Investment Rating - The report maintains a "Buy" rating for the company [3][6]. Core Insights - The company has significantly reduced its losses and is entering a new phase of growth, with a revenue of 700 million yuan in 2025H1, representing a year-on-year increase of 22.3% [1]. - The company is focused on the "AI + Manufacturing" sector, launching a comprehensive range of AI products and solutions that span the entire manufacturing chain [1][2]. - The company is expected to achieve a revenue of 1.5 billion, 1.9 billion, and 2.2 billion yuan for the years 2025, 2026, and 2027, respectively, with growth rates of 19.6%, 27.6%, and 20.6% [3][12]. Financial Performance - The company recorded a non-GAAP net loss of 7 million yuan in 2025H1, a reduction of 82.1% year-on-year, with a non-GAAP net loss margin of approximately 1.0% [1]. - The projected non-GAAP net profit for 2025, 2026, and 2027 is 5 million, 61 million, and 144 million yuan, respectively, indicating substantial growth [3][12]. - The company’s revenue is expected to recover from a decline in 2024, with a forecasted revenue of 1.462 billion yuan, up from 1.222 billion yuan in 2024 [5][12]. Market Position - The company ranks third in the Chinese computer vision and machine learning platform markets, and seventh in the large model application market according to IDC data [1]. - Strategic partnerships have been established with industry leaders such as Bentley, KUKA, and Alibaba DingTalk to expand the AI + manufacturing ecosystem [2].
创新奇智（02121）：亏损大幅收窄，开启转守为攻新阶段