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创业黑马(300688):收入增长承压 进军智算强化AI布局

The dark horse of entrepreneurship (300688): Revenue growth is under pressure to enter intelligent computing to strengthen AI layout

長城證券 ·  Aug 11, 2023 00:00

Event: the company released its semi-annual report of 2023. In the first half of 2023, the company achieved operating income of 102 million yuan, down 49.12% from the same period last year, and its net profit was-24 million yuan, an increase of 46.78% over the same period last year. The company issued "2023 A-share issuance Plan to specific targets" on July 21, which intends to raise no more than 507 million yuan for science and technology large-scale model construction and intelligent Taiwan construction projects.

Optimize the business structure, enterprise service to achieve turnaround. After two years of development, intellectual property services and Kechuangyun SaaS services, the core segment of business service, have turned losses into profits and entered a profit period. At the same time, the company takes the initiative to shrink the fiscal and tax services that account for a large proportion of revenue and low gross profit margin. By optimizing the business structure, the company's enterprise service business achieved revenue of 59.19 million yuan in the first half of the year, down 59% from the same period last year; gross profit was 29.57 million yuan, an increase of 134% over the same period; and gross profit margin increased significantly, with an overall gross profit margin of 45%, an increase of 112% over the same period last year.

Embrace AIGC, consulting services or need to be released. The company officially launched AIGC consulting and technical service business at the Dark Horse AIGC Industry Summit on May 27. As of June 30, the business has received 192 applications for payment, with an operating income of 394200 yuan. The company is expected to gradually improve the artificial intelligence vertical model "Black Horse apocalypse" in the field of science and technology innovation by increasing the key investment department to create a large model project. In the second half of 2023, with the continuous launch of training and consulting products such as the company's AIGC industrial camp, and after the completion of public testing of the "Dark Horse Tianqi" model and the start of charging services, this part of the business performance is expected to be gradually released and may become a new performance growth point of the company in the future.

Enter the intelligent calculation and strengthen the layout of the AI industry chain. The company issued the announcement on overseas Investment and the Establishment of wholly-owned subsidiaries. It intends to set up a wholly-owned subsidiary Beijing Heimazhihua Technology Co., Ltd with its own capital of 100 million yuan.

Smart Computing Technology will be the main body of the company's construction of the AI productivity enabling center, the Black Horse Intelligence Center, the construction and operation of the AI productivity enabling center and the AI innovation incubation accelerator, supporting the application of artificial intelligence to enterprise development, enabling industrial upgrading and the digital intelligence development of small and medium-sized enterprises. We are optimistic that the entrepreneurial dark horse will make use of the platform advantages and extensive resources of serving small and medium-sized enterprises, combined with the technical layout in the fields of AI smart computing, large models and applications, and make better use of AI to empower the numerical intelligence development of small and medium-sized enterprises.

Investment suggestion: the structure and performance of the company's enterprise service business are comprehensively optimized, and the revenue is under pressure in the short term, but the company's overall profitability has been further improved. At the same time, as a well-known service and incubator of small and medium-sized entrepreneurial enterprises in the industry, the company continues to enrich the layout of the company in the field of AI by increasing and improving the application of large models and setting up subsidiaries to enter Smart Computing. We are optimistic that the company will make a breakthrough in the field of AIGC with a solid technical foundation and rich knowledge accumulation. We are optimistic about the development of the company and predict that the company will achieve revenue of 512 million yuan, 728 million yuan and 996 million yuan in 2023-2025; net profit of 16 million yuan, 39 million yuan and 110 million yuan; and EPS 0.09,0.23,0.66 grade PE 358X, 144X, 51X, maintaining the "overweight" rating.

Risk tips: increased competition in the industry; technology transformation is not as expected; large model technology development is not as expected; industry policy changes.

The translation is provided by third-party software.


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