Investment Rating and Target Price - The report maintains a "Buy" rating for Fourth Paradigm (6682 HK) with a target price of HKD 61.33 [4][7] - The target price is based on a 4.3x 2025E PS multiple, reflecting the company's broad industry coverage and large enterprise client base [4] Financial Performance - Fourth Paradigm reported revenue of RMB 3.22 billion for the first three quarters of 2024, a 26.1% YoY increase, with gross profit of RMB 1.35 billion and a gross margin of 42.0% [1] - In 3Q24, revenue reached RMB 1.35 billion (+24.7% YoY), with gross profit of RMB 560 million (+13% YoY) and a gross margin of 41.4% [1] - The company's revenue growth is primarily driven by its Prophet AI platform, which contributed RMB 920 million in 3Q24, accounting for 68.1% of total revenue [2] Business Highlights - Fourth Paradigm continues to expand its presence in key industries such as transportation, energy, finance, and telecommunications, with a total of 244 users, including 98 benchmark users [3] - The company has developed the Prophet AI Platform 5.0, which offers end-to-end capabilities in computing power, model layers, and application layers, enhancing AI Agent and GPU resource pooling capabilities [3] - Fourth Paradigm has collaborated with ecosystem partners to launch over 40 AI products using the "Prophet Inside" model [3] Future Outlook - The report forecasts revenue of RMB 5.0 billion, RMB 6.0 billion, and RMB 7.18 billion for 2024E, 2025E, and 2026E, respectively, representing a 19-20% YoY growth [4] - Net profit is expected to improve significantly, with forecasts of RMB -380 million, RMB -120 million, and RMB 120 million for 2024E, 2025E, and 2026E, respectively [4] Valuation and Peer Comparison - The company's 2025E PS multiple of 4.3x is higher than the peer average of 3.9x, reflecting its strong market position and growth potential [4] - Fourth Paradigm's valuation metrics, including PE and PB ratios, are expected to improve as profitability increases in the coming years [6]
第四范式：行业大模型与范生态产品稳步拓展