Investment Rating - The report maintains an "Outperform" rating for the company [4][7]. Core Viewpoints - Despite facing performance pressure in 2024, there is strong confidence in the company's future growth, driven by the increasing demand for AI-driven digital transformation in the context of China's smart industrialization [8][10]. - The company is focusing on technological innovation and product upgrades, particularly through its AInnoGC industrial foundation models, which are expected to enhance its market position [9][10]. Financial Data and Forecasts - Projected revenues for 2025-2027 are 1.47 billion, 1.76 billion, and 2.06 billion RMB respectively, with adjusted net profits expected to be -96.90 million, -88.72 million, and -9.35 million RMB [4][7]. - In 2024, the company anticipates a revenue of 1.22 billion RMB, reflecting a 30.2% year-over-year decline, but expects significant improvement in the second half of the year [8]. - The gross profit margin is projected to increase to 34.6% in 2024, with an adjusted net loss narrowing to 117 million RMB [8][9]. Market Position and Strategy - The company is enhancing its AI Agent platform to better serve manufacturing applications, focusing on scenario-based implementations that align with the operational needs of manufacturing enterprises [10]. - The share of "AI+Manufacturing" in the company's revenue is expected to rise significantly, reaching 80.3% in 2024 [8].
创新奇智（02121）：扎根AI加制造业，对持续发展信心坚定