Investment Rating - The investment rating for the company is "Buy" with a target price not specified [6]. Core Insights - The company has integrated its self-developed large model with DeepSeek to enhance the reasoning and scheduling capabilities of its WAI Agent, which is expected to improve product competitiveness and user experience, potentially leading to revenue and profit growth [2]. - The launch of the AI Agent product WIME marks an expansion into the To C market, with significant user growth and efficiency improvements reported within two months of its launch [3]. - The company's FY24 interim results show a total revenue of 867 million yuan, a year-on-year decrease of 28.29%, but a significant reduction in non-GAAP net loss to 46 million yuan from 254 million yuan in the previous year [4]. Summary by Sections AI Product Development - The integration of DeepSeek into the WAI product line is aimed at enhancing user experience and maintaining competitive advantage [2]. - The WIME product has seen a 149% increase in user registrations and a 160% increase in paid subscriptions within two months of launch, demonstrating strong market acceptance [3]. Financial Performance - For the first half of FY24, the company reported a total revenue of 867 million yuan, down 28.29% year-on-year, with a gross profit of 575 million yuan and a gross margin of 66.39% [4]. - The non-GAAP net loss has narrowed significantly to 46 million yuan compared to 254 million yuan in the same period last year, indicating improved operational efficiency [4]. Future Outlook - The company is expected to continue its focus on AI Agent products and the integration of advanced large models, which is anticipated to drive revenue growth and profitability in the coming years [4]. - Revenue projections for 2024 and 2025 are set at 1.85 billion yuan and 2.39 billion yuan, respectively, with expected year-on-year changes of -17% and +29% [4].
微盟集团：自研大模型接入DeepSeek，深入布局AI Agent-20250216