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拓尔思(300229)2023年中报点评:AIGC收入206%高速增长 定增募资近20亿用于大模型研发

Torus (300229) 2023 Interim Report Review: AIGC's revenue increased rapidly by 206%, fixed increase of nearly 2 billion dollars to raise nearly 2 billion dollars for big model research and development

東北證券 ·  Aug 28, 2023 20:12

Net profit after deducting non-attributable income increased 8.52% year on year, and the business situation was steady in the first half of the year. In 2023, H1 achieved operating income of 444 million yuan, an increase of 4.58% over the previous year; realized net profit of 69.641 million yuan, a year-on-year decrease of 6.68%; net profit of 50.2936 million yuan after deducting non-return net profit of 50,2936 million yuan, an increase of 8.52% over the previous year.

In terms of downstream customers, revenue from corporate customers such as finance, manufacturing, and energy, the public safety industry, and the government industry grew steadily. Revenue from the Internet and media industry changed -8.35% year-on-year, showing short-term fluctuations. Gross margin for system integration and other businesses fell 21.49 pct year over year. , the company's overall gross margin was under pressure, falling 4.88 pct. At the same time, the cost ratio increased slightly. In 2023, the H1 sales expense ratio, management cost rate, and R&D expense ratio increased by 1.63 pct., 3.68 pct., and 0.29 pct., respectively, over the same period last year.

A major model for the financial, media, and government industries was released. In the first half of the year, AIGC achieved a year-on-year increase of 206% in revenue of nearly 8 million yuan. In the first half of 2023, the company released the “Tiantian Model”, focusing on advantageous industries such as media, finance, and government affairs. In the first half of the year, AIGC's business achieved revenue of 7.821,800 yuan, an increase of 206.02% over the previous year. In the financial industry, the company will gradually implement the application of large models in the financial industry in the fields of consumer insurance and risk control, such as intelligent consumer insurance reviews, intelligent consumer insurance customer service, and intelligent risk control assistants. At the same time, the company has signed a strategic cooperation agreement with Communication Brain, jointly released the “Big Communication Model”, and has won a bid for a People's Daily project to co-create more media AIGC applications with users.

With the accumulation of 150+ billion pieces of massive data, it is expected to provide high-quality pre-training data services for MaaS service providers. The company has 150 billion+ billion dollars of authoritative, high-quality public data, which ranks among the largest in the industry, and the company is actively negotiating data service cooperation with many leading model vendors. In the first half of 2023, the company signed a data service cooperation agreement with Yuntian Lifei to provide Yuntian Lifei with millions of pieces of news, official documents, announcements, and policy data from the Guangdong government website (not all) in the past two years through a data push service, as a pre-training data set for its large model. In the future, the company is expected to provide high-quality pre-training data services in different vertical fields to more MaaS service providers across the country.

It is proposed to raise an additional 1,845 million yuan to develop the Tiantian model, and at the same time launch pre-training for the Internet communication, public security, and legal industries for the Internet communication, public security, and legal industries. On August 7, the company announced that it intends to raise no more than 1,845 billion yuan in capital by issuing shares to specific targets. The net amount of capital raised will be used for large-scale model development and AIGC application industrialization projects in the Tuotian industry. At the same time, the company also launched business scenario planning and pre-training for the Tuotian Internet Communications Industry Model, the Public Security Industry Model, and the Legal Model.

Profit forecast: The company's net profit growth rate for 2023-2025 is predicted to be 133.59%, 30.96%, and 31.94%, respectively, and EPS is 0.38, 0.49, and 0.65 yuan/share, giving it a “buy” rating.

Risk warning: Big model implementation progress falls short of expectations, competition intensifies, profit predictions fall short of expectations

The translation is provided by third-party software.


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