杨林 国泰海通计算机分析师: 各位线上的机构朋友，大家晚上好。我是国泰海通看计算机的杨林那么非常感谢大家在这 个开工第一天，晚上 8 点接入我们今天的电话会。那么我们今天电话会主要内容，是汇报 一下这个讯测我的一些情况，因为我们这个也，之前也发了一份报告，应该是万得上唯一 一份这个线上的深度。很荣幸，就是我们挖掘到这家公司，因为从底部开始推荐，因为当 时市场也没有什么人关注，到现在加上春节不到一个，春节假期不到一个月时间，大概涨 幅应该有 80%。 然后我们认为公司还是很优质的，在这个实时数据处理这行业，从资本市场这个，也开始 是服务一些资管机构，到运营商，到能源，就他的下游行业，是在不断的丰富的。同时自 己的产品矩阵，也在不断的这个加大，就是大家能看到，基本上是从一，从数据的前期， 这个收集，这个治理呀，到后面的这个应用所以我们的标题也，这个也起得很直接，就是 打造成中国版的这个 Palantir 全生命周期的一些实时数据的这个服务。那么当下这个位置， 其实港股还是波动很大的，港股其实这几天分化很严重。 那我们觉得，确实还是有一定空间的，一个是马上，大家也应该也能看到，现在就有些新 闻，就是马上快入通了。那 ...

Core Viewpoint - Cathay Securities initiates coverage on XunCe Technology (03317) with a "Buy" rating and a target price of HKD 104.78, corresponding to a target market capitalization of HKD 33.8 billion, highlighting the company's potential to replicate a "Chinese version of Palantir" model across various sectors, leveraging its core capability in "data flow" during a critical transition in AI large models from general capabilities to vertical scenarios [1] Industry Transition - The AI industry is undergoing a strategic shift from "larger models" to "better data flows," emphasizing that true commercial value from large models requires differentiation in vertical scenarios rather than just algorithmic advantages [1] - The report identifies a significant opportunity in China's real-time data processing market, noting a transition from fragmented to holistic data management approaches, which enhances strategic efficiency by embedding global algorithmic models into business and data flows [1] Company Positioning - XunCe Technology has established a strong foothold in the real-time data infrastructure sector over the past decade, with its unified data platform capable of collecting, cleaning, managing, and analyzing heterogeneous data from multiple sources within seconds, aligning perfectly with the immediate decision-making needs of enterprises [3] - The company has built a comprehensive lifecycle solution covering investment monitoring, order execution, valuation, risk management, and compliance, positioning itself as a leader in the real-time data field by 2024 [3] - The market for real-time data infrastructure and analytics in China is projected to grow at a CAGR of 46.1% from 2020 to 2024, with an expected market size of RMB 50.5 billion by 2029, indicating significant growth potential as AI large models catalyze market expansion [3] Diversification and Growth - XunCe is actively expanding its business across various industries, including financial services (beyond asset management), urban management, production management, and telecommunications, with revenue from diversified sectors increasing from 26% in 2022 to 61% in 2024, becoming a key growth driver [4] - The company has demonstrated sustainable business model viability, with the number of paying customers increasing from 182 to 232 and ARPU rising from RMB 1.58 million to RMB 2.72 million from 2022 to 2024, indicating enhanced pricing power as brand recognition and solution optimization improve [4] - Cathay Securities forecasts XunCe's revenue to reach RMB 1.183 billion, RMB 2.177 billion, and RMB 3.311 billion in 2025, 2026, and 2027, respectively, with growth rates of 87%, 84%, and 52%, and anticipates a return to profitability with a net profit of RMB 101 million in 2026, further increasing to RMB 311 million in 2027 [4]

Investment Rating - The report initiates coverage with a "Buy" rating for the company [11][23]. Core Insights - The company is a leading provider of real-time data infrastructure in China, having established a competitive barrier through its deep engagement in the asset management industry and diversified industry expansion [2][24]. - The real-time data processing market in China is in a high-growth phase, with a projected CAGR of 46.1% from 2020 to 2024, and expected to reach 50.5 billion yuan by 2029 [11][51]. - The company has a market share of 3.4% in the real-time data infrastructure and analytics market, ranking fourth, and holds the top position in the asset management sector with an 11.6% market share [27][32]. Financial Summary - Revenue projections (in million RMB) for 2024 to 2027 are as follows: 632, 1183, 2177, and 3311, with year-on-year growth rates of 19%, 87%, 84%, and 52% respectively [4][11]. - The net profit attributable to the parent company is forecasted to be -84, -144, 101, and 311 million RMB for the same period, with corresponding EPS of -0.28, -0.45, 0.31, and 0.97 [4][11]. - The target market capitalization is set at 33.8 billion HKD, with a target price of 104.78 HKD per share [11][23]. Business Segmentation - The company started in the asset management sector, providing real-time data solutions across the entire asset management lifecycle, and has expanded into diverse industries such as financial services, urban management, production management, and telecommunications [24][42]. - Revenue from the asset management sector is expected to grow at rates of 35%, 30%, and 20% from 2025 to 2027, while diversified industry revenue is projected to grow at 120%, 105%, and 60% during the same period [16][17]. Market Dynamics - The penetration rate of real-time data processing in China is currently below 4%, indicating significant growth potential [11][51]. - The company has developed over 300 modular solutions, allowing for flexible adaptation to various industry needs, enhancing its competitive edge [35][36]. User Growth and Revenue - The number of paying customers increased from 182 to 232 between 2022 and 2024, with an ARPU growth from 1.58 million to 2.72 million RMB, reflecting a CAGR of 13% and 31% respectively [46][48]. - The company's revenue is expected to grow rapidly due to the promotion of its solutions and increased brand recognition, despite currently operating at a slight loss due to high initial investments [48][50].

Investment Rating - The report initiates coverage with a "Buy" rating for the company [11][23]. Core Insights - The company is a leading provider of real-time data infrastructure in China, having built a competitive moat based on its decade-long experience in the asset management industry, and is now diversifying into various sectors [2][24]. - The real-time data processing market in China is in a high-growth phase, with a projected CAGR of 46.1% from 2020 to 2024, and expected to reach 50.5 billion yuan by 2029 [11][52]. - The company has a market share of 3.4% in the real-time data infrastructure and analytics market, ranking fourth, and holds the top position in the asset management sector with an 11.6% market share [27][32]. Financial Summary - Revenue projections (in million RMB) are as follows: - 2024: 632 - 2025: 1,183 - 2026: 2,177 - 2027: 3,311 - Corresponding growth rates are 19%, 87%, 84%, and 52% respectively [4][11]. - The company is expected to achieve a net profit of 311 million yuan by 2027, with an EPS of 0.97 yuan [11][19]. Business Segmentation - The company started in the asset management sector, providing comprehensive real-time data solutions, and is now expanding into diversified industries such as financial services, urban management, production management, and telecommunications [24][42]. - Revenue from diversified industries is projected to grow significantly, with expected growth rates of 120%, 105%, and 60% from 2025 to 2027 [16][17]. Market Potential - The report highlights the potential of the real-time data processing market in China, driven by AI advancements and increasing demand for data processing solutions [11][52]. - The penetration rate of real-time data processing in China is currently below 4%, indicating substantial room for growth [11][52]. Valuation - The target market capitalization is set at 33.8 billion HKD, with a target price of 104.78 HKD per share, based on a combination of PE and PS valuation methods [11][23][21].

Core Viewpoint - Xunce (03317) continues to rise over 6%, reaching a new high of 68 HKD, with a current price of 66.8 HKD and a trading volume of 4.782 million HKD [1] Group 1: Strategic Cooperation - Xunce announced a non-binding strategic cooperation framework agreement with Jinyong Investment on January 13 [1] - The strategic cooperation aims to advance the development of real-time data infrastructure to support digital transformation in investment research, trading, and risk management [1] - The collaboration will promote innovation and commercialization of technology products related to wealth management, including applications of real-time data technology in smart valuation, risk monitoring, and compliance [1] Group 2: Business Development - The partnership will explore investment opportunities in data infrastructure, artificial intelligence, and other fintech-related projects to cultivate a "data + capital" ecosystem [1] - The board believes that the strategic cooperation with Jinyong Investment will provide further opportunities for diversified revenue sources for the company [1] - The agreement is considered to be in the best interests of the company and its shareholders [1]

Core Insights - The understanding of "data" by enterprises has evolved from retrospective analysis to becoming a crucial production factor, driven by policies like "Digital China" and "data assets on the balance sheet" [1] - XunCe Technology has gained attention in the capital market due to its advantages in real-time data infrastructure, with its stock price rising 5.2% on its debut on the Hong Kong Stock Exchange [1] Group 1: Industry Challenges and Solutions - Asset management is one of the most data-intensive industries, characterized by high regulatory scrutiny and the risk of data errors being magnified [2] - Many asset management institutions still rely heavily on manual operations and fragmented systems, leading to data silos and human errors [2] - XunCe Technology has developed a unified real-time data infrastructure that can collect, clean, manage, analyze, and govern data within milliseconds to seconds, differentiating itself from traditional multi-system approaches [2] Group 2: Market Position and Client Base - According to Frost & Sullivan, XunCe Technology ranks first in the real-time data infrastructure and analytics market in China's asset management sector, with a market share of 11.6% [3] - The company serves top-tier clients, including the top ten asset managers in China, which include insurance companies and mutual funds, providing strong validation of its reliability [3] Group 3: Expansion Beyond Asset Management - The capabilities validated in asset management are transferable to other industries, allowing XunCe Technology to expand into sectors like telecommunications, urban management, and manufacturing [4] - The revenue from non-asset management sectors increased from 25.6% in 2022 to 34.1% in 2023, and is projected to reach 61.3% in 2024 [5] Group 4: Financial Performance and Growth - XunCe Technology exhibits characteristics typical of a tech-driven company, with revenue growing from 288 million yuan in 2022 to 632 million yuan in 2024, reflecting a compound annual growth rate of 48.2% [6] - The gross margin has consistently remained above 70%, indicating a platform and product-oriented business model [6] - The company maintains a high R&D investment, with 71.3% of total revenue allocated to R&D in 2024, focusing on real-time computing and AI capabilities [6] Group 5: Strategic Positioning and Future Outlook - The current losses are primarily due to strategic investments, but the adjusted net loss has decreased from 96.51 million yuan in 2022 to 82.37 million yuan in 2024, indicating improving profitability [7] - The company has a strong liquidity position with cash resources of 421 million yuan and unused bank credit of 134 million yuan, supporting ongoing R&D and business expansion [7] - The backing from top asset management firms and long-term capital investors like Tencent and KKR enhances the company's credibility and market recognition [7] Conclusion - XunCe Technology represents a successful example of long-term strategic investment in infrastructure, focusing on foundational capabilities rather than chasing short-term trends [8] - The arrival of AI technology is seen as a favorable development for the company, potentially accelerating its growth trajectory [9]

Company Overview - Shenzhen Xunce Technology Co., Ltd. has officially listed on the Hong Kong Stock Exchange under the stock code 3317.HK, marking it as the first company in the AI data sector to go public in China [1] - The company raised HKD 1.08 billion through its IPO, with an issue price of HKD 48 per share and an opening price of HKD 48.02, reflecting a slight increase of 0.04% [3] Business Model and Offerings - Xunce, established in 2016, is a prominent provider of real-time data infrastructure and analytics solutions, offering services across various industries [4] - The product portfolio includes a cloud-native unified data platform for data collection, management, and analysis, as well as data analytics applications that provide insights and support real-time business decision-making [4] Client Base and Market Position - The company initially focused on the asset management sector, serving clients such as insurance companies, mutual funds, and banks, and has since expanded its solutions to diverse industries including financial services, urban management, and telecommunications [5][6] - Xunce maintains a high net revenue retention rate, indicating strong customer loyalty, and ranks fourth in the overall market for real-time data infrastructure and analytics in China, while holding the top position in the asset management segment [6][8] Growth Potential and Industry Outlook - The AI data sector is poised for significant growth, with the Chinese AI Agent market projected to reach RMB 852 billion by 2028, reflecting a compound annual growth rate (CAGR) of 72.7% [8] - Xunce's revenue is also on an upward trajectory, with projected revenues of RMB 288 million, RMB 530 million, and RMB 632 million for the years 2022, 2023, and 2024 respectively, indicating a CAGR of 48% [8] Strategic Importance of Listing - Listing on the Hong Kong Stock Exchange is a strategic move for Xunce, providing access to international capital markets and enhancing its global brand exposure [10] - The Hong Kong market is recognized for its support of technology companies, particularly in AI and big data, which will help attract long-term strategic capital for ongoing R&D and market expansion [10] Regional Support and Ecosystem - Nanshan District, where Xunce is located, has a high density of listed companies and has seen multiple successful IPOs this year, supported by favorable policies and a conducive business environment [11] - The district has established a comprehensive support mechanism for companies throughout their listing journey, focusing on policy support, technological innovation, and talent development [11]

Core Viewpoint - The company, XunCe (03317), is set to launch an IPO from December 18 to December 23, 2025, aiming to issue 22.5 million shares at a price range of HKD 48-55 per share, with a significant portion allocated for international investors [1] Group 1: Company Overview - XunCe is a provider of real-time data infrastructure and analytical solutions in China, offering seamless deployment of data technology solutions across various industries [1] - The company ranks fourth in the real-time data infrastructure and analysis market in China, holding a market share of 3.4% in a market valued at RMB 18.7 billion in 2024 [1] - The core product is a unified data platform that processes heterogeneous data from multiple sources in milliseconds to seconds, facilitating immediate decision-making and analysis [2] Group 2: Market Position and Strategy - In the asset management sector, which constitutes 11.2% of the real-time data infrastructure and analysis market, the company holds the top position with an 11.6% market share [2] - The company’s solutions are designed to optimize various aspects of the asset management lifecycle, including portfolio monitoring and risk management [2] - The company plans to diversify its client base beyond asset management to include sectors such as financial services, urban management, manufacturing, and telecommunications [3] Group 3: Financial Projections and Use of Proceeds - The company estimates a net proceeds of approximately HKD 1.04 billion from the global offering, assuming a share price of HKD 51.50 [4] - Approximately 80% of the net proceeds will be allocated for ongoing and future R&D of the company’s solutions, while 10% will enhance marketing capabilities, and the remaining 10% will be used for working capital and general business purposes [4]