Core Viewpoint - The report from CICC highlights that Guanglianda will launch the AecGPT AI model and platform for the construction industry in April 2025, focusing on the integration of AI technology and products [1] Group 1: AI Model Features - The construction industry vertical model has three main characteristics: 1) Multimodal integration is essential; 2) The model must comply with engineering specifications of the physical world; 3) It should allow API calls to software tools to meet operational needs in real work scenarios [1] Group 2: Future Focus and Revenue Model - The next phase will concentrate on building "knowledge-driven intelligent agents" adaptable to various scenarios, ensuring accuracy in results and achieving end-to-end delivery [1] - The report suggests that RaaS (Results as a Service) is a feasible revenue model for end-to-end delivery software tools [1] Group 3: Profit Forecast and Valuation - The company maintains its profit forecasts for 2025 and 2026, while introducing a new forecast for 2027 with a net profit attributable to shareholders of 780 million yuan [1] - Considering the ongoing development of the AI business, the target price is raised by 11.6% to 21.2 yuan based on a 2027 price-to-earnings ratio valuation [1]