Investment Rating - The report maintains a "Buy" rating for the company [1][5][6] Core Views - The company is focusing on its core business in generative AI, which is expected to drive revenue growth and profitability [5][6] - The generative AI segment saw a significant revenue increase of 199.9% year-on-year, reaching 1.18 billion RMB in 2023 [5][7] - The company is restructuring its business segments, emphasizing generative AI while reducing its focus on traditional AI and smart city projects [5][6] Financial Performance - In 2023, the company's total revenue was 3.41 billion RMB, a decrease of 10.57% year-on-year [5][6] - The GAAP net loss for 2023 was 6.44 billion RMB, widening by 6.54% compared to the previous year [5][6] - The adjusted net loss was 5.41 billion RMB, an increase of 14.31% year-on-year [5][6] Revenue Breakdown - Generative AI revenue reached 1.18 billion RMB in 2023, contributing significantly to overall revenue growth [5][7] - Traditional AI revenue was 1.84 billion RMB, showing a year-on-year increase of 25.6% [5][7] - Smart automotive revenue was 384 million RMB, reflecting a growth of 31.1% year-on-year [5][7] Profitability Metrics - The overall gross margin for 2023 was 44.07%, down by 22.69 percentage points year-on-year [5][7] - The company maintained stable expense ratios for sales, administrative, and R&D, with slight variations [5][7] Future Projections - Revenue forecasts for 2024, 2025, and 2026 are projected at 4.49 billion RMB, 5.64 billion RMB, and 7.33 billion RMB respectively [6][7] - The report anticipates a doubling of the company's overall computing power in 2024 [5][6]
生成式AI收入高速增长，日日新5.0即将上线