including Meituan, Baidu, WeRide, and top-tier research institutions. Its business deeply penetrates hundreds of industrial application scenarios.
Risks include potential shortfalls in downstream demand, geopolitical risks, and slower-than-expected product development progress.
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