Zhong Sheng Group has issued a research report forecasting that UNISOUND (09678) will experience accelerated revenue growth over the next three years. The firm anticipates the company's revenue for 2025, 2026, and 2027 to reach RMB 1.236 billion, RMB 1.923 billion, and RMB 2.918 billion, respectively, representing growth rates of 31.6%, 55.6%, and 51.7%, with profitability expected to be achieved in 2026. Considering the validated growth of UNISOUND's large language model business and the significant application potential in AI clinical diagnosis and medical insurance cost reduction, the group has applied a 2026 price-to-sales (PS) multiple of 25x, deriving a target price of HK$750.58. This marks the initiation of coverage with a "Buy" rating.
Key points from Zhong Sheng Group's analysis are as follows:
As a pioneer in China's Artificial General Intelligence (AGI) technology sector, UNISOUND was among the first domestic AI companies to industrialize deep learning speech technology, integrate multimodal capabilities, and achieve commercial deployment of large language models. Through continuous model expansion, it has now developed a comprehensive matrix encompassing both multimodal and specialized industry-specific large models. Recent MedBench4.0 evaluations showed that UNISOUND's self-developed UniGPT‑Med ranked first in three categories: medical AI agents, medical large language models, and medical multimodal large models, with a hallucination rate below 3%, demonstrating industry leadership.
The company is building a formidable industry moat through its core medical data assets. By leveraging its medical large models and various AI agents to penetrate core diagnostic and treatment scenarios, UNISOUND has established collaborations with top-tier hospitals, including Peking Union Medical College Hospital, Beijing Friendship Hospital, and Xiangya Hospital of Central South University. Its solutions currently cover 40% of China's top 100 tertiary hospitals. The vast, cutting-edge, and specialized data assets from these verticals constitute a core competitive advantage. High-quality data training facilitates an efficient data flywheel effect. Furthermore, this extensive, high-quality dataset holds immense potential for applications in medical insurance and commercial health insurance cost containment.
UNISOUND employs a dual-platform strategy for accelerated commercial expansion. Its Model-as-a-Service (MaaS) platform targets the broader market, securing high-end clients like government bodies and large enterprises through private deployment of regional or industry-specific large models, thereby establishing exclusive computing power and knowledge foundations to create technical and scenario-based barriers. The Software-as-a-Service (SaaS) platform focuses on grassroots levels, developing standardized applications for lightweight, scalable delivery to small and medium-sized clients, enabling commercial monetization.
The smart living business continues to show steady growth. In transportation, multimodal interaction solutions have been deployed in locations such as Xiamen Metro, Nanning East Railway Station, and Fuzhou Changle Airport. In the home appliance sector, the company maintains deep partnerships with industry leaders like TCL and Gree. Its smart cockpit solutions are widely adopted in mainstream vehicle models, including the IM L6 from SAIC and the Geely Xingrui.
Risk factors include potential delays in research and development progress, insufficient cash flow, intensifying market competition, and data and legal regulatory challenges.
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