Guoyuan International Maintains "Buy" Rating on BAIRONG-W (06608) with HK$14.28 Target Price

Stock News2025-12-24

Guoyuan International released a research report affirming its "Buy" rating on BAIRONG-W (06608), with a target price of HK$14.28, implying a potential upside of 32.24% from the current level. The brokerage's key points are summarized below:

**Strategic Focus on AI Agents Drives Growth** At its "Silicon Productivity Conference 2026 and AI Strategy & Product Launch" on December 18, 2025, BAIRONG-W unveiled its enterprise-level AI Agent strategy, introducing a new RaaS (Result as a Service) business model centered on outcome delivery. This strategic shift transitions the company from providing tools to co-creating measurable results, leveraging "silicon-based labor" as the core driver. The RaaS model addresses critical pain points in AI adoption by offering flexible pricing, including task-based billing and value-sharing mechanisms.

**Cross-Industry Expansion Underway** BAIRONG-W's AI Agent solutions have already achieved scale, serving over 8,000 corporate clients. Building on its mature AI capabilities in finance, the company is extending its reach into high-potential sectors such as telecom, healthcare, retail, education, and government services. Products like VoiceGPT and the BaiGong platform enable deep AI integration across diverse scenarios.

**Financial and New Market Synergies** The company is adapting its proven financial-sector AI solutions for new verticals while enhancing its BaiGong ecosystem. Initiatives include developer community growth, user-friendly AI Agent tools, and consumer-facing AI applications.

**Business Outlook** - **BaaS Financial Cloud**: Expected to maintain 20%-25% growth, supported by recovering credit demand and AI-driven efficiency gains. - **MaaS Services**: Decision-based AI analytics for risk control and marketing remain essential, with steady growth projected at 10%-15%. - **Ecosystem Revenue**: The BaiGong platform could contribute 10%-15% of total revenue if adopted as a mainstream enterprise development tool.

**Risks**: Macroeconomic impacts on BaaS, intensifying AI Agent competition, and slower commercialization progress in new sectors.

Guoyuan International values BAIRONG-W at 18x 2026E P/E, corresponding to a HK$6.68 billion market cap target.

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

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