Equity Research: 1396.HK 1H26 Results Review 粤港湾智算2026年半年报点评
——业绩兑现提速，迈向国际领先的智算服务商。
核心观点: 持续计费基础扩大支撑盈利快速增长；服务网络延伸与Token服务发展打开成长空间；交易流动性改善有望进一步推动公司价值重估。
半年业绩兑现，支持全年盈利预期上调。粤港湾智算上半年收入25.59亿元、归母净利润2.75亿元。集团AI业务半年的收入规模已超过天顿数据2025年全年；AI算力技术服务毛利率35.5%，贡献约92%的集团毛利，规模化盈利基础进一步夯实。
订单交付加快，未来收入基础持续扩大。稳定计费订单披露规模由年报时逾150亿元提高至8月末逾200亿元；H1新增订单累计交付由6月末逾20亿元提高至8月公告时逾40亿元，交付速度提速。在手意向订单超过370亿元，支持交付与计费规模继续快速增长。
Token服务与应用孵化有望拓展增长空间。大湾区推理算力、南沙平台与北方词元基地连接供给和需求，海外布局延伸服务范围。量子湃调度与推理优化支持按Token计费，陆续孵化的AI应用拓展算力入口，有望带动持续调用与客户积累。
融资改善成为增长助力。美元债转股完成，新增借贷成本降至3.5%；设备融资、上市公司股权及地方项目资本共同拓宽资金来源。12个月内两次增发股份认购价由6港元升至11.75港元，每股资本效率显著提升。融资改善与订单交付形成相互促进。
我们维持对粤港湾智算（1396.HK）的买入评级。
具体分析请参见我们的独立报告：
👉 中文版：1396HK_2026中报点评_PASL_CN.pdf
免责声明：本报告由Pacific Alpha Securities（太明证券投资有限公司，香港证监会中央编号：BHR807）发布，仅供参考，不构成投资建议。阁下下载本报告即表示阁下已阅读并同意我们的完整免责声明。
研究联络：research@pachk.com
——Accelerating earnings delivery. Towards a leading global AI computing service provider.
Key Thesis: A growing base of recurring billing supports rapid earnings growth. A broader service network and token services expand the growth opportunity, while better trading liquidity could drive a further rerating.
Strong interim delivery; full-year attributable profit forecast raised. 1H26 revenue was RMB2.559bn and attributable net profit RMB275m. The Group’s half-year AI revenue exceeded Tiandun Data’s full-year 2025 revenue. AI computing technical services earned a 35.5% gross margin and contributed about 92% of Group gross profit, strengthening the earnings base.
Faster order delivery expands future revenue. Disclosed orders under stable billing rose from over RMB15bn at the annual results to over RMB20bn by end-August. Cumulative delivery of new 1H26 orders increased from over RMB2bn at end-June to over RMB4bn in the August announcement. Outstanding indicative orders exceed RMB37bn, supporting further delivery and billing growth.
Token services and application incubation extend the growth opportunity. Greater Bay Area inference capacity, the Nansha platform and northern token infrastructure connect supply and demand, while overseas expansion broadens reach. Powercube’s scheduling and inference optimisation support token-based billing. Incubated AI applications create new entry points for compute demand, repeat usage and customer growth.
Improved financing supports growth. The US-dollar bond conversion is complete and new borrowing costs have fallen to 3.5%. Equipment financing, equity and local project capital broaden funding sources. Subscription prices in two share issues within 12 months rose from HK$6 to HK$11.75, materially improving capital raised per share. Better funding and order delivery reinforce each other.
Maintain BUY.
For detailed analysis, please refer to our independent report:
👉 English Ver.: 1396.HK_GBA_AI_Computing_1H26_Review_PASL_EN.pdf
Disclaimer: This material is published by Pacific Alpha Securities Limited (SFC CE No.: BHR807). It is for informational purposes only and does not constitute investment advice. By downloading this report, you acknowledge that you have read and agreed to our Full Disclaimer.
Research Contact: research@pachk.com
