Investment Rating - The investment rating for the company is "Buy" with a target price yet to be 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, targeting small and micro e-commerce businesses and individual designers. The user registration for WIME increased by 149% month-on-month, and the paid user rate rose by 160% within two months of launch. Efficiency metrics show significant improvements, including an 80% increase in product material creation efficiency and a 60% reduction in team operation costs [3]. - The company reported a total revenue of 867 million yuan for the first half of FY24, a year-on-year decrease of 28.29%. However, the non-GAAP net loss narrowed significantly to 46 million yuan from 254 million yuan in the same period last year. The company continues to focus on AI Agent products, which are expected to enhance revenue growth and profitability [4]. Financial Performance - For the first half of FY24, the company reported 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%, a decrease of 1.6 percentage points year-on-year [4]. - The company anticipates revenues of 1.85 billion yuan and 2.39 billion yuan for FY24 and FY25, respectively, reflecting a year-on-year decline of 17% and a subsequent increase of 29% [4].
微盟集团：自研大模型接入DeepSeek，深入布局AI Agent-20250217