聚焦AI技术与数字园区，加固企业竞争壁垒

Investment Rating - The report maintains an "Overweight-A" rating for the company [4] Core Views - The company is leveraging data elements and optimizing industrial layout by building a "Data Traffic Valley" with a "Park + Platform + Finance" service system, enabling data to transition from an element to an asset and then to capital [2] - The company has established 16 major digital application scenarios based on digital infrastructure, with approximately 750 enterprises settled in the Shanxi Park [2] - The company achieved a breakthrough in unsecured data asset financing in Shanxi Province, providing a credit line of 9 million RMB to settled enterprises [2] - The company is focusing on AI technology and digital parks to strengthen its competitive barriers [5] - AI-driven intelligent digital marketing is a key focus, with the company integrating "Data Elements ×" and "Artificial Intelligence +" to form a complete chain of data aggregation, circulation, and application [6] - The company's mobile app distribution platform has 312 million registered users, and its intelligent marketing platform has accumulated over 4 million marketing video materials and 260TB of video and graphic data [6] - The company provides digital transformation and intelligent upgrading services across multiple fields, including the "MetaSurfing-Yuanxiang Intelligent Cloud Platform" and the "Magic Cube Mix Intelligent Marketing Cloud Platform" [6] Financial Performance and Forecasts - The company's revenue for 2023 was 1,761 million RMB, a year-on-year increase of 1.1% [7] - Net profit attributable to the parent company for 2023 was -1,087 million RMB, a significant decline due to losses from equity investments and impairment provisions [19] - The company is forecasted to achieve net profits of 41/44/45 million RMB for 2024/2025/2026, with EPS of 0.03/0.03/0.03 RMB [7] - Gross margin is expected to improve from 22.0% in 2023 to 23.7% in 2024 and remain stable in the following years [7] - The company's P/E ratio is projected to be 166.4x in 2024, decreasing to 153.0x by 2026 [7] Market and Valuation - The company's total market capitalization is 6,899.62 million RMB, with a circulating market capitalization of 6,748.61 million RMB [4] - The stock price as of May 10, 2024, was 4.17 RMB, with a 12-month price range of 7.96/3.59 RMB [4] - The company's P/B ratio is expected to decrease from 4.6x in 2023 to 4.2x by 2026 [7] Business Segments and Strategy - The company is focusing on AI technology and digital parks to enhance its competitive edge [5] - The "MetaSurfing-Yuanxiang Intelligent Cloud Platform" and the "Magic Cube Mix Intelligent Marketing Cloud Platform" are key components of the company's digital transformation strategy [6] - The company's mobile app distribution platform, "iTools," is a significant player in the mobile app market and phone management tools [6]