Anxin International released a research report stating that it maintains the “buy” rating of Bairongyun-W (06608.HK) and predicts net profit to the mother of 2024/2025/2026 of $3.76/4.36/507 million yuan. The valuation is very attractive, and the target price is HK$15.6. The company's R&D in AI continues to deepen, making the product matrix more and more rich, driving the steady growth of the MaaS business and the rapid expansion of the BaaS business. I believe that the increased demand for digital and intelligent transformation will further deepen cooperation between the company and customers, increase user stickiness and customer unit price, and bring more benefits to the company's performance development.