Runjian (002929) 天风证券·2025-02-11 04:40Investment Rating - The report maintains a "Buy" rating for the company, with a target price not specified [8]. Core Insights - The deployment of DeepSeek models is expected to enhance the company's internal digital transformation and AI application development, marking a significant opportunity for growth [2][3]. - The company is strategically expanding its computing power business through its Wuxiang Cloud Valley data center, which is set to provide services to domestic and ASEAN clients, with a focus on partnerships with major cloud service providers like Alibaba Cloud and Baidu [3][4]. - The company has successfully implemented AI applications across various sectors, including urban management and education, leveraging its self-developed "Quchi" AI platform [4][5]. Summary by Sections 1. Deployment of DeepSeek - The company has upgraded its Quchi platform with DeepSeek-R1 and DeepSeek-R1-Distill-Qwen-32 models, facilitating AI application development and internal digital transformation [2]. - Multiple AI applications have been developed based on DeepSeek models, including an internal knowledge base and various service applications [2]. 2. Computing Power Business - The Wuxiang Cloud Valley data center is being expanded to include 20,000 cabinets, with 6,000 already completed [3]. - Partnerships with Alibaba Cloud and Baidu are expected to bolster the company's computing power services [3]. - The company has also secured a major operation project for a large-scale intelligent computing center [3]. 3. B-end Application Development - The company has successfully deployed a CV large model at its data center, enhancing urban management products through AI integration [4]. - A data labeling base has been established in Nanning, collaborating with universities to support AI applications [4]. 4. Continuous AI Ecosystem Development - Strategic partnerships have been formed with industry leaders like Huawei and Hikvision to enhance AI and computing capabilities [6]. - The company is actively pursuing collaborations to develop innovative AI applications and solutions across various sectors [6]. 5. Financial Forecast and Valuation - The company's profit forecast for 2024-2026 has been adjusted to 360 million, 495 million, and 656 million yuan respectively, with corresponding PE ratios of 30, 22, and 17 times [7].