TRS(SZ:300229) China Post Securities·2024-05-31 09:30Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook on its future performance [38][58]. Core Insights - The company is recognized as a leading player in the AIGC (Artificial Intelligence Generated Content) sector, leveraging its advantages in data and algorithms [35][52]. - The report highlights the rapid development of the data element market, predicting significant growth opportunities for the company [53]. - The company has successfully integrated its financial model with existing risk control operations, enhancing user experience and efficiency [41]. Summary by Sections Company Overview - The company, established in 1993, is a pioneer in Chinese full-text retrieval technology and a leading provider of AI, big data, and data security products and services [63]. - It has a strong focus on independent R&D, holding over 40 patents and 1000 software copyrights [63]. Financial Performance - The company reported a total revenue of 8.453 billion in 2018, with a steady growth trajectory observed in subsequent years [65]. - The net profit attributable to shareholders reached 319.2 million in 2023, reflecting a significant increase [67]. Market Position - The company ranks among the top twenty leading enterprises in China's large model development, showcasing its competitive edge in the market [46]. - It has a market share leading in the media IT service industry, covering 72% of central media and 61% of provincial media [21]. Strategic Partnerships - A comprehensive cooperation agreement was signed with Huawei to advance digital transformation in various industries [17][47]. - The partnership aims to leverage both companies' strengths to enhance product competitiveness and achieve mutual benefits [17]. Product Development - The company has developed specialized large models for various sectors, including finance, media, and government, with applications in risk control, content generation, and policy analysis [22][14]. - The financial model includes features such as risk warning assistants and automated report generation, enhancing operational efficiency [54]. Future Outlook - The company is expected to experience rapid growth in its data element business, with projections indicating a market size exceeding 100 billion [53]. - EPS forecasts for 2024, 2025, and 2026 are estimated at 0.29, 0.40, and 0.50 respectively, suggesting a positive growth trajectory [53].