Investment Rating - The report upgrades the investment rating to "Buy" from "Hold" [4][6] Core Insights - The company has achieved significant growth in AI revenue, with a single-quarter revenue exceeding 100 million yuan in Q3 2025, and a target of 300 million yuan for the entire year [2][4] - The strategic partnership with Deepin Technology focuses on four key areas: productization, service orientation, globalization, and AI intelligence, aiming for deep integration of AI technology with business scenarios [1][4] - The company is planning to list on the Hong Kong Stock Exchange to enhance its international market presence and brand recognition [4] Financial Projections - Revenue projections for 2025-2027 are 3.504 billion, 3.865 billion, and 4.347 billion yuan, representing year-on-year growth rates of 8.3%, 10.3%, and 12.5% respectively [4][12] - The forecasted net profit for the same period is 253 million, 312 million, and 384 million yuan, with growth rates of 34.1%, 23.3%, and 23.3% respectively [4][12] - The projected PE ratios for 2025, 2026, and 2027 are 76.6X, 62.1X, and 50.3X respectively [4][12] AI Application Development - The company has established its own "Deling" B-end AI application system, which includes various AI models and services tailored for different industries, enhancing its market competitiveness [3][4] - The "Deling" system comprises multiple layers, including application, tools, models, services, and enterprise-level model training and management [3][4] Market Positioning - The company aims to double its AI revenue target to 500-600 million yuan next year if it maintains its current growth pace and market demand continues to rise [2][4] - The strategic focus on AI and international expansion is expected to strengthen the company's market position and brand image [4]