Since June 2026, XUNCE Technology (03317) has received a series of positive research reports and "buy" ratings from several major investment banks, including Haitong International, CITIC Securities, Huatai Securities, and China Securities. Several of these were first-time initiations, with the highest price target exceeding HK$240. This implies a potential doubling from the current share price. The simultaneous upward revisions in valuation benchmarks by multiple institutions at a similar time point sends a clear signal.
CITIC Securities Research: Profit Inflection Confirmed, Token Economy Unlocks Second Growth Phase
On June 26, CITIC Securities Research initiated coverage on XUNCE with a "buy" rating, centering its thesis on the "Token economy unlocking a second growth curve." The report confirmed the company achieved its first half-year profit in the second half of 2025 (adjusted net profit of RMB 50.13 million), with full-year revenue reaching RMB 1.285 billion, a year-on-year increase of 103%. The proportion of revenue from diversified business segments surged to 80%. The report highlights XUNCE's three core competitive advantages: end-to-end millisecond-level real-time data processing capability, over a decade of deep expertise in high-barrier industries creating irreplicable know-how, and a customer retention rate exceeding 90% due to deep product integration into client workflows. Looking ahead, XUNCE is actively expanding into industries like telecommunications, power, and advanced manufacturing to accumulate sector-specific know-how. Concurrently, it is shifting its business model, positioning itself to benefit from the explosive growth of the global AI Token usage market. The report forecasts XUNCE's revenue for 2026-2028 at RMB 2.285 billion, RMB 3.537 billion, and RMB 5.130 billion, with net profit attributable to shareholders at RMB 44 million, RMB 247 million, and RMB 480 million, respectively.
Huatai Securities: Initiates with "Buy," HK$240.08 Target, Sees AI Data Services Entering TokenOS Era
On June 20, Huatai Securities initiated coverage with a "buy" rating and a target price of HK$240.08. Using Palantir as a comparable, the report validates the high-growth potential and valuation premium of the "data infrastructure + AI Agent" sector. Addressing market concerns that open-source large language models might depress general Token prices and pressure the company's business, Huatai offers a differentiated view: the value propositions are completely distinct. General Tokens represent only basic model inference capability, with prices under constant pressure. XUNCE's scenario-specific Tokens are built on enterprise private data, real-time processing capabilities, and industry know-how. Their value derives more from data quality, real-time requirements, scenario complexity, and business outcomes, not merely the underlying model's inference cost. Lower model costs actually benefit the company by reducing client computing expenses, improving AI implementation ROI, and encouraging greater private data investment, thereby driving increased scenario Token usage. The company's TokenOS covers the entire pipeline from data cleansing and modeling to real-time computation and model adaptation, outputting standardized Tokens that directly drive business decisions, suitable for high-value sectors like healthcare, energy, and advanced manufacturing. Considering continued volume growth across diversified industries, steady growth of transaction-based fees, and the rapid rise of Token-based billing, Huatai forecasts XUNCE's 2026-2028 revenue at RMB 2.357 billion, RMB 3.915 billion, and RMB 5.940 billion, with year-on-year growth of 83.4%, 66.1%, and 51.7%. Adjusted net profit is projected at RMB 2 million, RMB 177 million, and RMB 553 million. Using a sum-of-the-parts PS valuation based on 2027, the total target market cap is RMB 66.787 billion, equivalent to HK$77.473 billion, translating to a target price of HK$240.08.
CITIC Securities: TokenOS Captures Enterprise AI Opportunity, Raises "Buy" Target to HK$205
On June 16, CITIC Securities published a report upgrading the company's rating to "buy" and significantly raising the target price from HK$160 to HK$205. The core thesis is optimism about the long-term growth potential of XUNCE's TokenOS operating system entering the enterprise knowledge worker AI arena. The report notes that XUNCE's share price recently underwent a significant correction, partly due to the market simplistically comparing it to general-purpose LLM providers, causing correlated volatility, despite clear differences in their ecosystem moats and business logic. The AI industry is currently shifting from general model demonstrations to deep vertical industry integration. Knowledge workers like financial analysts, lawyers, consultants, and R&D engineers are becoming the next core battleground for AI commercialization. XUNCE, with years of experience in high-frequency decision-making scenarios like finance and energy, has developed its proprietary TokenOS. This system can standardize multi-source heterogeneous data into AI-specific Tokens, enabling millisecond-level data governance and precisely meeting the needs of "enhanced knowledge platforms" for professional scenarios like investment research and compliance, establishing a first-mover advantage in the enterprise vertical AI sector. CITIC Securities forecasts the company's 2026 and 2027 revenue at RMB 2.369 billion and RMB 3.5 billion, adding a 2028 revenue expectation of RMB 4.5 billion, corresponding to year-on-year growth of 84%, 48%, and 29%. On the profit side, it predicts a turnaround to profitability in 2026 with net profit of RMB 176 million, surging to RMB 720 million in 2027, and further climbing to RMB 1.318 billion in 2028.
Haitong International: Token Business Model Materializes, Expects Billions in Token Usage Revenue This Year
On June 10, Haitong International published commentary on the tripartite strategic cooperation between XUNCE, PATEO, and SAIMU Technology, viewing it as the first detailed project disclosure since XUNCE implemented Token pricing, significantly clarifying the落地形态 of the Token business model. The report positions XUNCE as an "AI data fuel provider," noting that Token usage Annual Recurring Revenue grew approximately 300% month-on-month in April 2026, with Token-based付费收入占比突破 5%. The company expects this proportion to reach 20-30% by year-end. With smart driving as a trillion-yuan physical AI terminal super-scenario, coupled with policy tailwinds from the National Data Administration's release of the "Implementation Plan for Promoting the Construction of High-Quality Industry Datasets" on the same day, XUNCE's Token usage revenue is anticipated to contribute several billion yuan in scale during 2026.
Collective Market Sentiment and Transformation Recognition
Examining the views of these multiple institutions, a common consensus is clear: XUNCE Technology is no longer a traditional data services company but a next-generation AI real-time data infrastructure provider centered on its TokenOS operating system and a Token-based付费商业模式. From Haitong International first捕捉 the signal of Token model落地, to CITIC Securities reassessing enterprise AI value, to Huatai Securities setting a HK$240.08 target, and finally CITIC Securities Research confirming the profit inflection and positioning the Token economy as the "second growth curve"—this wave of密集 coverage represents a collective vote of confidence from the capital markets in XUNCE's business model transformation.
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