Ge Long Hui A P P·2025-12-05 07:29Core Viewpoint - The report from Dongfang Securities indicates that Guotou Intelligent's performance in Q3 2025 was poor, but there is potential for recovery in orders and new products in the future [1] Group 1: Financial Performance - Guotou Intelligent's Q3 2025 performance was disappointing, but the implementation and confirmation of related projects are expected to convert into revenue in Q4 2025 and the next fiscal year [1] - The company is currently in a business adjustment period, leading to unstable profitability [1] Group 2: Strategic Initiatives - Under the "AllinAI" strategy, the company's "Tianqing" public safety large model's technical foundation is being solidified, with large model applications entering a phase of scale deployment [1] - The large model has achieved large-scale applications in public safety, market regulation, discipline inspection, and enterprise digitalization, which will further promote AI application services in areas such as anti-fraud [1] Group 3: Subsidiary Developments - The wholly-owned subsidiary Guotou Cloud Network is positioned as the digital foundation of the group, assisting Guotou Group in formulating the "14th Five-Year" digital intelligence plan [1] - Starting next year, Guotou Cloud Network will undertake core work for the digital construction of Guotou Group and develop replicable solutions for promotion within the group [1] Group 4: Valuation and Rating - Due to the business adjustment period and unstable profitability, a price-to-sales (PS) valuation approach is recommended, with a reasonable valuation level of 6.2 times the sales rate for 2026 [1] - The target price is set at 15.05 yuan, maintaining a "buy" rating [1]