天娱数科：24Q3营收同增，AI推动三大业务平台持续发力

Investment Rating - The report maintains an "Accumulate" rating for the company Tianyu Digital Science (002354) [1] Core Views - The company achieved a revenue of 1.2 billion yuan in the first three quarters of 2024, a year-on-year decrease of 11.53%, with a net loss attributable to shareholders of 8.58 million yuan [1] - In Q3 2024, the company reported a revenue of 439 million yuan, representing a year-on-year growth of 23.58% [1] - The decline in revenue for the first three quarters is attributed to reduced investment income from joint ventures and adjustments based on recent litigation results [1] - The company is leveraging AI technology to enhance its three major business platforms, which are continuously evolving to support digital transformation and intelligent upgrades across various industries [1] Summary by Sections Revenue and Profitability - The company’s revenue for 2024 is projected to be 1.863 billion yuan, with growth rates of 5.74%, 6.02%, and 5.56% for the years 2024, 2025, and 2026 respectively [3] - The net profit attributable to shareholders is expected to recover to 13.27 million yuan in 2024, with further increases to 20.10 million yuan in 2025 and 37.11 million yuan in 2026 [3] Business Development - The company has developed its proprietary "Zhizhe Qianwen" large model, which has completed algorithm and model filings [1] - The three business platforms include: 1. AI Sales SaaS platform "Mofang Mix" which provides AIGC advertising material generation and optimization [1] 2. Spatial Intelligence MaaS platform "Yuanxiang" offering foundational large model services in the 3D spatial intelligence field [1] 3. Mobile Application Distribution PaaS platform that serves numerous leading generative AI products [1] Financial Projections - The company is expected to see a gradual recovery in profitability, with net profits projected to be 0.13 million yuan in 2024, 0.20 million yuan in 2025, and 0.37 million yuan in 2026 [1] - The report anticipates a significant increase in the number of enterprise clients served, exceeding 1,600 by the end of 2024 [1]