Core Viewpoint - Cathay Securities has initiated coverage on CloudWalk Technology (09678.HK) with a "Buy" rating, highlighting the company's strong prospects in AI voice applications [1] Financial Projections - The company is expected to achieve revenue of RMB 1.268 billion, RMB 1.943 billion, and RMB 2.659 billion for the years 2025, 2026, and 2027, representing year-on-year growth of 35%, 53%, and 37% respectively [1] - The net profit attributable to the parent company is projected to be RMB -245 million, RMB -135 million, and RMB -104 million for the same years, with year-on-year growth of 46%, 45%, and 23% respectively [1] Valuation - Using two valuation methods, a cautious approach has led to a target price of HKD 451.33 for the stock [1]