研报掘金丨国盛证券：维持美格智能“买入”评级，端侧AI起势，物联网黑马迎来重估

Core Viewpoint - The report from Guosheng Securities highlights the increasing market attention on AI Agent applications like OpenAIOperator and Clawdbot, indicating a shift in terminal computing demand from "cloud" to "edge" [1] Group 1: Market Trends - Terminal computing demand is expected to experience a deployment wave in edge servers and various smart terminals, particularly benefiting companies like Megvii Technology, which is a leader in edge AI modules [1] - The shift towards edge computing is driven by the explosive demand for terminal computing spurred by AI Agent applications [1] Group 2: Company Insights - Megvii Technology is positioned to significantly benefit from the surge in terminal computing demand, supported by the Qualcomm ecosystem providing technological assurance [1] - The company is set to undergo a dual-platform listing (A+H) on February 11, 2026, which will aid its global strategy and breakthrough into high-end markets [1] Group 3: Financial Projections - The projected net profit for Megvii Technology from 2025 to 2027 is estimated at 22.4 billion, 35.8 billion, and 48.8 billion respectively, with corresponding price-to-earnings ratios of 55, 34, and 25 times [1] - The report maintains a "buy" rating for the company, indicating confidence in its growth potential and valuation re-evaluation following the Hong Kong listing [1]