【私募调研记录】鼎锋资产调研海天瑞声

Group 1 - The rapid development of global AI technology is driving growth in three major business segments of Haitian Ruisheng: computer vision, natural language, and intelligent voice [1] - The increase in the proportion of computer vision and natural language businesses is attributed to technological breakthroughs and growing market demand [1] - The company is involved in the construction of national training data labeling bases, forming comprehensive solutions in the data element field [1] Group 2 - Strategic collaborations with Huawei include projects such as the Ascend DeepSeek data flying intelligent body, Shaanxi Smart Cultural Tourism Project, and the Jingxi Zhigu Digital Human Platform [1] - Key drivers for revenue growth by 2025 include two major trends in the AI industry, innovative business layouts, and strategic partnerships with Huawei and Southeast Asia data delivery systems [1] - The company is advancing its global strategy through acquisitions, such as the Philippine delivery base, and accelerating the construction of a global service network [1] Group 3 - Data sources required for training specific vertical domain models include public data, proprietary customer data, and targeted data collection from vertical scenarios [1] - The data labeling industry is expected to become more intelligent, with data security and compliance capabilities becoming core evaluation dimensions [1] - The company's core competitiveness lies in its dual-mode service products, technical platform capabilities, supply chain resource management, and data security and compliance capabilities [1] Group 4 - The distinction between product data set business and customized service business is that the former involves simulated data, while the latter is pure processing service based on targeted needs [1]