Gelonghui, March 19 | Huatai Securities Research Report points out that the fourth paradigm (6682.HK) focuses on enterprise-level AI solutions for 10 years, starting with decision-making AI. The business includes pioneer platforms and products (standardized software/hardware all-in-one), and application development (customized solutions). Optimistic about the company: 1) Using major customers as a fulcrum to open up new industries and increase the penetration rate in the covered industries, believing that the company's broad industry coverage can avoid the risk of revenue decline caused by individual industry cycles, and is also optimistic that the company will gradually develop in the newly entered manufacturing, medical, and retail fields; 2) Restructure enterprise software with generative AI with a solid foundation of enterprise service software to improve customer experience and development efficiency. I am optimistic that the company will combine generative AI with enterprise software to enhance the user experience and promote the commercialization of AI. Considering the broad industry coverage of the fourth paradigm, the bank's customer base is mainly large enterprises. The company was given 6.8x 2024E PS, corresponding to a target price of HK$80.53. For the first time, coverage provided “additional holdings”.