Core Viewpoint - Huatai Securities maintains an "Overweight" rating for Fourth Paradigm (06682), projecting revenue growth driven by the company's XianZhi AI platform and application development, with expected revenues of 5 billion, 6 billion, and 7.18 billion yuan from 2024 to 2026, and a target price of 80.53 HKD [1] Group 1: Financial Performance - In 2023, the company reported revenues of 4.2 billion yuan, a year-on-year increase of 36.4%, with the XianZhi AI platform generating 2.5 billion yuan, up 68% due to rising AI market demand and the enhancement of products through large model and generative AI capabilities [2] - The SHIFT intelligent solutions business generated 1.28 billion yuan, reflecting a 7.4% year-on-year growth, while the Shishuo AIGS service business earned 420 million yuan, growing by 4.7% [2] Group 2: Customer Expansion and Model Development - The company continued to expand its large customer base in 2023, reaching a total of 445 users, a 9% year-on-year increase, with benchmark users numbering 139, up 34% year-on-year, and an average revenue per benchmark customer of 18.38 million yuan, a 3% year-on-year increase [3] - The net revenue growth rate (NDER) for benchmark users was 115%, indicating strong performance [3] - The company's large model business has been successfully implemented across various sectors including finance, manufacturing, healthcare, retail, real estate, education, and energy, enhancing generative AI-related services for numerous enterprises and partners [3] - The Shishuo large model has been registered under the national "Interim Measures for the Management of Generative Artificial Intelligence Services" and is among the first seven large model partners in Beijing, showcasing the company's competitive edge in the enterprise software sector [3]
华泰证券：第四范式(06682)业绩超预期 维持“增持”评级 目标价80.53港元