智通财经APP获悉，国泰海通发布研报称，首次覆盖云知声(09678)，给予"增持"评级。公司作为AI语音 的资深厂商，AI应用落地前景广阔。预计公司2025-2027年营业收入分别为12.68/19.43/26.59亿元人民 币，同比增长35%/53%/37%;归母净利润分别为-2.45/-1.35/-1.04亿元人民币，同比增长46%/45%/23%。 根据两种估值法，谨慎取低，给予目标价451.33港元。 山海大模型赋能生活和医疗类AI业务快速落地 2024年，公司实现营收9.39亿元人民币，同比增长29.1%。公司的收入构成主要包括日常生活类业务和 医疗业务。24年和25年上半年，日常生活类营收分别同比增长27.8%和20.2%;医疗类业务营收分别同比 增长34.4%和22.28%。公司600亿参数的山海大模型为日常生活类和医疗类业务提供AI赋能。日常生活 类解决方案业务包括交通，商业空间，酒店及住宅等场景的AI解决方案，2024年解决方案客户313家， 系统集成商/代理商121家。产品类业务包括AI大语言模型能力输出和AI模型嵌入式芯片和IoT硬件模 组。2024年，公司向开发者和客户销售了3600万 ...

国泰海通发布研报称，首次覆盖云知声(09678)，给予"增持"评级。公司作为AI语音的资深厂商，AI应 用落地前景广阔。预计公司2025-2027年营业收入分别为12.68/19.43/26.59亿元人民币，同比增长 35%/53%/37%;归母净利润分别为-2.45/-1.35/-1.04亿元人民币，同比增长46%/45%/23%。根据两种估值 法，谨慎取低，给予目标价451.33港元。 山海大模型赋能生活和医疗类AI业务快速落地 2024年，公司实现营收9.39亿元人民币，同比增长29.1%。公司的收入构成主要包括日常生活类业务和 医疗业务。24年和25年上半年，日常生活类营收分别同比增长27.8%和20.2%;医疗类业务营收分别同比 增长34.4%和22.28%。公司600亿参数的山海大模型为日常生活类和医疗类业务提供AI赋能。日常生活 类解决方案业务包括交通，商业空间，酒店及住宅等场景的AI解决方案，2024年解决方案客户313家， 系统集成商/代理商121家。产品类业务包括AI大语言模型能力输出和AI模型嵌入式芯片和IoT硬件模 组。2024年，公司向开发者和客户销售了3600万颗AI芯片。公司AI ...

Core Viewpoint - Yunzhisheng Intelligent Technology Co., Ltd. is set to become the first "AGI stock" in Hong Kong this year after passing the Hong Kong Stock Exchange hearing and disclosing relevant information [2][3] Company Overview - Founded in 2012, Yunzhisheng specializes in providing intelligent voice technology and comprehensive AI solutions, focusing on the smart voice sector [6] - The company has developed several key products, including the UniCore language model and the UniOne AI chip series, and recently launched a self-developed 600 billion parameter model [6] - Yunzhisheng's AI computing cluster has over 184 PFLOPS and more than 10 PB of storage capacity, supporting its technology development [6] Business Model and Market Position - The company primarily serves the life and medical sectors, with clients including China's top three insurance groups [7] - Yunzhisheng offers AI capabilities through a MaaS model, providing API services and customized AI technology platforms [7] - According to Frost & Sullivan, Yunzhisheng is the fourth largest AI solution provider in China by revenue in 2024, with a market share of 0.6% [9] Financial Performance - The company has completed 11 rounds of financing totaling over $340 million, with a valuation around 10 billion [9] - Revenue for 2022, 2023, and 2024 is projected at 601 million, 727 million, and 939 million respectively, with a compound annual growth rate of 25% [9] - Despite revenue growth, the company reported net losses of 375 million, 376 million, and 454 million for the same years [9] Funding and Future Outlook - The IPO proceeds will be used to enhance R&D capabilities, invest in emerging business opportunities, and support international expansion [13] - The company has raised over 700 million RMB in its D3 financing round in 2023, ensuring sufficient operational funds for at least the next 12 months [10] - Yunzhisheng anticipates continued net losses due to ongoing R&D investments and financing costs related to redeemable securities [10]