Transwarp(688031) 浙商证券·2025-02-16 12:23Investment Rating - The investment rating for the company is "Buy" (maintained) [3] Core Insights - The company is positioned as a growth-oriented entity in AI infrastructure, with expectations for revenue from AI projects to exceed forecasts [1] - Key drivers include strong demand for B-end private deployment, positive trends in C-end AIPC pre-installation, and potential AI application expansion through Tencent's WeChat integration with DeepSeek [1][6] Summary by Relevant Sections B-end Private Deployment Demand - The demand for DeepSeek's private deployment is robust, with various vertical applications emerging [2] - DeepSeek's open-source model is more suitable for domestic clients who prefer private cloud solutions due to data sensitivity [2] - The low cost of DeepSeek unlocks more application scenarios, enhancing ROI and enabling deployment in previously limited use cases [2] C-end AIPC Pre-installation - The collaboration with Acer is enhancing the AIPC infrastructure, with models pre-installed in AIPC machines, which is expected to accelerate C-end market penetration [6] Tencent's WeChat Integration - Tencent, holding an 8% stake in the company, is integrating DeepSeek into its WeChat platform, potentially unlocking AI application scenarios for a vast user base [6][7] - The integration is anticipated to provide free access to DeepSeek R1 for WeChat users, significantly increasing exposure and usage [6] Financial Forecast - Projected revenues for 2024, 2025, and 2026 are 450.17 million, 582.50 million, and 765.48 million yuan respectively, with corresponding growth rates of -8.28%, 29.40%, and 31.41% [8] - The company is expected to improve its profit margins, with gross margins projected to rise from 59.61% in 2023 to 68.00% by 2026 [9]