百度官宣“昆仑芯港股IPO”，报道称“出货量排国产前三”，高盛认为百度股权值“30-110亿美元”

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来源：华尔街见闻　　百度公告表示香港联交所已确认可进行建议分拆昆仑芯，上市后仍将是百度的附属公司。昆仑芯2025年全年营收预计约50亿元人民币，即便低于这一预期，报道援引知情人士透露：“体量排在国产前三应该不是问题。”高盛认为，如果参考寒武纪目前的市销率倍数，百度股权值30-110亿美元。　　百度正式启动旗下AI芯片子公司昆仑芯的港股上市进程。　　1月2日百度港交所公告，昆仑芯已于1月1日...

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dollars\"","themeId":"57017f1657b732cd3d41fb39970ac93b","isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"09888":1.95,"BIDU":1.95},"content_text":"来源：华尔街见闻\n　　百度公告表示香港联交所已确认可进行建议分拆昆仑芯，上市后仍将是百度的附属公司。昆仑芯2025年全年营收预计约50亿元人民币，即便低于这一预期，报道援引知情人士透露：“体量排在国产前三应该不是问题。”高盛认为，如果参考寒武纪目前的市销率倍数，百度股权值30-110亿美元。\n　　百度正式启动旗下AI芯片子公司昆仑芯的港股上市进程。\n　　1月2日百度港交所公告，昆仑芯已于1月1日透过其联席保荐人以保密形式，向香港联交所提交上市申请表格，申请在主板上市及买卖。\n　　公告表示香港联交所已确认百度可进行建议分拆。昆仑芯上市完成后，仍将是百度的附属公司。具体细节尚未确定，包括全球发售的规模与结构、百度持股比例的减少幅度等。\n　　不过公告强调分拆仍需获得香港联交所上市委员会批准、在中国证监会完成备案，以及百度和昆仑芯作出最终决定。\n　　昆仑芯目前为百度非全资附属公司，定位为行业领先的AI计算芯片及相关集成软硬件系统供应商。这标志着继摩尔线程和沐曦股份登陆科创板后，又一家国产AI芯片企业冲刺上市。\n　　华尔街见闻此前提及，高盛在12月研报中指出，参考同类公司估值，百度所持昆仑芯59%股权的价值区间为30亿至110亿美元。麦格理证券估算这一股权价值约165亿美元，占其给予百度目标估值的30%。\n　　分拆方案落地，完成后仍为百度附属公司\n　　百度在公告中阐述了分拆的三大理由。\n　　首先，分拆可更全面反映昆仑芯基于自身优势的价值，并提升其营运及财务透明度，令投资者能清晰区分昆仑芯与保留集团，独立评估及衡量昆仑芯的表现及潜力。\n　　其次，昆仑芯的业务将吸引专注于通用AI计算芯片及相关软硬件系统业务的投资者群体，有别于保留集团相对较为多元化的业务模式。\n　　第三，分拆将提升昆仑芯在客户、供应商及潜在战略合作伙伴中的形象，提高其协商及争取更多业务的地位。分拆还将使昆仑芯能在未来有需要时直接且独立地进入股权及债务资本市场，令保留集团能更有效地配置财务资源。\n　　业绩规模跻身国产前列，2024年出货量居第二\n　　作为股东的百度大规模集群部署为昆仑芯提供了关键支持，同时昆仑芯在外部订单的拓展上也取得了实质性进展。\n　　根据昆仑芯披露的数据，昆仑芯完成了在互联网、金融、能源电力、电信运营商等关键行业实现规模化部署，目前已落地3.2万卡国产算力集群。\n　　昆仑芯还中标中国移动近10亿元的服务器采购订单，招商银行也是其大客户之一。\n　　据腾讯科技报道，有调研纪要此前称昆仑芯2025年全年营收预计在50亿元人民币左右，较2024年的20亿元大幅增长。\n　　作为对比，国产AI芯片头部厂商寒武纪2025年上半年营收28.81亿元，全年预计50-70亿元。新上市的摩尔线程和沐曦的2025年全年营收分别为12.18亿元至14.98亿元，以及15.0亿元至19.8亿元。\n　　但该报道引述从行业获取的数据称，全年最终营收可能低于这一预期，不过仍远超2024年的20亿元。报道援引一位接近昆仑芯的知情人士透露：\n\n体量排在国产前三应该不是问题。\n\n　　IDC数据显示，2024年昆仑芯的出货量排行业第二名。\n　　华尔街看好芯片战略，估值逻辑转向硬科技\n　　华尔街投行正调高百度估值。\n　　Arete Research Asia分析师Shawn Yang认为，包括芯片和自动驾驶在内的非广告业务，有望成为决定百度估值水平的主导因素。\n　　麦格理分析师Ellie Jiang则在12月5日报告中表示，投资者此前在很大程度上忽视了百度从芯片、云架构到模型及应用层面的垂直整合进展。\n　　她预计昆仑芯明年收入将翻倍至约14亿美元，与寒武纪处于同一梯队。麦格理估算百度持有的59%昆仑芯股权价值约165亿美元。\n　　高盛团队指出，如果参考寒武纪目前的市销率倍数，百度所持59%昆仑芯股权估值范围可能在30亿至110亿美元之间。\n　　高盛分析师Lincoln 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