Runjian (002929) 天风证券·2025-02-13 05:57Investment 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 [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 [3]. - The company has successfully implemented AI applications across various sectors, including urban management and education, leveraging its self-developed "Quchi" AI platform [4][5]. - Collaborations with major industry players like Alibaba Cloud, Baidu, and Huawei are expected to drive growth in computing services and AI applications [6][7]. Summary by Sections 1. Deployment of DeepSeek - The company has upgraded its Quchi platform with DeepSeek-R1 and related models to support AI application development [2]. - Multiple AI applications have been developed based on DeepSeek, including internal knowledge bases and educational tools [2]. 2. Computing Power Business - The Wuxiang Cloud Valley data center is being expanded to accommodate 20,000 cabinets, with 6,000 already completed [3]. - Partnerships with Alibaba Cloud and Baidu are expected to enhance the company's computing service offerings [3]. 3. B-end Application Development - The company has successfully deployed CV large models and AI assistants to improve urban management products [4]. - A data labeling base has been established to support AI applications across various industries [4]. 4. AI Ecosystem Development - Strategic partnerships with Huawei and other tech companies aim to enhance AI and computing capabilities [6][7]. - The company is actively pursuing collaborations to create innovative smart applications [6][7]. 5. Financial Forecast - 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].