ZHI-TECH(SZ:300785) KAIYUAN SECURITIES·2025-10-27 06:11Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The report emphasizes the optimization and upgrading of the business structure, highlighting the potential for growth through comprehensive AI strategies. The company is expected to benefit from the ongoing commercialization of AI, with Q4 events like "Double 11" and national subsidies likely to aid in performance recovery. The earnings forecasts for 2025-2027 remain unchanged, with projected revenues of 1.37 billion, 1.58 billion, and 1.82 billion yuan, and net profits of 90 million, 110 million, and 130 million yuan respectively [4][5][6] Financial Summary - For Q1-Q3 2025, the company reported revenue of 810 million yuan (down 20% year-on-year), primarily due to strategic contraction of low-margin businesses and business upgrades. The net profit attributable to the parent company was 13 million yuan (up 253% year-on-year), mainly due to the recognition of significant deferred income tax credits. In Q3, revenue was 220 million yuan (down 24% year-on-year), with a net profit of 800,000 yuan (up 120% year-on-year) [4][5] - The company confirmed AI-related revenue of 132 million yuan, marking the official start of AI commercialization. The consumption of tokens from third-party large model APIs reached 10.84 billion in September, a 47% increase from June, while the output of the Haina MCP Server exceeded 20.87 million, a 154% increase from June [5] - The financial projections indicate a revenue decline of 10.1% in 2025, followed by growth of 15.5% and 15.2% in 2026 and 2027 respectively. The gross margin is expected to improve from 48.4% in 2023 to 52.9% in 2027, while the net profit margin is projected to rise from 5.2% to 7.1% over the same period [8][10][11]