GTHT has released a research report initiating coverage on QINIU (02567) with an "Add" rating. The firm forecasts the company's revenue for 2025-2027 to be RMB 1.69 billion, RMB 2.03 billion, and RMB 2.46 billion, respectively. GTHT notes that QINIU's main business structure is clear and it possesses significant technological advantages. Based on a PS valuation, the firm ultimately assigns QINIU a 1.0x PS multiple for 2026, corresponding to a reasonable market capitalization of RMB 2.03 billion and a target price of HK$1.1 per share (converted at HK$1 = RMB 0.92). The main points from GTHT's report are as follows:
QINIU boasts a solid foundation in digital intelligence, with multiple business lines advancing simultaneously. Founded in 2011, QINIU is a leading audio-video cloud service provider in China. Its core business comprises two main segments: MPaaS (Media Platform as a Service) and APaaS (Application Platform as a Service). In terms of market position, QINIU was the third-largest audio-video PaaS service provider and the second-largest APaaS supplier in China in 2023. As a leading player, the company is driven by both its MPaaS and APaaS businesses. With the advancement of AI technology, QINIU can offer more intelligent functions and scenario-based solutions, and its future earnings growth rate is expected to exceed expectations.
QINIU's edge-side layout is robust, with AI business monetization and support from the Alibaba ecosystem jointly driving the company's growth momentum. As a leading audio-video cloud service provider, QINIU leverages its deep MPaaS technology as a cornerstone and continues to innovate through its dual-driver strategy of "Audio-Video + AI." Revenue from AI-related businesses already accounted for 22.2% of total revenue in the first half of 2025, demonstrating strong growth momentum. The company is actively deploying edge-side applications; its low-code APaaS platform effectively lowers the development threshold, helping customers rapidly deploy intelligent audio-video solutions. Furthermore, Alibaba-affiliated shareholder Taobao China Holding, as a significant strategic investor (holding approximately 16.27% of shares), not only provides synergistic ecosystem resources but also strengthens the company's competitive moat in the cloud computing market.
QINIU is deeply involved in the synergistic growth of edge-side AI and the robot Android ecosystem. The company's edge-side AI布局 highlights its strategic ambition to transition from a technology tool provider to an ecosystem platform. Its "Ling Gui AI" natural interaction platform, built upon its audio-video cloud heritage, achieves deep integration of natural language understanding and contextualized responses in smart home and service robot scenarios. The low-latency, high-precision technical solutions developed for robot interaction modules create a unique positioning in the impending wave of embodied intelligence, forming strategic synergy with its APaaS business. At the industry level, the release of the "Hui Si Kai Wu" general embodied intelligence platform signifies the arrival of the "Android moment" in the robotics field. As the robotics industry transitions from the "feature phone" to the "smartphone" era, QINIU, with its accumulation in multimodal technology and edge-side interaction capabilities, is well-positioned to capture system-level dividends from the ecosystem's explosion.
Risk warnings include intensified market competition, the risk that new products and solutions are not accepted by the market, and the risk of unsuccessful expansion of solutions into new vertical industries.
Comments