群核科技（DY1479HK）：一文看懂全球空间智能独角兽

Investment Rating - The report assigns a positive investment rating to the company, highlighting its potential in the global spatial intelligence market [1]. Core Insights - The report emphasizes the significant growth potential in the spatial intelligence design industry, with projections indicating that the market size in China will reach 30 billion yuan by 2023 and 68 billion yuan by 2028, while the global market is expected to grow from 180 billion yuan to 369 billion yuan in the same period [4][3]. - The company is positioned as a leader in the domestic spatial design sector, holding a market share of 22.2%, and is expanding its services to international markets, supporting 14 languages and serving over 200 countries [4][3]. - The report highlights the company's innovative use of AI and GPU technology to enhance design efficiency, significantly reducing project delivery times from 30 days to as little as 7-20 days [4][3]. Summary by Sections 1. Company Overview - The company operates a diversified product matrix with applications across various scenarios, including home design, commercial spaces, and e-commerce [9]. - The flagship product, "酷家乐" (Kool Home), has evolved through multiple iterations since its launch in 2013, incorporating advanced features such as AI design capabilities and real-time rendering [10]. 2. Competitive Advantages - The company has established strong technical barriers through its proprietary GPU cluster and AI technologies, enabling high-efficiency rendering and a seamless design process [32][34]. - The report notes the company's extensive library of over 3.6 billion 3D models, positioning it as the largest spatial design platform globally, with a monthly active user base of approximately 2.7 million [32][57]. 3. Business Model - The company employs a SaaS subscription model, with a significant portion of its revenue derived from enterprise clients, which accounted for 84% of total revenue in the first three quarters of 2024 [22][76]. - The report indicates a strong customer retention rate, with over 100% net revenue retention, reflecting the company's effective customer engagement strategies [57][56]. 4. Financial Performance - The company's revenue has shown consistent growth, with a year-on-year increase of 10.5% in 2023 and 13.8% in the first three quarters of 2024, driven by an expanding customer base and subscription services [22][21]. - The adjusted net loss for the first three quarters of 2024 was reduced to 0.94 billion yuan, indicating a trend towards profitability as the company scales [22][18]. 5. Future Outlook - The report projects continued growth in the spatial intelligence market, with the company poised to capitalize on emerging opportunities in AI and synthetic data services, further enhancing its competitive edge [4][3].