Transwarp(SH:688031) Haitong Securities·2024-07-12 07:31Investment Rating - The report maintains an "Outperform the Market" rating for the company [32] Core Viewpoints - The company is transitioning from Data Infra to AI Infra, providing a comprehensive AI infrastructure for enterprises, including tools for corpus processing, model training, and knowledge base construction [32] - The company has launched various AI products, including the enterprise-level vertical Q&A model "Wuyia" and the data analysis model "Qiusuo," which are designed to enhance investment research and legal compliance [3][33] - The company is expected to achieve significant revenue growth, with projected revenue increases of 33.1%, 44.6%, and 45.8% for the years 2024 to 2026, respectively [5][34] Financial Summary - The company's revenue for 2023 is projected at 491 million yuan, with expected growth to 653 million yuan in 2024 and 945 million yuan in 2025 [12] - The gross margin is expected to improve from 59.6% in 2023 to 65.1% by 2026 [12] - The net profit is projected to be -288 million yuan in 2023, improving to -174 million yuan in 2025, and turning positive at 6 million yuan in 2026 [12][34] Business Segmentation - The software products and technical services segment is expected to generate revenue of 390.04 million yuan in 2023, growing to 1.16 billion yuan by 2026, with a gross margin increasing from 70.99% to 73.99% [23] - The application and solution segment is projected to grow from 79.09 million yuan in 2023 to 187.37 million yuan in 2026, with a gross margin improvement from 7.30% to 13.30% [23] Market Positioning - The company is positioned in the database sector, which is expected to benefit from the ongoing digital transformation and AI adoption across various industries [5] - The company has established a comprehensive ecosystem and partnership framework to enhance its market presence and operational capabilities [5]