Investment Rating - The report initiates coverage on the company with a "Buy" rating, setting a target price of HKD 64.00, indicating a potential upside of 25.6% from the current price of HKD 50.95 [2][5][17]. Core Insights - The report highlights that the company is positioned as a premium AI stock in the Hong Kong market, with three main highlights constructing its competitive moat [3]. - The company is expected to achieve a revenue compound annual growth rate (CAGR) of 24% from 2024 to 2027, with profitability anticipated to turn positive in 2026 [13][16][33]. Financial Overview - Revenue projections show a steady increase from RMB 3,083 million in 2022 to RMB 8,150 million by 2026, with year-on-year growth rates of 52.7% in 2022, 36.4% in 2023, and expected 24.9% in 2024 [4][19]. - The net profit is projected to improve from a loss of RMB 496 million in 2022 to a profit of RMB 251 million by 2026, indicating a significant turnaround [4][33]. - The company’s gross margin is expected to stabilize around 43-44% in the coming years, with a potential increase if hardware product margins improve [28][32]. Business Highlights - The "XianZhi AI Platform" is central to the company's strategy, having maintained the largest market share in China's machine learning platform sector for six consecutive years [11]. - The company has a diverse industry coverage, including finance, retail, manufacturing, and healthcare, with significant potential for further penetration [12][14]. - The integration of AI Agent technology is expected to enhance product capabilities and operational efficiency, driving further growth [15]. Valuation Insights - The current price corresponds to a price-to-sales (P/S) ratio of 3.8 for 2025, which is below the average P/S ratios of comparable AI companies in both the US and China [17][57]. - The report suggests that the company’s valuation remains attractive, with a target price based on a P/S ratio of 4.5, reflecting the potential for valuation recovery [17][57]. Shareholder Structure and Market Dynamics - Following the unlocking of H shares, the shareholder structure has been optimized, contributing to increased trading volume and market interest [13][67]. - The company was included in the MSCI Global Small Cap Index, which is expected to further enhance its visibility and attractiveness to investors [52][67].
软件定义一切系列（2）：第四范式—港股AI优质标的迎来估值重塑机遇，三大亮点构筑护城河