Kunlun(SZ:300418) Soochow Securities·2025-05-02 10:23Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is accelerating its commercialization process in the AI ecosystem, with significant revenue growth driven by its AI strategy and the Opera platform [1] - Despite high revenue growth, the company faces profit pressure due to increased R&D investments and market fluctuations affecting its investment business [1] - The company is expected to see continued growth in its AI business, with projected revenues of 72 billion, 80 billion, and 89 billion for 2025, 2026, and 2027 respectively [1] Financial Summary - Total revenue for 2023 is projected at 49.15 billion, with a year-on-year growth of 3.78%, and is expected to reach 56.62 billion in 2024, representing a 15.20% increase [1] - The net profit attributable to the parent company is forecasted to be -1.60 billion in 2024, a significant decline of 226.74% year-on-year [1] - The latest diluted EPS is expected to be -1.30 in 2024, with projections of -0.72, -0.63, and -0.51 for 2025, 2026, and 2027 respectively [1] - The company’s P/S ratio is projected to decrease from 6.94 in 2024 to 4.41 in 2027 [1]