Investment Rating - The report maintains a "Buy - A" rating for the company [3][6] Core Views - The company has achieved a comprehensive "cloud-edge" AI layout, enhancing its product capabilities with the launch of the new "Riri Xin Model 5.0" [1] - The company has a strong market competitiveness due to its unique AI stack capabilities and extensive experience in serving top clients across various sectors [1] - The generative AI business has seen rapid revenue growth, with a 199.9% year-on-year increase in 2023, contributing to 34.8% of total revenue [1][2] Summary by Sections Company Overview - The company held a technology exchange day on April 23, 2024, unveiling the upgraded "Riri Xin Model 5.0" [1] - The new model features a hybrid expert architecture with a context window of approximately 200K, matching the capabilities of GPT-4 turbo [1] Market Position - The company is recognized as one of the most authentic AI firms in China, with a controllable computing power of 12,000P and 45,000 GPUs [1] - It has successfully empowered clients in government, finance, healthcare, internet, and automotive sectors, showcasing its engineering capabilities [1] Financial Performance - In 2023, the company's generative AI revenue reached 1.184 billion, up 199.9% from the previous year, with revenue share increasing from 10.4% in 2022 to 34.8% [1][2] - The company expects to achieve revenues of 4.521 billion, 5.710 billion, and 7.077 billion for the years 2024, 2025, and 2026 respectively [2] Investment Outlook - The report suggests that the company is well-positioned to capture market share due to its technological capabilities and customer reputation, leading to anticipated revenue growth [2] - A target price of 1.02 HKD is set for the next six months, reflecting a 7x price-to-sales ratio for 2024 [2][3]
实现“云端边”全栈AI布局，赋能客户获广泛认可