盈利能力增长强劲；积压业务大幅增加；中期指导目标上调

Core Insights - Presight AI is expected to have a positive market reaction to its Q4 2024 performance, with adjusted net profit reaching 348 million AED, significantly exceeding market expectations, partly due to the AIQ acquisition [1][2] - The company has seen a substantial increase in order volume and has slightly raised its medium-term growth expectations [1] - The report initiates coverage on Presight AI with an "Outperform" rating, reinforcing a positive outlook [1] Financial Performance - Q4 2024 revenue was 1.043 billion AED, a quarter-on-quarter increase of 84%, aligning closely with market expectations of around 1 billion AED, driven by existing contracts and the AIQ acquisition [2] - EBITDA for the quarter was 367 million AED, a significant quarter-on-quarter increase, surpassing market expectations, with 47% of EBITDA attributed to AIQ [2] - Net profit for Q4 2024 was 348 million AED, reflecting a quarter-on-quarter growth of 259%, exceeding the market expectation of 271 million AED [5] Contractual and Business Growth - The proportion of long-term contracts has significantly increased, with a ratio of 99.9% long-term to 0.1% one-time contracts, potentially marking the highest share of long-term contracts for the company [2][3] - International business has also grown, with the ratio of international to domestic business in Q4 2025 at 37.1% to 62.9%, compared to 14.3% to 85.7% in Q3 2024 [2] Upgraded Guidance - The company has raised its revenue, EBITDA, and profit growth CAGR guidance for FY2023 to FY2027 to 19%-25%, 16%-21%, and 6%-11% respectively, up from previous guidance of 17%-23%, 15%-20%, and 10%-15% [3]