Tom(300459)2024-11-25 07:25Investment Rating - The report assigns an investment rating to Tom Cat (300459 SZ) [1] Core Views - Tom Cat is advancing the launch of its first-generation AI robot product, with plans to release the first batch before the Spring Festival [1] - The company has developed a Tom Cat AI storytelling app, which is undergoing small-scale testing and optimization [1] - Tom Cat's self-built online advertising aggregation platform is performing well, with commercialization possibilities under discussion [1] - The company's AI products include the Tom Cat AI voice robot, AI storytelling app, and AI games, featuring natural voice dialogue, emotion recognition, and interactive functions [1] - The first-generation AI robot is equipped with a specialized AI model developed in collaboration with Westlake Xinchen, focusing on children's companionship [1] - The company's advertising mediation platform aggregates ad demand from major platforms like Google and AppLovin, optimizing ad delivery and monetization efficiency [1] - Recent product updates align with market trends in AI companionship and AI toys, with potential for external advertising aggregation services [2] Product Development - The first-generation Tom Cat AI robot offers features such as natural voice dialogue, emotion recognition, and interactive gameplay [1] - The AI storytelling app is being optimized with high-quality content and gamified mechanics [1] - The AI robot includes innovative features like active chatting, interruption, and long-term memory, enhancing user interaction [1] Advertising Platform - Tom Cat's advertising mediation platform aggregates ad demand from major platforms, using a hybrid waterfall and real-time bidding model [1] - The platform ensures efficient ad distribution and monetization, leveraging the company's large user base from the Tom Cat family IP [1] Market Trends - Tom Cat's recent product updates align with the growing market interest in AI companionship and AI toys [2] - The company is exploring the possibility of providing external advertising aggregation and mediation services [2]