研报掘金丨开源证券：维持吉宏股份“买入”评级，预告2025年高增长

Core Viewpoint - The report from Kaiyuan Securities indicates that Jihong Co., Ltd. is expected to achieve a net profit attributable to shareholders of 273-291 million yuan in 2025, representing a year-on-year increase of 50%-60% [1] Financial Performance - The net profit for Q4 2025 is projected to be between 57-75 million yuan, reflecting a growth of 21.3%-59.6% [1] - Overall performance is slightly above expectations [1] Business Strategy - The company is driving high growth through a dual approach of "packaging + cross-border social e-commerce" [1] - The cross-border e-commerce segment is leveraging AI technologies like GEO to expand into overseas markets with less commonly spoken languages [1] AI Technology Utilization - The company's AI system currently covers over 40 countries and regions, supporting intelligent processing in 28 languages [1] - In 2026, the company plans to focus on enhancing AI capabilities in Latin America, Central Europe, and Eastern Europe, as well as improving semantic understanding and cultural adaptation for languages such as Vietnamese, Thai, and Arabic dialects [1] Valuation - The current stock price corresponds to a price-to-earnings ratio of 30.7/24.4/19.9 times [1] - The rating is maintained as "Buy" [1]