Investment Rating - The report maintains a "Recommended" rating for the company [6] Core Insights - The company reported a significant improvement in its financial performance for the first half of 2025, achieving a revenue of 3.782 billion yuan, a year-on-year increase of 44.69%, and a net profit attributable to shareholders of 9.6467 million yuan, marking a turnaround with a growth of 106.07% [1] - Key business segments are recovering steadily, with strong growth driven by industry solutions and enterprise market expansion. The industry solutions segment generated 2.155 billion yuan in revenue, up 92.72% year-on-year, while enterprise market revenue reached 1.744 billion yuan, growing by 52.51% [1] - The company has secured substantial contracts in the "Xinchuang" sector, with nearly 2 billion yuan in signed projects across various provincial and municipal government clients, laying a solid foundation for future growth [1] - The cloud and data services segment also showed steady progress, with revenues of 492 million yuan, reflecting a year-on-year increase of 22.75% [1] - The subsidiary, Electric Science JinCang, achieved rapid growth with a revenue of 150 million yuan, up 66.11% year-on-year, and is positioned among the top three domestic vendors in the transaction database management system market [2] - The company is actively investing in AI, participating in the development of major AI models and applications, and has launched an AI open service platform, indicating a comprehensive ecosystem from large models to upper-layer applications [3] - The projected net profits for 2025, 2026, and 2027 are estimated to be 313 million yuan, 409 million yuan, and 531 million yuan respectively, with corresponding price-to-earnings ratios of 60X, 46X, and 35X [3][5]

Core Viewpoint - The report from Minsheng Securities highlights that Taiji Co., Ltd. is making significant strides in the medical and legal sectors, with the "national team" in the AI field expected to achieve long-term development [1] Group 1: AI Development and Strategic Initiatives - At the 2025 World Artificial Intelligence Conference, the State-owned Assets Supervision and Administration Commission (SASAC) officially released 40 strategic high-value scenarios for central enterprises in AI [1] - The company’s self-developed "Zhiling" medical AI solution, based on the Xiaoke large model, has been successfully selected, indicating its strong capabilities in AI [1] - The company has won important contracts, showcasing the deep accumulation of its AIAgent technology and the potential in the military AI domain [1] Group 2: Market Position and Future Prospects - As a domestically developed and controllable AI technology platform, the company continues to support the intelligent transformation of domestic government and enterprises, bringing new momentum to its AI business development [1] - The company is actively advancing in AI, creating a complete ecosystem from large models to upper-layer applications, positioning itself as a core force in the construction of the domestic cybersecurity industry [1] - The company is expected to play a significant role in the intelligent construction of sectors such as medical, legal, and military [1]

Investment Rating - The report maintains a "Recommended" rating for the company, indicating a potential upside of over 15% relative to the benchmark index [5][36]. Core Insights - The company is actively developing AI solutions across various sectors, including healthcare, legal, and military, positioning itself as a key player in the national AI landscape [1][2][36]. - The company has successfully integrated AI technologies into its products, showcasing significant advancements in efficiency and effectiveness across its service offerings [10][14][22]. Summary by Sections 1. AI Development in Healthcare, Legal, and Management - The company has launched the "Zhiling" medical AI solution, which enhances clinical documentation efficiency by over 90% and supports personalized health management [10][11]. - In the legal sector, the company introduced the "Jixiaoyi" AI agent, which provides comprehensive legal compliance solutions, enhancing operational efficiency in legal processes [14][16]. - The "Huizhu" private domain intelligent platform integrates AI capabilities into enterprise management, covering critical areas such as risk control and compliance [18][19]. 2. Significant Orders and Military AI Potential - The company won a major contract exceeding 100 million yuan for an AI platform project, demonstrating its strong capabilities in AI development [2][25]. - The "Xiaoke" large model has been recognized for its application in military and governmental sectors, indicating its potential for future growth [26][29]. - The company is positioned as a significant force in the intelligent development of state-owned enterprises, benefiting from its involvement in high-value AI projects [29][30]. 3. Financial Forecast and Profitability - The projected net profits for 2025, 2026, and 2027 are 313 million yuan, 409 million yuan, and 531 million yuan, respectively, with corresponding PE ratios of 51X, 39X, and 30X [4][36]. - Revenue is expected to grow from 7.836 billion yuan in 2024 to 11.288 billion yuan by 2027, reflecting a compound annual growth rate [4][36]. 4. AI Ecosystem and Long-term Advantages - The company has established a comprehensive AI ecosystem, from large models to application layers, which is expected to support its long-term growth in various sectors [36][34]. - The CETC AI Open Service Platform, which integrates over 200 specialized models, is designed to facilitate digital transformation for enterprises, enhancing deployment efficiency by 30% [34][35].