范式智能（06682）：收入增长超预期，API、AgenticAI增速强劲

Investment Rating - The report maintains a "Buy" rating for the company [4][10]. Core Insights - Revenue growth exceeded expectations, with strong growth in API and Agentic AI segments [9][10]. - The company achieved a revenue of 7.135 billion RMB in 2025, a year-on-year increase of 35.6%, and successfully turned a profit with a net profit of 17.84 million RMB compared to a loss of 265 million RMB in the previous year [9][10]. - The gross margin decreased to 34.8% in 2025 from 42.7% in 2024, attributed to changes in product mix [9][10]. - The company has established a "three-horsepower" growth pattern, with significant contributions from API and Agentic AI businesses, and the AI Platform (PaaS) business generating 6.552 billion RMB in revenue, a 32% increase year-on-year [9][10]. - Cost control measures have been effective, with a 23.6% reduction in sales and marketing expenses and a 20.2% decrease in administrative expenses [9][10]. - The company continues to invest in R&D, with R&D expenses reaching 2.337 billion RMB in 2025, a 7.7% increase [9][10]. - The company holds a strong market position, being the leader in the Chinese machine learning platform market for seven consecutive years, with a backlog of orders exceeding 8.9 billion RMB [9][10]. - The revenue forecasts for 2026-2028 have been revised upwards to 9.628 billion RMB, 13.037 billion RMB, and 17.763 billion RMB respectively, with net profits projected to be 0.04 billion RMB, 0.33 billion RMB, and 2.52 billion RMB [9][10]. Financial Data and Profit Forecast - Projected revenues and net profits for the years 2024 to 2028 are as follows: - Revenue: 5.261 billion RMB (2024), 7.135 billion RMB (2025), 9.628 billion RMB (2026E), 13.037 billion RMB (2027E), 17.763 billion RMB (2028E) [5][13]. - Net Profit: -269 million RMB (2024), -26 million RMB (2025), 4 million RMB (2026E), 33 million RMB (2027E), 252 million RMB (2028E) [5][13]. - The company’s price-to-sales (PS) ratio is projected at 3.5x for 2026, suggesting a potential market value of 33.7 billion RMB, indicating over 70% upside potential [9][10].