对标 Palantir 与 MiniMax，海致科技(02700)凭什么撑起千亿市值预期？

Core Viewpoint - The Hong Kong stock market in early 2026 is heavily focused on AI IPOs, with HaiZhi Technology (02706) experiencing a significant surge in its stock price, indicating strong market interest and potential for growth [1] Group 1: Market Dynamics - The AI IPOs have become a central theme for capital chasing, with HaiZhi Technology's first-day increase of 242.2% and subsequent gains of 29.6% and 28.4% on the following days [1] - The market's enthusiasm is driven by retail investors attracted to the "AI de-illusion" niche, while institutional investors recognize the strategic value of investing in HaiZhi Technology [1][4] Group 2: Strategic Positioning - HaiZhi Technology has positioned itself uniquely by identifying the core contradictions in the large model industry's application, focusing on vertical integration rather than following the general model trend [3] - The company’s Atlas AI system is compatible with over 100 large language models, enhancing its adaptability and market reach [3] Group 3: Competitive Advantages - HaiZhi Technology has established a strong customer retention rate of 92% for its government clients, indicating high customer loyalty and significant switching costs for clients [3] - The company has built a robust client base, with over 360 government and enterprise clients, which provides a solid foundation for future growth [11] Group 4: Technological Edge - The company has developed a unique technology stack in knowledge graphs and graph computing, which is difficult for competitors to replicate [5] - HaiZhi Technology's approach aligns closely with global leaders like Palantir, focusing on building enterprise decision-making systems through graph-based methodologies [5][7] Group 5: Financial Performance - HaiZhi Technology's revenue for 2024 is projected to reach 5.03 billion RMB, significantly outperforming competitors like MiniMax and Zhipu AI [11] - The company has achieved a compound annual growth rate of 26.8% from 2022 to 2024, with a remarkable revenue growth of 872.2% for its core Atlas AI product in 2024 [11] Group 6: Market Valuation - Current market valuations suggest that HaiZhi Technology is significantly undervalued compared to its peers, with potential for a market capitalization exceeding 100 billion RMB [12][15] - Analysts predict that the company's market value could approach 120 billion RMB by the end of 2026, driven by its strong positioning in the B2B AI application market [15]