百融雲-W: AI+垂類科技領航者,AI行業應用落地開花
（以下内容从天风国际证券《百融雲-W: AI+垂類科技領航者,AI行業應用落地開花》研报附件原文摘录）
Bairong (6608 HK) AI+垂类科技领航者，AI行业应用落地开花 Initiating coverage: industry LLMs’ applicability sweetens growth prospects for vertical tech leader Bairong TP: HKD15.50 BUY (Initiation) 投资要点/Investment Thesis 投资要点/Investment Thesis 国内数据分析龙头，客羣优势持续巩固公司地位 百融云作爲国内领先的AI科技服务提供商，凭藉其在决策式AI和生成式AI领域的深厚技术积累，通过云+本地化部署和MaaS+BaaS服务模式，爲百行千业提供全流程数智化服务，显著提升了自动化审批率和风险管理效率，助力互联网信贷业务实现快速增长。根据公司披露数据，百融云创AI模型平均每天调用3亿次以上，云平台稳定性高达99.998%，以实际场景业务爲痛点的产品研发深受市场欢迎。公司紮根垂类领域累积数据优势，目前已累计服务机构客户超7000家，覆盖6大国有银行、12家全国性股份制银行、上千家城农商银行、保险公司等金融机构及各类垂直企业客户。2023年，公司客户留存率99%，客户满意度97%，已具备客户粘性和可持续盈利能力。 Chinese data analytics leader continues to build up customer base Leading Chinese AI tech service provider Bairong has amassed deep resources in AI decision-making and generative AI. It provides full-process digital services to hundreds of industries via both cloud and localized deployment. Under two main business models of model-as-a-service (MaaS) and business-as-a-service (BaaS), Bairong enables much higher automated approval rates and risk management efficiency, while driving rapid growth of the internet credit business. The AI model via Bairong Cloud gets more than 300m calls a day on average and cloud platform stability is up to 99.998%, based on company data. Its product development business, which utilizes actual business scenarios as pain points, is highly popular in the market. The company built up a data advantage through vertical market expansion and currently serves more than 7,000 institutional clients, including 6 major state-owned banks, 12 national joint-stock banks, thousands of urban and rural commercial banks, insurance companies and other financial institutions, and various vertical corporate clients. Bairong’s strong customer stickiness is evidenced in a 99% customer retention rate and 97% customer satisfaction as of 2023, which we believe augurs well for sustainable profitability. 公司营收增速强势，利润端持续受益 公司凭藉在数据分析领域的较高市占率以及在生成式AI领域的积极布局，从而实现了MaaS业务收入的稳定增长以及BaaS业务收入的快速增速。FY2023公司总营收增长幅度较大，主要得益於BaaS-金融行业云的收入飞跃。公司目前主要通过增收而非降本的方式提升利润，其费用持续增长的同时，实现了可观的收益。从FY2019至FY2023，公司三项费用占营收比重逐年下降，经调整净利润、净利率持续提升。未来公司内部将共同作用AI大模型，在公司技术变现的同时，对其内部业务进行降本增效，使得费用端得到有效控制，未来有望在利润端实现突破。 Strong revenue growth the key catalyst of the company’s profit growth Armed with a large data analysis market share and a growing generative AI business, Bairong’s MaaS revenue is growing steadily and its BaaS revenue is ramping up fast. Total revenue grew strongly in 2023, mainly due to a revenue spike in BaaS financial industry cloud. The company drives profits through revenue increases rather than cost reductions; hence, while expenses are rising, profits are also considerable. The company’s three major expense categories have been shrinking in proportion to revenue year after year, while adjusted net profits and net margins have continued to rise. We expect Bairong will synergize AI large language models (LLM) to manage cost, monetize technology and raise efficiency internally, so as to bring about greater profitability. 数智化浪潮汹涌，行业模型加速崛起 随着《数字中国建设整体布局规划》的发布和金融科技发展规划的持续推进，中国金融科技企业面临着前所未有的机遇。政策的大力支持和科技的不断进步推动了金融数智化的快速发展。尽管面临徵信数据缺乏、徵信体系不均和不良贷款增加等挑战，通过大数据和人工智能技术的广泛应用，金融服务的数字化转型和智能化升级有望加速解决过往问题。与此同时，相较於通用大模型，行业大模型展现出较强的落地应用潜力，不仅能够精准适配特定业务需求，还能有效提升风险管理能力。随着技术的不断进步和政策的深入推动，行业大模型的发展将是金融数智化转型的核心驱动力，预计将有力提升金融服务效率和改进风险控制能力，爲金融行业带来深刻的变革。 Surging digitalization drives growth momentum of industry LLMs Chinese fintech companies are currently enjoying unprecedented opportunities with the release of the national plan toward building a digital China and the advancement of the country’s fintech development plan. Strong policy support and rolling technological advancements have pushed the rapid development of financial digitalization. Despite the challenges of a lack of credit data, uneven credit systems and growing non-performing loans, we believe the digitalization and smart upgrading of financial services will more quickly resolve past problems through extensive applications of big data and AI technologies. Furthermore, unlike generalized LLMs, industry LLMs have strong potential in regard to practical applications on the ground and they can more accurately adapt to specific business needs while also more effectively improve risk management capabilities. With technological advancements and rigorous policy promotion, we believe the development of industry LLMs will be the key driver of financial, digital and smart transformation. We expect more efficient financial services and improved risk controls to render profound changes in the financial industry. 投资建议/Investment Ideas 盈利预测 我们认爲随着公司业务逐渐拓宽至非金融领域，以及行业大模型落地速度的优势，公司未来营收增长潜力较大。我们预测FY2024-FY2026公司总收入分别爲30.8/37.0/43.4亿元，归母净利润分别爲3.9/5.3/5.8亿元。考虑到公司业务属性，我们选取宇信科技、汇量科技、恒生电子、千方科技、汇通达以及萤石网络作爲可比公司，FY2024年可比公司平均PE爲23.33，考虑到港股流动性折价，给予公司2024年略低於平均值的18倍PE，对应市值70.2亿元，目标股价爲15.50港元，给予“买入”评级。 Valuation and risks We anticipate strong revenue growth ahead in view of the gradual broadening of the company’s business to non-financial areas, as well as industry LLMs’ advantage in implementation speed. We forecast revenue of RMB3.08bn/3.70bn/4.34bn in 2024/ 25/26E, with net profit at RMB390m/530m/580m. Considering the company’s business attributes, we selected as valuation peers Yusys Technologies, Mobvista, Hundsun Technologies, China Transinfo Technology, Huitongda Network and Hangzhou EZVIZ Network. Relative to their average PE of 23.33x in 2024E, and taking into account the liquidity discount of Hong Kong stocks, we assign to Bairong a PE of 18x in 2024E, which is slightly below average, corresponding to market cap of RMB7.02bn and our target price of HKD15.50. We initiate coverage with a BUY rating. 风险提示：港股市场流动性不及预期、AI科技发展及应用落地不及预期、宏观经济复甦不及预期、公司的成本控制不及预期、估值体系差异风险、数据保密和法律相关风险、公司牌照无法续期风险 Risks include: lower-than-expected Hong Kong stock market liquidity; slower-than-expected AI technology development and application; a weaker-than-expected macroeconomic recovery; lower-than-expected cost control; valuation system variation risks; data confidentiality and legal risks; and the company not being able to renew its license. Email: equity@tfisec.com TFI research report website: (pls scan the QR code) 本文件由天风国际证券集团有限公司, 天风国际证券与期货有限公司（证监会中央编号：BAV573）及天风国际资产管理有限公司（证监会中央编号：ASF056）（合称“天风国际集团”）编制，所载资料可能以若干假设为基础，仅供作非商业用途及参考之用途，会因经济、市场及其他情况而随时更改而毋须另行通知。任何媒体、网站或个人未经授权不得转载、连结、转贴或以其他方式复制发表本档及任何内容。已获授权者，在使用本档或任何内容时必须注明稿件来源於天风国际集团，并承诺遵守相关法例及一切使用的国际惯例，不为任何非法目的或以任何非法方式使用本档，违者将依法追究相关法律责任。本档所引用之资料或资料可能得自协力厂商，天风国际集团将尽可能确认资料来源之可靠性，但天风国际集团并不对协力厂商所提供资料或资料之准确性负责。且天风国际集团不会就本档所载任何资料、预测及／或意见的公平性、准确性、时限性、完整性或正确性，以及任何该等预测及／或意见所依据的基准作出任何明文或暗示的保证、陈述、担保或承诺而负责或承担任何法律责任。本档中如有类似前瞻性陈述之内容，此等内容或陈述不得视为对任何将来表现之保证，且应注意实际情况或发展可能与该等陈述有重大落差。本档并非及不应被视为邀约、招揽、邀请、建议买卖任何投资产品或投资决策之依据，亦不应被诠释为专业意见。阅览本文件的人士或在作出任何投资决策前，应完全瞭解其风险以及有关法律、赋税及会计的特点及後果，并根据个人的情况决定投资是否切合个人的投资目标，以及能否承担有关风险，必要时应寻求适当的专业意见。投资涉及风险。敬请投资者注意，证券及投资的价值可升亦可跌，过往的表现不一定可以预示日後的表现。在若干国家，传阅及分派本档的方式可能受法律或规例所限制。获取本档的人士须知悉及遵守该等限制。
Bairong (6608 HK) AI+垂类科技领航者，AI行业应用落地开花 Initiating coverage: industry LLMs’ applicability sweetens growth prospects for vertical tech leader Bairong TP: HKD15.50 BUY (Initiation) 投资要点/Investment Thesis 投资要点/Investment Thesis 国内数据分析龙头，客羣优势持续巩固公司地位 百融云作爲国内领先的AI科技服务提供商，凭藉其在决策式AI和生成式AI领域的深厚技术积累，通过云+本地化部署和MaaS+BaaS服务模式，爲百行千业提供全流程数智化服务，显著提升了自动化审批率和风险管理效率，助力互联网信贷业务实现快速增长。根据公司披露数据，百融云创AI模型平均每天调用3亿次以上，云平台稳定性高达99.998%，以实际场景业务爲痛点的产品研发深受市场欢迎。公司紮根垂类领域累积数据优势，目前已累计服务机构客户超7000家，覆盖6大国有银行、12家全国性股份制银行、上千家城农商银行、保险公司等金融机构及各类垂直企业客户。2023年，公司客户留存率99%，客户满意度97%，已具备客户粘性和可持续盈利能力。 Chinese data analytics leader continues to build up customer base Leading Chinese AI tech service provider Bairong has amassed deep resources in AI decision-making and generative AI. It provides full-process digital services to hundreds of industries via both cloud and localized deployment. Under two main business models of model-as-a-service (MaaS) and business-as-a-service (BaaS), Bairong enables much higher automated approval rates and risk management efficiency, while driving rapid growth of the internet credit business. The AI model via Bairong Cloud gets more than 300m calls a day on average and cloud platform stability is up to 99.998%, based on company data. Its product development business, which utilizes actual business scenarios as pain points, is highly popular in the market. The company built up a data advantage through vertical market expansion and currently serves more than 7,000 institutional clients, including 6 major state-owned banks, 12 national joint-stock banks, thousands of urban and rural commercial banks, insurance companies and other financial institutions, and various vertical corporate clients. Bairong’s strong customer stickiness is evidenced in a 99% customer retention rate and 97% customer satisfaction as of 2023, which we believe augurs well for sustainable profitability. 公司营收增速强势，利润端持续受益 公司凭藉在数据分析领域的较高市占率以及在生成式AI领域的积极布局，从而实现了MaaS业务收入的稳定增长以及BaaS业务收入的快速增速。FY2023公司总营收增长幅度较大，主要得益於BaaS-金融行业云的收入飞跃。公司目前主要通过增收而非降本的方式提升利润，其费用持续增长的同时，实现了可观的收益。从FY2019至FY2023，公司三项费用占营收比重逐年下降，经调整净利润、净利率持续提升。未来公司内部将共同作用AI大模型，在公司技术变现的同时，对其内部业务进行降本增效，使得费用端得到有效控制，未来有望在利润端实现突破。 Strong revenue growth the key catalyst of the company’s profit growth Armed with a large data analysis market share and a growing generative AI business, Bairong’s MaaS revenue is growing steadily and its BaaS revenue is ramping up fast. Total revenue grew strongly in 2023, mainly due to a revenue spike in BaaS financial industry cloud. The company drives profits through revenue increases rather than cost reductions; hence, while expenses are rising, profits are also considerable. The company’s three major expense categories have been shrinking in proportion to revenue year after year, while adjusted net profits and net margins have continued to rise. We expect Bairong will synergize AI large language models (LLM) to manage cost, monetize technology and raise efficiency internally, so as to bring about greater profitability. 数智化浪潮汹涌，行业模型加速崛起 随着《数字中国建设整体布局规划》的发布和金融科技发展规划的持续推进，中国金融科技企业面临着前所未有的机遇。政策的大力支持和科技的不断进步推动了金融数智化的快速发展。尽管面临徵信数据缺乏、徵信体系不均和不良贷款增加等挑战，通过大数据和人工智能技术的广泛应用，金融服务的数字化转型和智能化升级有望加速解决过往问题。与此同时，相较於通用大模型，行业大模型展现出较强的落地应用潜力，不仅能够精准适配特定业务需求，还能有效提升风险管理能力。随着技术的不断进步和政策的深入推动，行业大模型的发展将是金融数智化转型的核心驱动力，预计将有力提升金融服务效率和改进风险控制能力，爲金融行业带来深刻的变革。 Surging digitalization drives growth momentum of industry LLMs Chinese fintech companies are currently enjoying unprecedented opportunities with the release of the national plan toward building a digital China and the advancement of the country’s fintech development plan. Strong policy support and rolling technological advancements have pushed the rapid development of financial digitalization. Despite the challenges of a lack of credit data, uneven credit systems and growing non-performing loans, we believe the digitalization and smart upgrading of financial services will more quickly resolve past problems through extensive applications of big data and AI technologies. Furthermore, unlike generalized LLMs, industry LLMs have strong potential in regard to practical applications on the ground and they can more accurately adapt to specific business needs while also more effectively improve risk management capabilities. With technological advancements and rigorous policy promotion, we believe the development of industry LLMs will be the key driver of financial, digital and smart transformation. We expect more efficient financial services and improved risk controls to render profound changes in the financial industry. 投资建议/Investment Ideas 盈利预测 我们认爲随着公司业务逐渐拓宽至非金融领域，以及行业大模型落地速度的优势，公司未来营收增长潜力较大。我们预测FY2024-FY2026公司总收入分别爲30.8/37.0/43.4亿元，归母净利润分别爲3.9/5.3/5.8亿元。考虑到公司业务属性，我们选取宇信科技、汇量科技、恒生电子、千方科技、汇通达以及萤石网络作爲可比公司，FY2024年可比公司平均PE爲23.33，考虑到港股流动性折价，给予公司2024年略低於平均值的18倍PE，对应市值70.2亿元，目标股价爲15.50港元，给予“买入”评级。 Valuation and risks We anticipate strong revenue growth ahead in view of the gradual broadening of the company’s business to non-financial areas, as well as industry LLMs’ advantage in implementation speed. We forecast revenue of RMB3.08bn/3.70bn/4.34bn in 2024/ 25/26E, with net profit at RMB390m/530m/580m. Considering the company’s business attributes, we selected as valuation peers Yusys Technologies, Mobvista, Hundsun Technologies, China Transinfo Technology, Huitongda Network and Hangzhou EZVIZ Network. Relative to their average PE of 23.33x in 2024E, and taking into account the liquidity discount of Hong Kong stocks, we assign to Bairong a PE of 18x in 2024E, which is slightly below average, corresponding to market cap of RMB7.02bn and our target price of HKD15.50. We initiate coverage with a BUY rating. 风险提示：港股市场流动性不及预期、AI科技发展及应用落地不及预期、宏观经济复甦不及预期、公司的成本控制不及预期、估值体系差异风险、数据保密和法律相关风险、公司牌照无法续期风险 Risks include: lower-than-expected Hong Kong stock market liquidity; slower-than-expected AI technology development and application; a weaker-than-expected macroeconomic recovery; lower-than-expected cost control; valuation system variation risks; data confidentiality and legal risks; and the company not being able to renew its license. Email: equity@tfisec.com TFI research report website: (pls scan the QR code) 本文件由天风国际证券集团有限公司, 天风国际证券与期货有限公司（证监会中央编号：BAV573）及天风国际资产管理有限公司（证监会中央编号：ASF056）（合称“天风国际集团”）编制，所载资料可能以若干假设为基础，仅供作非商业用途及参考之用途，会因经济、市场及其他情况而随时更改而毋须另行通知。任何媒体、网站或个人未经授权不得转载、连结、转贴或以其他方式复制发表本档及任何内容。已获授权者，在使用本档或任何内容时必须注明稿件来源於天风国际集团，并承诺遵守相关法例及一切使用的国际惯例，不为任何非法目的或以任何非法方式使用本档，违者将依法追究相关法律责任。本档所引用之资料或资料可能得自协力厂商，天风国际集团将尽可能确认资料来源之可靠性，但天风国际集团并不对协力厂商所提供资料或资料之准确性负责。且天风国际集团不会就本档所载任何资料、预测及／或意见的公平性、准确性、时限性、完整性或正确性，以及任何该等预测及／或意见所依据的基准作出任何明文或暗示的保证、陈述、担保或承诺而负责或承担任何法律责任。本档中如有类似前瞻性陈述之内容，此等内容或陈述不得视为对任何将来表现之保证，且应注意实际情况或发展可能与该等陈述有重大落差。本档并非及不应被视为邀约、招揽、邀请、建议买卖任何投资产品或投资决策之依据，亦不应被诠释为专业意见。阅览本文件的人士或在作出任何投资决策前，应完全瞭解其风险以及有关法律、赋税及会计的特点及後果，并根据个人的情况决定投资是否切合个人的投资目标，以及能否承担有关风险，必要时应寻求适当的专业意见。投资涉及风险。敬请投资者注意，证券及投资的价值可升亦可跌，过往的表现不一定可以预示日後的表现。在若干国家，传阅及分派本档的方式可能受法律或规例所限制。获取本档的人士须知悉及遵守该等限制。
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