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出门问问(2438.HK):AIGC第一股 国内少数实现盈利的AI公司之一

Go out and ask (2438.HK): AIGC's first share is one of the few profitable AI companies in China

國投證券 ·  May 11

AIGC's first stock is dedicated to becoming a global leader in AI CoPilot. The company was founded in 2012. It is an artificial intelligence company with generative AI and voice interaction as the core. It was listed on the Hong Kong Stock Exchange in April 2024, and is known as “AIGC's first stock”. According to the Insights Advisory Report, in terms of revenue, the company's AIGC solutions ranked first among Chinese market participants in 2022. With the help of the big model and the support of post-launch resources, the company plans to build an internationally leading general model and become a global leader in AI CoPilot through the trifecta of AI technology, products and commercialization.

It has a multi-modal large model “sequence monkey” and is industry-leading in technical capabilities. The founder, Dr. Li Zhifei, is an early research expert in the fields of language recognition and natural language processing. He took the lead in developing an offline mobile translation system at Google, which established the company's voice interaction as the core technical gene. Looking ahead to 2020, the company laid out the big model path, launched “UCLAI”, and further upgraded to a multi-modal large model “sequence monkey” in 2023. Currently, “sequence monkeys” have natural language understanding, knowledge, logic, and reasoning abilities. Judging from the model rating, the “sequential monkey” has an overall score of 62.89, which is at the leading level in the country.

Actively exploring multiple monetization models, it is one of the few profitable AI companies in China. Based on AI model capabilities, the company actively explores multiple monetization business models, gradually expanding from the earliest smartwatch hardware for consumers to enterprise solutions and AIGC solutions. In particular, the revenue of AIGC solutions, which are mainly AIGC subscription products “Magic Sound Workshop,” “Wonderful Yuan,” and “Wonderful Question,” achieved rapid growth. In 2023, its revenue scale reached 176 million, and it has achieved outstanding commercialization performance for C-side AIGC products. At the same time, excluding the impact of preferred stocks, using the adjusted net profit scale as a reference, the company's 2021-2023 profit was -73 million, 109 million, and 0.18 million, respectively. It is one of the few AI companies in China that have achieved profits.

Investment advice: This round of AI technology iterative upgrades will gradually shift from technological breakthroughs to application implementation, and is expected to drive the company's revenue to achieve rapid growth. It is expected that 2024-2026 will achieve operating income of 588 million, 764 million, and 965 million; the reference comparable company average gives the company 11 times PS in 2024, corresponding to a target price of 4.68 HK$4.68 for the first time.

Risk warning: the risk of technology iteration too fast, too high R&D investment, industry growth falling short of expectations, deteriorating industry competition

The translation is provided by third-party software.


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