Investment Rating - The report maintains an "Outperform" rating for the company, projecting revenue for 2025-2027 to be 1.50/1.86/2.28 billion RMB and EPS to be 2.66/3.29/4.04 RMB, with a target price of 14.48 HKD, reflecting a 159% increase from previous estimates [5][10]. Core Insights - A performance turning point has been established, with significant improvement in profitability. In H1 2025, the company achieved revenue of 699 million RMB, a 22.3% year-on-year increase, and gross profit of 245 million RMB, up 26.7%, with a gross profit margin of 35.0% [11][12]. - The "AI+Manufacturing" strategy has shown significant results, with manufacturing revenue reaching 556 million RMB in H1 2025, a 27.0% increase year-on-year, and its share of total revenue rising from 76.5% to 79.5% [12][13]. - The "One Model, One Body, Two Wings" strategy is accelerating, utilizing AInnoGC industrial foundation models and AI agents to drive industrial robots and software applications, with new platforms and technologies being launched [13]. Financial Summary - The financial summary indicates total revenue projections of 1,752.55 million RMB for 2023, with a significant drop to 1,221.77 million RMB in 2024, followed by a recovery to 1,500.95 million RMB in 2025, and further growth in subsequent years [3]. - The adjusted net loss is expected to narrow significantly from 593.81 million RMB in 2024 to 154.33 million RMB in 2025, indicating a substantial improvement in core business profitability [3][5].
创新奇智（02121）：业绩拐点确立，“一模一体两翼”战略加速落地