DeepGlint(688207) 华创证券·2024-04-28 23:32Investment Rating - The report maintains a "Recommended" rating for the company, indicating an expectation of outperforming the benchmark index by 10%-20% over the next 6 months [19][31]. Core Insights - The company experienced a significant decline in revenue, with 2023 revenue at 262 million, down 25.84% year-on-year, and Q1 2024 revenue at 31 million, down 54.51% year-on-year. The net profit attributable to the parent company was -90 million in 2023 and -27 million in Q1 2024 [11][23]. - Despite the revenue decline, the company improved its gross margin, achieving 56.56% in 2023 and 74.43% in Q1 2024, a substantial increase of 13.51 percentage points year-on-year [11]. - The company is increasing its R&D investment, with R&D expenses growing by 33.48% year-on-year in Q1 2024, reaching 44 million, and an R&D expense ratio of 143.98% [11]. - The company is advancing its research on autonomous multimodal large models and AIGC systems, utilizing its AI technology platform, "Deep Eye Brain," to process vast amounts of training data [11]. - Revenue projections for 2024-2026 are 401 million, 586 million, and 863 million, with corresponding growth rates of 52.8%, 46.3%, and 47.1%. The net profit is expected to improve to -28 million, -15 million, and 5 million, with growth rates of 69.3%, 45.7%, and 135.9% respectively [11][20]. Financial Summary - 2023 total revenue was 262 million, with a year-on-year decline of 25.8%. The projected revenue for 2024 is 401 million, with a growth rate of 52.8% [20]. - The net profit for 2023 was -90 million, with projections of -28 million for 2024, indicating a recovery trend [20]. - The company’s gross margin for 2023 was 56.6%, with an expected increase to 55.8% in 2024 [20].