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值得买(300785):值得买AI产品更新,AI营销导购再进一步

Investment Rating - The report maintains a "Buy" rating for the company [4][22]. Core Views - The company has accelerated its AI marketing layout, enhancing its leading position in AI shopping guide technology. The forecasted net profit attributable to the parent company for 2025-2027 is 127 million, 145 million, and 180 million yuan respectively, with a target price of 38.40 yuan per share based on a 60x PE valuation for 2025 [22]. Financial Information Summary - Revenue (in million yuan) is projected to grow from 1,452 in 2023 to 2,322 in 2027, with a CAGR of 20.6% [3]. - Operating profit is expected to increase significantly from 83 million in 2024 to 226 million in 2027, reflecting a growth rate of 23.9% in 2027 [3]. - Net profit attributable to the parent company is forecasted to rise from 75 million in 2024 to 180 million in 2027, with a notable growth of 68.2% in 2025 [3]. - Earnings per share are projected to grow from 0.38 yuan in 2024 to 0.90 yuan in 2027 [3]. - The gross margin is expected to stabilize around 47% over the forecast period, while the net margin is projected to improve from 5.0% in 2024 to 7.7% in 2027 [3]. AI Product Updates - The company launched four AI shopping guide applications and upgrades, including the Fire Eye AIUC engine, the upgraded "What is Worth Buying" GEN2, the AI shopping assistant Zhang Dama, and the Haina MCP server service, further expanding its AI marketing guide layout [1][9]. - The Fire Eye AIUC engine enhances consumer insights by analyzing multi-modal content, improving content understanding and analysis efficiency [9]. - The upgraded GEN2 leverages AI to enhance community engagement and content quality, while the Zhang Dama AI shopping assistant aims to provide a human-like shopping experience [9]. - The Haina MCP server will offer comprehensive services including content and product search, and will evolve to support full-link ordering and cloud intelligent assistant functionalities [9].