Investment Rating - The report assigns an "Outperform" rating to the company, indicating an expectation of better performance compared to the market [4]. Core Insights - The company is leveraging its "Prophet Inside Model" to facilitate the application of AI across various industries, having evolved its AI platform from version 1.0 to 5.0 over ten years. As of H1 2024, the platform supports 14 major industries, including transportation, data centers, finance, and energy [4][6]. - The company has developed over 30 AI products that cover more than 20 industries, focusing on areas such as academic translation, health management, and supply chain solutions [4][6]. - The introduction of the "Prophet AIOS 5.1" version enhances GPU resource pooling capabilities, significantly improving hardware cost efficiency and GPU utilization [7]. Financial Summary - Revenue is projected to grow from 4,204 million in 2023 to 5,277 million in 2024, reflecting a year-on-year growth of 26% [5]. - The net profit is expected to improve from a loss of 909 million in 2023 to a loss of 349 million in 2024, indicating a 62% year-on-year improvement [5]. - The gross margin is expected to remain stable around 47% from 2023 to 2026, with a gradual increase in net profit margin projected to turn positive by 2026 [5][9]. Cash Flow and Balance Sheet - Operating cash flow is expected to improve from -999 million in 2023 to -497 million in 2024, indicating a trend towards positive cash flow in the future [9]. - The total assets are projected to grow from 6,316 million in 2024 to 7,434 million in 2026, while total liabilities are expected to increase from 2,437 million to 3,240 million in the same period [10]. Valuation and Price Target - The report suggests a price-to-sales (PS) ratio of 6-7 times for 2024, leading to a fair value range of 74.21 to 86.58 HKD per share [7].
第四范式：公司报告：营收稳健增长，减亏趋势清晰，“AI技术产品化”助力AI落地千行万业