Core Viewpoints - The company's core business drives high-quality revenue growth, achieving revenue of RMB 5.261 billion in 2024, a year-on-year increase of 25.1%, with the "Prophet AI Platform" contributing RMB 3.676 billion, a significant growth of 46.7%, accounting for 69.9% of total revenue. Meanwhile, the net profit attributable to the parent company narrowed its loss to RMB -269 million, a substantial reduction of 70.4% [1][2] - The company has a high customer stickiness among industry-leading clients, with the number of benchmark clients increasing by 16% to 161, an average revenue contribution of RMB 19.1 million, and a net retention rate (NDER) of 110%. The company has launched an AI Agent collaborative operation solution in partnership with Zhiyuan Interconnect, integrating the AI Prophet platform with the AICOP platform [1][2] - The company upgraded its group structure and launched the "Phancy" brand to provide C-end AI capabilities in addition to its B-end business. The ModelHub AIoT solution supports the deployment of large models on local devices, offering low-latency and high-privacy edge AI services, collaborating with brands like Lenovo to enhance the deployment of Agents on the edge [1][2] Financial Performance - In 2024, the company reported a total revenue of RMB 5.261 billion, a year-on-year increase of 25.1%, with a gross profit of RMB 2.245 billion and a gross margin of 42.7%. The net profit attributable to the parent company improved to RMB -269 million, a significant reduction of 70.4% [1][2] - The core business revenue and profit both grew rapidly, with the "Prophet AI Platform" achieving revenue of RMB 3.676 billion, a year-on-year increase of 46.7%, and accounting for 69.9% of total revenue. The company's R&D investment reached RMB 2.170 billion, with an R&D expense ratio of 41.2% [1][2] Business Segments - The core business structure remains coordinated across three major segments: the Prophet AI Platform, SHIFT Intelligent Solutions, and Shisuo AIGS Services. In 2024, the Prophet AI Platform generated revenue of RMB 3.676 billion, a year-on-year increase of 46.7%, while SHIFT Intelligent Solutions revenue decreased by 20.3% to RMB 1.022 billion due to resource focus on the AI platform strategy [2][3] - The SHIFT Intelligent Solutions provide intelligent solutions for various industries, further deepening industry applications and accelerating digital transformation. The Shisuo AIGS Services empower software development through generative AI technology, enhancing user experience and product capabilities [3][4] Customer Base and Market Position - The number of benchmark users reached 161 in 2024, a 16% increase year-on-year, with an average revenue contribution of RMB 19.1 million. The customer concentration risk has been effectively mitigated, with the largest single customer revenue share decreasing from 12.7% in 2023 to 10.6% in 2024 [4][5] - The company has helped over 10 industries develop and deploy enterprise-level AI Agents, with practical experience in various verticals such as financial credit risk control and water and electricity equipment operation [4][5] Strategic Developments - The company completed a group structure upgrade and officially rebranded as "Paradigm Group," with its enterprise-level AI business becoming the core B-end brand. The launch of the Phancy brand focuses on "AI Agent + World Model" technology, providing edge AI capabilities to both consumer and industrial sectors [5][6] - The ModelHub AIoT solution supports local deployment of distilled models, achieving low-latency and high-privacy edge AI services, and has collaborated with brands like Acer and Lenovo to upgrade traditional devices into AI terminals [5][6] Profit Forecast - As a leader in enterprise-level AI, the company has seen continuous revenue growth and narrowing net losses, with a clearer profit model. The number of benchmark clients and revenue are steadily increasing, with projections for 2025-2027 revenues of RMB 6.663 billion, RMB 8.347 billion, and RMB 10.413 billion, representing year-on-year growth rates of 26.66%, 25.26%, and 24.77% respectively [5][6]
第四范式(6682.HK)：业绩持续高增 核心业务先知平台表现亮眼 AIAGENT卡位优势明显