Core Viewpoint - Daiwa's report indicates that Fourth Paradigm (06682) has a solid position in the artificial intelligence sector and is expected to benefit from the "AI+" development trend [1] Financial Projections - The management has announced a five-year target, projecting revenue to reach 20 billion RMB by 2029, which implies a compound annual growth rate (CAGR) of 30% from 2025 to 2029 [1] - The expected net profit margin by 2029 is projected to be between 8% and 10%, which is stronger than market expectations [1] Investment Rating - Daiwa reiterates a "Buy" rating for Fourth Paradigm, raising the target price from 58 HKD to 74 HKD [1] Earnings Forecast Adjustment - Due to higher-than-expected R&D expenses and an increase in share capital following a placement in July, Daiwa has lowered its earnings per share forecasts for 2025 to 2027 by 14% to 37% [1] - The company anticipates strong long-term revenue growth rates post-2027 [1]
大和：料第四范式可受惠于AI+ 目标价升至74港元