中科金财(002657)：AI原生智能体和算力业务打开成长空间

Core Viewpoint - The company is a well-established financial technology and data center service provider that has innovatively launched an AI-Native technology architecture, aiming to expand its AI-native intelligent agent and computing power service business, which is expected to accelerate growth in the AI sector [1]. Investment Highlights - The company is initiating coverage with an "Overweight" rating, predicting EPS of -0.04, 0.07, and 0.14 yuan for 2025-2027, respectively. The target price is set at 29.21 yuan, reflecting the growth potential from AI-native intelligent agents and computing power services [2]. - Founded in 2003, the company primarily serves financial institutions, government and public utilities, and enterprises, providing integrated financial technology and data center services. It has been exploring and applying AI since its inception, developing various AI-related service products tailored for sectors like financial services, automotive smart cockpits, and live e-commerce [2]. AI Native Intelligent Agents - The AI-native intelligent agents are expected to open up a blank market, significantly boosting the company's AI business growth. The company adheres to an AI-Native design philosophy, aiming to create an AI-centric service chain that enhances business understanding and efficiency [3]. - The AI-native architecture is anticipated to unlock enterprise-level AI markets, improving business models and significantly increasing return on investment. The company has launched a full-stack AI intelligent agent product matrix, initially targeting the financial sector, with projected AI business revenue of 208 million yuan in 2024 and signed orders amounting to 293 million yuan [3]. Data Center and Computing Power Expansion - The company has a solid foundation in providing comprehensive data center services to financial institutions, government, and enterprises, with projected data center service revenue of 297 million yuan in 2024 and signed orders of 557 million yuan. This positions the company well for expanding its computing power services [4]. - As AI technology drives increased demand for computing power, the company is accelerating its exploration of computing center construction, renovation, deployment, optimization, and maintenance services. It has participated in the construction of computing centers for local governments and universities and has collaborated with several domestic manufacturers to launch cloud computing and application integrated solutions [4].