Seeyon(SH:688369) KAIYUAN SECURITIES·2025-10-29 07:44Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is focusing on AI-related contracts, which have exceeded 100 million yuan, positioning AI as a new growth engine [1][5] - The company maintains a "platform + ecosystem" development strategy and is optimistic about its future prospects [3] - The company has projected net profits for 2025-2027 to be -0.97 billion, -0.23 billion, and 0.21 billion yuan, respectively, with revenue forecasts of 9.26 billion, 10.41 billion, and 11.75 billion yuan [3] Financial Performance Summary - In the first three quarters of 2025, the company achieved revenue of 5.54 billion yuan, a year-on-year decline of 10.14%, and a net profit of -2.19 billion yuan, a decline of 100.21% [4] - For Q3 2025, the company reported revenue of 2.16 billion yuan, a year-on-year increase of 0.80%, and a net profit of -835.47 million yuan, a decline of 103.87% [4] - The gross margin for Q3 was 55.17%, down 5.53 percentage points year-on-year, attributed to increased delivery costs [4] - The company has improved cash flow management, with contract liabilities increasing by 73.54 million yuan, a growth of 49.41% year-on-year [4] AI Product Development - The company reported a 19.73% year-on-year increase in direct sales contracts, reaching a three-year high, with AI-related contracts exceeding 100 million yuan [5] - The new product A9 has shown significant improvements in delivery efficiency and quality management, with delivered project contract amounts increasing by 263% year-on-year [5] Financial Projections - Revenue projections for 2025, 2026, and 2027 are 9.26 billion, 10.41 billion, and 11.75 billion yuan, respectively, with corresponding PS ratios of 3.0, 2.7, and 2.4 times [3] - The company expects to achieve a positive net profit of 0.21 billion yuan by 2027, indicating a turnaround from previous losses [3][7]