Transwarp(688031) 海通国际·2024-10-18 06:03Investment Rating - The report maintains an "Outperform" rating for the company, with a target price of RMB 54.07, reflecting a PS of 10x for 2024 [5][10]. Core Insights - The company has launched enterprise-level vertical Q&A model 'Wuya' and data analysis model 'Qiusuo', which are built on self-developed technologies and cater to various sectors including finance and legal [10]. - By the end of 2023, the company has secured over RMB 54 million in orders for its AI Infra products, indicating successful implementation across multiple industries [10]. - The company aims for significant revenue growth, targeting at least 60% in 2023, 125% in 2024, and 200% in 2025, based on 2021 revenue [10]. Financial Summary - Revenue projections for 2024, 2025, and 2026 are RMB 653 million, RMB 945 million, and RMB 1.378 billion, respectively, with corresponding net profits of -RMB 232 million, -RMB 174 million, and RMB 6 million [5][10]. - The company expects gross profit margins for software products to improve to 71.99%, 72.99%, and 73.99% from 2024 to 2026, with overall margins at 61.1%, 63.1%, and 65.1% [10]. - The report forecasts a year-on-year revenue growth of 33.1%, 44.6%, and 45.8% for the years 2024, 2025, and 2026, respectively [5][10]. Business Segmentation - The company’s revenue from software products and technical services is projected to grow significantly, with expected revenues of RMB 526.56 million, RMB 778.25 million, and RMB 1.161 billion for 2024, 2025, and 2026, respectively [7]. - The gross margin for software products is anticipated to remain high, reflecting the company's focus on high-value offerings [7]. Product Development - The company is advancing its AI infrastructure by integrating big data and AI technologies, providing a comprehensive toolchain for enterprises to build industry-specific models [2]. - The launch of the Transwarp Knowledge Hub (TKH) aims to enhance data processing and knowledge management capabilities for enterprises [2].