Core Viewpoint - Zhongsheng Group predicts that Cloud Wisdom (09678) will experience accelerated revenue growth over the next three years, with expected revenues of 1.236 billion, 1.923 billion, and 2.918 billion yuan for 2025, 2026, and 2027 respectively, representing growth rates of 31.6%, 55.6%, and 51.7%, achieving profitability in 2026 [1] Group 1: Company Overview - Cloud Wisdom is a pioneer in AGI technology in China, being one of the first companies to commercialize deep learning voice technology and integrate multimodal technology [2] - The company has developed a matrix of multimodal large models and specialized industry large models, with its UniGPT Med ranking first in three projects in the latest MedBench 4.0 evaluation, demonstrating a hallucination rate of less than 3% [2] Group 2: Industry Position and Data Advantage - The company has established partnerships with top-tier hospitals such as Peking Union Medical College and Hunan Xiangya, covering 40% of the top 100 hospitals in China, leveraging vast amounts of specialized data to create a competitive advantage [3] - The high-quality data utilized for training forms an efficient data flywheel, with significant potential applications in medical insurance and commercial health insurance cost reduction [3] Group 3: Business Model and Commercialization - The company employs a dual-platform strategy, with MaaS focusing on high-end clients through private deployment of regional/industry large models, while SaaS targets small and medium clients with standardized applications for scalable delivery [4] - This approach establishes technical and situational barriers, facilitating accelerated commercialization [4] Group 4: Growth in Smart Living Business - The company has seen steady growth in its smart living business, with multimodal interactions implemented in various transportation sectors, and deep collaborations with leading companies like TCL and Gree in the home appliance sector [5] - Smart cockpit solutions have been widely adopted in mainstream vehicles such as SAIC's Zhiji L6 and Geely's Xingrui [5]
中盛集团：首次覆盖云知声予“买入”评级 目标价750.58港元