Biren Technology HK IPO Valuation Analysis

• Our base case valuation of Biren Technology is implied price per share of HKD38.3, which represents a 95% higher upside versus the high end of the IPO price range.

• We have used Moore Threads and MetaX Integrated Circuits as comps. Our P/S multiple of 104x is 40% discount to the comps’ average P/S multiple of 173x in 2025.

• We estimate Biren Technology’s sales to increase to RMB0.8 billion in 2025 (up 145% YoY), RMB1.6 billion in 2026 (up 91% YoY), and RMB2.9 billion (up 87% YoY) in 2027.