国元国际:维持百融云-W“买入”评级 目标价14.28港元

Core Viewpoint - Company has launched the AIAgent strategy, which has achieved large-scale application across multiple sectors, serving over 8,000 enterprise clients [1][3] Group 1: AIAgent Strategy - The AIAgent strategy focuses on a new business model called RaaS (Result as a Service), shifting from "tool provision" to "result co-creation" [2] - This strategic shift aims to address the core pain points of AI application in enterprises by delivering quantifiable business results [2] - The company plans to implement flexible pricing models based on task billing and value sharing to enhance commercialization [2] Group 2: Market Expansion - The AIAgent strategy is being extended from the financial sector to other high-potential verticals such as telecommunications, healthcare, retail, education, and government [3][4] - The company is leveraging its mature AI capabilities developed in the financial industry to penetrate these new markets [3] Group 3: Business Outlook - The company expects to adapt its AI solutions for the financial industry to quickly enter new markets like telecommunications, retail, healthcare, and government [4] - The macroeconomic recovery is anticipated to boost credit market demand, further enhancing the dependency of financial institutions on AIAgent [4] - BaaS financial cloud is projected to maintain a growth rate of 20%-25%, while MaaS business growth is expected to stabilize at 10%-15% [4] - The "百工" platform could contribute 10%-15% to overall revenue if it becomes a widely used enterprise-level development tool [4]