Core Viewpoint - The report from CICC indicates that the core business of Fourth Paradigm (06682) is growing faster than expected, leading to an upward revision of revenue and adjusted net profit forecasts for 2025 and 2026 [1] Group 1: Financial Performance - In Q1 2025, the company reported revenue of 1.077 billion yuan, a year-on-year increase of 30.1%, with a gross profit of 444 million yuan, also up 30.1%, maintaining a gross margin of 41.2% [2] - The revenue structure is increasingly concentrated on core businesses, with the AI platform revenue reaching 805 million yuan, accounting for 74.8% of total revenue, compared to 60.6% in Q1 2024 [3] Group 2: Research and Development - The R&D expense for Q1 2025 was 368 million yuan, a year-on-year increase of 5.7%, with an R&D expense ratio of 34.2%, down 8 percentage points, indicating improved efficiency from prior investments [4] Group 3: Strategic Initiatives - The company is expanding its AI agent applications across multiple industries, with a focus on finance, energy, transportation, and manufacturing, and has launched a new consumer electronics division to provide AI-based hardware and software solutions [5]
中金：维持第四范式跑赢行业评级 上调目标价至60港元