Transwarp(SH:688031) GF SECURITIES·2026-02-11 14:51Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 208.73 CNY per share, compared to the current price of 180.30 CNY [3]. Core Insights - The company is expected to achieve a total revenue of 420 million to 450 million CNY in 2025, representing a year-on-year growth of 13.06% to 21.13%. The net profit attributable to shareholders is projected to be between -250 million to -220 million CNY [7]. - In Q4 2025, the company anticipates revenue of 190 million to 220 million CNY, with a year-on-year growth rate of 20.4% to 38.9%, significantly higher than the 7.4% growth rate in the first three quarters of 2025 [9]. - The demand for the company's AI foundational software products, such as TDH and Sophon LLMOps, is robust, reflecting a strong market need for digital transformation solutions [9]. - The company is actively investing in the research and development of new AI database technologies, which are expected to enhance its competitiveness in the AI foundational software sector [9]. - The ArgoDB joint solution, based on Haiguang Information's CPU, has been successfully implemented in key industries such as finance, energy, and government, indicating strong market acceptance [9]. Financial Forecast and Investment Recommendations - Revenue projections for 2025 to 2027 are estimated at 440 million, 500 million, and 580 million CNY, respectively, with growth rates of 17.3%, 15.8%, and 14.8% [10]. - The net profit attributable to shareholders is expected to improve from -240 million CNY in 2025 to -70 million CNY in 2027, with corresponding EPS estimates of -1.99 CNY, -0.87 CNY, and -0.58 CNY [10]. - The company is compared to peers such as MongoDB, Snowflake, and Elastic, with a premium valuation due to the scarcity of A-share big data companies and the promising future of AI software tools [15][14].