成为OpenAI公司合作伙伴，为AI大模型语音交互提供低延迟能力

Investment Rating - The report maintains a "Recommended" rating for Agora [2][6]. Core Viewpoints - Agora has partnered with OpenAI to provide low-latency capabilities for AI large model voice interactions through the Realtime API, enhancing the natural dialogue experience by allowing direct voice input and output [2][3]. - The Realtime API is expected to be integrated into high-value applications such as customer service, education, and emotional companionship, although its high cost may limit widespread adoption in the short term [3][6]. - Agora's SD-RTN technology offers low latency, high coverage, and high availability, supporting over 200 countries and regions with a median end-to-end latency of 76ms [6][8]. Financial Performance Summary - Revenue projections for Agora are as follows: 2024 expected revenue of $136.2 million (down 3.8% year-over-year), 2025 expected revenue of $147.7 million (up 8.4% year-over-year), and 2026 expected revenue of $165.9 million (up 12.3% year-over-year) [6][7]. - The company is projected to incur net losses in the coming years, with expected net losses of $32.6 million in 2024, $19.6 million in 2025, and $10.4 million in 2026 [6][7]. - Non-GAAP net profit is expected to improve, with projections of losses of $18.0 million in 2024, $5.8 million in 2025, and a profit of $4.0 million in 2026 [6][7]. Market Position and Competitive Landscape - Agora's collaboration with OpenAI highlights its strong competitive position in overseas markets, particularly in the real-time communication (RTC) sector [3][6]. - The report notes that Agora, along with LiveKit and Twilio, has differentiated roles in providing low-latency capabilities for AI voice interactions, with Agora being a specialized third-party RTC service provider [3][6].