Investment Rating - The report initiates coverage with a "Buy" rating for the company, Qiniu Smart [2][7]. Core Insights - Qiniu Smart is a leading provider of audio and video cloud services in China, recognized as the third-largest PaaS and second-largest APaaS service provider in the country. The company has a strong market position and is expected to benefit from the growing demand in the audio and video cloud service market [6][17]. - The company is projected to achieve revenue growth from RMB 1.334 billion in 2023 to RMB 1.689 billion in 2025, with a compound annual growth rate (CAGR) of 18%. Adjusted net profit is expected to improve significantly from a loss of RMB 116 million in 2023 to a profit of RMB 25 million by 2027 [5][7]. - The report highlights the significant market potential for audio and video cloud services, with the market size expected to grow from RMB 915 billion in 2023 to RMB 2,405 billion by 2028, representing a CAGR of 21.3% [6][46]. Financial Data and Profit Forecast - Revenue projections for Qiniu Smart are as follows: RMB 1.334 billion in 2023, RMB 1.437 billion in 2024, RMB 1.689 billion in 2025, RMB 2.031 billion in 2026, and RMB 2.457 billion in 2027, with respective growth rates of 16%, 8%, 18%, 20%, and 21% [5][7]. - The adjusted net profit forecast indicates losses of RMB 116 million in 2023, RMB 127 million in 2024, a reduced loss of RMB 60 million in 2025, a break-even in 2026, and a profit of RMB 25 million in 2027 [5][7]. Market Space and Growth Drivers - The audio and video cloud service market in China is characterized by high growth potential, driven by advancements in network infrastructure and audio-video transmission technologies. The PaaS segment is expected to capture a larger market share, increasing from 24.9% in 2023 to 32.3% by 2028 [46][50]. - The APaaS market is anticipated to grow at a rapid pace, with projections indicating an increase from RMB 20 billion in 2023 to RMB 144 billion by 2028, achieving a CAGR of 48.6% [50][58]. Competitive Landscape - Qiniu Smart holds a market share of 5.8% in the audio and video PaaS market, ranking third among competitors. The competitive environment is described as relatively mild for independent PaaS providers, allowing for collaboration with IaaS service providers without direct competition [54][55]. - The APaaS market is slightly more concentrated, with Qiniu Smart capturing a 14.1% market share, ranking second among its peers [58][59]. Technology and Strategic Focus - The company emphasizes AI and computational power as core strategic elements, focusing on developing AI-driven products and enhancing service value through integrated MPaaS and APaaS solutions [6][40]. - Qiniu Smart's technology foundation includes audio-video technology, low-code platforms, and AI capabilities, which are expected to enhance its competitive edge in the market [6][40].
七牛智能（02567）：垂类布局AI驱动，国内核心音视频云服务供应商