Core Viewpoint - The report from CMB International indicates an upward revision of the revenue forecast for Fourth Paradigm (06682) for 2025-2027 by 7-22%, maintaining expectations for profitability in 2025 and slight profit in 2026 [1] Group 1: Revenue Forecast and Target Price - The revenue forecast for Fourth Paradigm has been increased by 7-22% for the years 2025-2027 [1] - The target price has been raised from HKD 64 to HKD 81, corresponding to a 4x price-to-sales ratio, with the target price rolling to 2026 [1] Group 2: Business Expansion and AI Applications - The recent government policy issued on August 26, titled "Opinions on Deepening the Implementation of AI+ Actions," is expected to benefit the company's business expansion [1] - The company is exploring AI applications across various sectors, including AI+Energy Storage and Phancy Consumer Electronics, which enhances its core competitiveness in traditional industries [1] Group 3: Future Growth and Profitability - As the demand for AI applications from enterprises continues to grow, the average revenue per customer is expected to increase [1] - By 2029, the company's revenue is projected to reach a scale of HKD 20 billion, with an annualized growth rate of 30% compared to 2025, and the scalability effect is expected to continue [1] - Profit margins are anticipated to reach 8-10% [1]
交银国际：升第四范式目标价至81港元 维持“买入”评级