Core Viewpoint - Cathay Securities has initiated coverage on Qiniu Intelligent (02567) with a "Buy" rating, projecting revenues of 1.69 billion, 2.03 billion, and 2.46 billion RMB for 2025-2027, respectively, and assigning a 1.0x PS valuation for 2026, leading to a target market value of 2.03 billion RMB and a target price of 1.1 HKD [1] Group 1 - Qiniu Intelligent has a solid foundation in digital intelligence with diverse business operations, being a leading audio and video cloud service provider in China since its establishment in 2011 [2] - The company ranks as the third-largest PaaS service provider and the second-largest APaaS supplier in China as of 2023, leveraging AI technology to enhance its service offerings and potentially exceed performance expectations [2] Group 2 - Qiniu Intelligent's strong positioning in edge AI and its collaboration with Alibaba's ecosystem are key drivers for the company, with AI-related business revenue reaching 22.2% in the first half of 2025 [3] - The low-code APaaS platform reduces development barriers, enabling clients to quickly deploy intelligent audio and video solutions, while Alibaba's strategic investment strengthens Qiniu's competitive edge in the cloud computing market [3] Group 3 - The company's strategic ambition is evident in its transition from a technology tool provider to an ecosystem platform, exemplified by the launch of the "Lingxi AI" natural interaction platform for smart home and service robot applications [4] - The introduction of the "Hui Si Kai Wu" general embodied intelligence platform signifies a pivotal moment in the robotics industry, positioning Qiniu to capture systemic benefits as the sector evolves from "feature phones" to "smartphones" [4]