Investment Rating - The report assigns an "Outperform" rating to the company [4][8]. Core Viewpoints - The company is a pioneer and leader in the enterprise-level AI sector, providing platform-centric AI solutions that address efficiency, cost, and value issues faced by enterprises during their digital transformation [4][8]. - The company's "Sage AI Platform" has maintained a leading market position in China for five consecutive years, according to IDC, and supports extensive model training and real-time inference [4][6]. - The company achieved revenue of 4.204 billion yuan in 2023, a year-on-year increase of 36.4%, with a gross profit of 1.980 billion yuan and a gross margin of 47.1% [4][10]. - The company has a clear profitability goal, with an adjusted net loss of 415 million yuan in 2023, narrowing the loss by 88.88 million yuan compared to 2022 [4][10]. Summary by Sections Company Overview - Founded in September 2014, the company focuses on enterprise-level AI solutions and has developed a robust AI platform that supports over 10,000 models [4][6]. Financial Performance - In 2023, the company reported a revenue of 4.204 billion yuan, with a gross profit margin of 47.1% [4][10]. - The revenue from the Sage AI Platform reached 2.506 billion yuan, growing 68% year-on-year, while the SHIFT intelligent solutions and AIGS services generated revenues of 1.283 billion yuan and 416 million yuan, respectively [10][11]. Future Projections - The company anticipates continued growth, with projected revenues of 5.277 billion yuan in 2024, 6.326 billion yuan in 2025, and 7.381 billion yuan in 2026, reflecting year-on-year growth rates of 25.51%, 19.89%, and 16.68% respectively [11][12]. - The report estimates a reasonable valuation range for the company at 73.31 to 85.53 HKD based on a price-to-sales ratio of 6-7 times for 2024 [8][10].
第四范式：领先的平台型AI龙头，大模型落地领域持续扩展