Investment Rating - The report maintains an "OUTPERFORM" rating for the company with a target price of HK7.34 [3][5]. Core Insights - The company has proactively reduced revenue growth, leading to a slowdown in revenue but a significant increase in the number of customers, with total customers growing by 36% to 397 in 2023 [4][9]. - The company plans to significantly reduce losses in 2024, targeting a 50% reduction in adjusted net loss [4][9]. - The release of the new 75 billion parameter big model, ChatX, is expected to enhance the company's application prospects in various industrial sectors [4][9]. Financial Performance - In 2023, the company reported revenue of RMB 1.751 billion, a year-on-year increase of 12.4%, with the manufacturing sector contributing RMB 1.176 billion, up 24.1% [4][9]. - The adjusted net loss for 2023 was RMB 1.54 billion, with a gross margin of 33.6%, indicating a slight improvement from the previous year [4][9]. - Revenue projections for 2024, 2025, and 2026 are RMB 2.010 billion, RMB 2.369 billion, and RMB 2.863 billion, respectively, with a compound annual growth rate (CAGR) of 15% from 2022 to 2025 [5][9]. Market Position and Valuation - The report assigns a price-to-sales (PS) ratio of 5.5x for 2024, down from the previous 8x, reflecting cautious revenue growth expectations [5][9]. - The target market value is estimated at RMB 11.057 billion, with a corresponding target price of RMB 19.57 per share [5][9]. - The company is positioned in a strong demand sector, with a focus on AI applications in manufacturing, which is expected to drive future growth [4][9].
公司主动降速，ChatX系列工业大模型应用前景可期