Quantum：在通往实现量子可能性的道路上。以Outperform评级启动

mark.moerdler@bernsteinsg.com +1 917 344 8316firoz.vallj@bernsteinsg.com +1 917 344 8342shelly.tang@bernsteinsg.com Quantinuum: On the road to delivering on the quantumpossibilities. Initiating with Outperform rating of developing and deliveringmultiplegenerations ofquantum computers and aroadmapthat would leadto breakthrough solutions that solve very valuable unsolvable problems inchemistry,pharmaceuticals,material science and financials.The industry and the technologyare still immature but have huge potential and are moving fast and the winner(s) will likelygeneratesignificantvalueforshareholders. Webelievethat Quantinuumhas 1)proven theirabilitytoexecuteand deliver; 2)a reasonableroadmap for delivering a high-fidelity (low error rate) quantum computer with hundredsof logical qubitscapable of solving currently intractableproblems;3)their own optimizedsoftware stack including industry applications and 4)a consultant (Forward DeployedEngineer)model to helpdrive customer success. While thereare inherent risks, we believethe risk/reward is quitefavorablefor investorswillingtowait as thetechnologymatures.Webase ourassessment ofthecompanyonthelikelihoodtheycandelivernextyeartheir~10Ologicalqubitcomputer(SOL)andinCY29aquantum computer with hundreds of logicalqubits (APOLLO) and value the based on ~50%probability of success.We initiate coverageon Quantinuumwithan Outperformrating InvestmentImplications Quantinuum(QNT,Outperform,TP$94)WebelieveQuantumcomputing,ifsuccessfullyachievedatcommercialscale,canunlockmassivevalue,as itcanunlockmanymonetizableuse cases that are currentlyunsolvable.Wethink Quantinuum is currentlya leading vendorin the space,given itsfull stack approach; proven track-record; scalable Trapped lonarchitecture.If QNT can deliver on its product roadmap,it will unlock massiveamount ofvalue forit's shareholders. Portfolio Manager's Summary...5Why would an at-scale high fidelity/ low error ratequantum computer be valuable?.What is the status of quantum computing?Why Quantinuum's full stack approach will generate so muchvalue.6What is Quantinuum's competitive position?How should the company be valued?..8Risk/RewardsWhat is quantum computing?..9Quantumcomputingusesquantum(atomic/subatomic)physicsprinciplestoprocess information9ComputationelementofaQuantumcomputer..9Whatmakes quantum computing different?..10HowdoesQuantumcomputingdifferfromClassical (CPU/GPU)computing?.10The sciencebehindQuantum computer..10What are the use cases for quantum system....12Molecular study and simulation12Optimizationproblems..13Factorization problem (cryptography)...14What is quantum computing's place in an Gen Al forward world?..15Competitiveanalysis-Technologyanalysis...15What performanceparametersmatterforquantumsystems?16Comparingtechnologies/implementationapproachesforbuildingquantumsystems..17Howdo we comparethedifferent quantumparticles andthereforeapproaches tobuildinga quantumcomputer?...17Comparingquantum particles-summary..18Comparingthecapabilitiesof differentvendors...19Ittakes morethan just hardware-ittakes software...20QuantumComputingTAM....22Placing Quantinuum in perspective...24Quantinuum's Hardwareofferings.24The technologyunderpinning Quantinuum's approach tobuilding a quantum computer..25The Quantinuum software...26Quantinuum'sprofessionalservices approach-leveragingForward Deployed Engineers..28Quantinuum -history/timeline...28Quantinuumcorporatestructureand its implicationsforthe investment..29Potential investment fromUS Government...30Financial Overview...31Revenue driver and our expectations31 Valuation..35 more recently of the tech industry.The reason is that an at-scale quantum computer with very low error rates (high fidelity) couldsolve numerous very important problems across a widerange of areas and industries including:pharmaceuticals,chemistry,the most powerful classical computers. The uniquevalue of quantum computing lies in the underlying physics driven differencebetween quantum computing and classical computing (bothCPU and GPU based). interaction withCambridgeQuantumSolutions,whichhas beenpartofQuantinuumsince2021 (Exhibit2).Sincethose initialinteractions wehave seennumerous physics,engineering,andsoftwaredevelopmentproblemsbeingsolved.Whilenotall theproblems relatedtobuilding an at-scale high fidelityquantum computer have been solved,many ofthe majorproblems havebeen solved,and webelievethatthetechnology is at/approachingthe scaletonotjust solvevaluableproblems but createavaluablequantumcomputinghardwareandsoftwarebusinesses. Quantinuum,as discussed in today's initiation note,has alreadybuilt and delivered 3generations ofincreasinglypowerfulquantumcomputersthatare in-useby customers solving real worldproblems and has 3moregenerations on their roadmap,to be delivered in 2027, 2029 and 2030+.But there is still a lot of work to be done and Quantinuum is byfar notthe onlycompany (or research facility) chasing the goal of delivering a high-fidelity / at-scale quantum computer w