Core Viewpoint - Multiple well-known brokerages have raised their target prices for Fourth Paradigm (06682), reflecting a consensus on the company's growth potential and unique value in the "AI+" era [1][4]. Group 1: Target Price Adjustments - CMB International raised Fourth Paradigm's target price from HKD 64 to HKD 81, maintaining a "Buy" rating, with expectations of revenue growth of 7-22% from 2025 to 2027 and a forecast of turning profitable in 2025 and achieving slight profitability in 2026 [1]. - Daiwa Securities reiterated a "Buy" rating, increasing its target price from HKD 58 to HKD 74 [1]. - Huatai Securities also joined the bullish sentiment, raising its target price to HKD 77.89, highlighting the ongoing scale effects of the company's AI solutions [1]. Group 2: Performance and Growth Expectations - Fourth Paradigm reported a strong performance in the first half of 2025, with total revenue reaching CNY 2.626 billion, a year-on-year increase of 40.7% [2]. - The adjusted net loss attributable to shareholders significantly narrowed by 71.2% year-on-year to CNY 43.7 million, indicating an improvement in profitability [2]. - The core business, "Prophet AI Platform," showed robust growth with a revenue increase of 71.9% year-on-year, reaching CNY 2.149 billion, accounting for 81.8% of total revenue [2]. Group 3: Policy Support and Financial Position - The recent policy document issued by the State Council on August 26, promoting the "AI+" initiative, creates a favorable environment for AI companies, including Fourth Paradigm [3]. - CMB International noted that this policy will benefit Fourth Paradigm's business expansion, as the company has already made strides in AI+ energy storage and Phancy consumer electronics [3]. - Fourth Paradigm raised HKD 2.7 billion through placements in the past six months, providing ample funding for R&D and potential acquisitions, which will drive future growth [3].
交银国际、大和等大幅上调第四范式(06682)目标价至81港元 多家机构持续看好AI+龙头发展潜力