【盈立证券】Update Report: SMR Breakthrough + Policy Tailwinds Justify Valuation Re-Rate-250529（4页）.pdf

1、 Equity Research Report|Company Research TMT|IDC/AI Infra/Crypto BUY(REIT)|USD$31.32 PT(from$25.87)SAIHEAT(SAIH.US)-Update Report 29 MAY 2025 SMR Breakthrough+Policy Tailwinds Justify Valuation Re-Rate SPX 5921.5 NDX 21414.99 BTC 107400.73 Key Data Closing price(USD)6.535 52-week High/Low(USD)26.98/

2、3.0 Market Cap(USD$mn)11.05 Avg 3m Daily Volume 42,090 Analyst Head of TMT Research Chan Kwok Keung SFC No：BUL892 Investment Summary We raise our price target to$31.32 and reiterate our BUY rating on SAIHEAT.Recent developmentspatent approval for its SMR control rod technology,sweeping U.S.nuclear p

3、olicy reforms,and continued strength in BTC and AI infrastructure demandsupport a material upward revision in the companys long-term strategic value.SAIHEAT is uniquely positioned at the intersection of AI,clean energy,and digital asset infrastructure,with a differentiated technology stack and accel

4、erating commercial traction.Key Catalysts 1)On May 14,SAIHEAT received patent authorization for its proprietary SMR control rod drive mechanism.The technology enhances core reactivity control in compact nuclear systems,improving both precision and safety.This approval marks a pivotal milestone in th

5、e companys advanced nuclear strategy and expands its IP portfolio with tangible commercialization potential.2)U.S.policy momentum adds a second leg to the SMR story.On May 24,President Trump signed executive orders streamlining nuclear licensing,enabling testing at DOE labs,and prioritizing reactor

6、deployment on federal land.We see this as a structural catalyst for U.S.-based SMR players,removing key regulatory overhangs.The combination of patent progress and policy alignment significantly de-risks SAIHEATs energy ambitions.3)BTC strength and passage of the GENIUS Act(May 19)create favorable c