MetaX GPU Ramp Up and 1Q26 Earnings Update

MetaX 1Q26 results met expectations with 75% YoY revenue growth, driven by C500/C550 GPU ramps. Goldman Sachs maintains a Buy rating, raising the target price to Rmb912 based on the company's strong positioning in the local AI chip market.

Key Takeaways

• 1.MetaX 1Q26 results were in line with guidance, with revenue growing 75% YoY to Rmb562m, driven by C500 and C550 GPU product ramp-up.
• 2.The company's GPU platform has successfully adapted to multiple major AI models including Baidu ERNIE-Image and Alibaba QWen3.6.
• 3.The price target was raised to Rmb912 from Rmb804, reflecting higher long-term revenue expectations for next-generation GPU platforms.

Table of Contents

• 1Q26 in line with guidance
• Earnings revision
• Valuation
• Disclosure Appendix
• Price target and rating history chart(s)
• Target price history table(s)
• Regulatory disclosures

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