Financial Performance - Total revenue is projected to reach RMB 8,962 million in 2025, with a growth rate of 9.3% compared to 2024[2] - Net profit attributable to shareholders is expected to be RMB 553 million in 2025, reflecting a significant increase of 90.8% from 2024[2] - The company’s PE ratio is forecasted to decrease from 19.99 in 2024 to 14.04 in 2025, indicating improved valuation attractiveness[2] Investment Strategy - The company plans to raise approximately HKD 494 million through a rights issue at a price of HKD 7.30 per share, with net proceeds allocated 70% for AI and R&D investments and 30% for working capital[8] - The board proposes relocating the company's registration from the Cayman Islands to Hong Kong to simplify compliance and enhance investor confidence[8] Market Position and Growth - The company maintains an "Outperform" rating, with a target price of HKD 13.25 for 2026, based on a forward PE of 20x[7] - The Haiyue foundation models are recognized as a key initiative in supporting SOE reforms and enhancing enterprise intelligence capabilities[8] Risks - Potential risks include slower-than-expected policy advancements, challenges in AI technology commercialization, and intensified market competition[9]
配股引入战略投资者，AIFirst持续推进
Haitong Securities International·2025-11-28 10:05