华业证券发表研报，给予粤港湾智算科技“买入”评级，目标价23.08港元。粤港湾智算科技持续转型，聚焦AI算力核心业务，定位新型算力运营商；估值逻辑随之调整，由基建折价向算力及科技属性估值体系过渡。 研报指，转型首年验证，算力收入占比快速提升。天顿数据2025年全年收入约20.3亿元，同比增长757.9%，净利润约2.07亿元，成为集团盈利核心引擎，标志着转型首年已完成基本验证。AI算力服务收入占集团并表收入约61.5%，且比例仍在上升。 稀缺算力资源与长约客户结构提供收入能见度。天顿数据以万卡集群100天交付+全栈技术支援，在GPU出口管制下的算力替代需求中受益。42,000+ PFLOPS算力部署，在手订单总额超150亿元，为未来3至5年业绩能见度清晰。 全球半导体与AI景气支撑需求端。2026年全球AI服务器市场持续高速扩张，八大云服务商合计资本开支预计增长40%至超6000亿美元，AI推理应用爆发直接带动算力需求，为天顿数据的业务增长提供有利外部环境。
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