Core Viewpoint - The report from交银国际 raises the target price for Fourth Paradigm (06682) to HKD 81, maintaining a "Buy" rating, driven by increased revenue expectations for 2025-2027 and positive implications from government policies on AI [2]. Revenue Expectations - Revenue forecasts for Fourth Paradigm have been increased by 7-22% for the years 2025-2027, with expectations of turning profitable in 2025 and achieving slight profitability in 2026 [2]. - The company is projected to reach a revenue scale of HKD 20 billion by 2029, reflecting a compound annual growth rate (CAGR) of 30% from 2025 [2]. Market Position and Strategy - The company’s "Prophet" platform is expected to enhance core competitiveness for enterprises amid the AI upgrade in traditional industries [2]. - Fourth Paradigm is actively exploring AI applications across various sectors, including AI+Energy Storage and Phancy Consumer Electronics [2]. Profitability Outlook - The report anticipates that as enterprise demand for AI applications continues to grow, the average revenue per customer will increase, with profit margins potentially reaching 8-10% [2].
交银国际：升第四范式(06682)目标价至81港元 维持“买入”评级