Main points of investment:
Maintain the "overweight" rating, with a target price of 12.1 yuan. The market thinks that the most interesting point of the company is the Turing robot, while we think that Turing is only the tip of the iceberg of the transformation and layout of artificial intelligence. the follow-up company may continue to ferment from the status of the most pure domestic artificial intelligence company, such as new popular styles, signing cooperation, newly established companies, industrial funds, research institutes, etc., around the main line of "intelligent interaction". The cooperation with Haixin Kejin, a leader in multi-biometric recognition, is intended to expand the application of artificial intelligence in industrial safety management and control fields such as civil explosions. Maintain the forecast of 0.06 to 0.07 yuan for EPS in 16 / 17, "increase the holding" rating, and the target price is 12.1 yuan.
With the help of Haixin Kejin's multi-biometric recognition technology, we can expand the application of artificial intelligence in the field of industrial safety control such as civil explosion. On the 29th, the company signed a strategic cooperation intention with Haixin Kejin, a new three-board multi-biometric leading company, to jointly design and develop an intelligent safety management and control system solution suitable for the application of the whole industry chain in the field of civil explosion. in the follow-up, a joint venture company will be set up to comprehensively promote the application of artificial intelligence in safety management and control. This cooperation can be regarded as another transformation of artificial intelligence in Jiangnan Chemical Industry after investing in Turing and Fengshi Interaction. on the one hand, it contributes to the linkage communication between the company's existing artificial intelligence layout and Haixin Kejin. On the other hand, it also lays the groundwork for the follow-up new artificial intelligence layout to provide the docking of professional resources and the sharing of customer resources.
Based on Turing, backed by major shareholders, supporting industrial funds, a total of artificial intelligence gold mine. We believe that the interaction between Turing and Fengshi is just the beginning, and the subsequent transformation of artificial intelligence will be carried out with great fanfare, or from the multi-dimensional riveting status of domestic artificial intelligence, such as popular new products, signing cooperation, newly established companies, industrial funds, research institutes, and so on, to organically combine the efficient management system of successful private enterprises with cutting-edge technology.
Catalyst: the epitaxial layout around artificial intelligence; the launch of new products by subsidiaries.
Core risk: weak demand in the downstream of the civil explosion industry.