GTHT has released a research report initiating coverage on MININGLAMP-W (02718), assigning it a "Cautious Add" rating. The firm forecasts net profit attributable to shareholders for 2025-2027 to be -13 million, 37 million, and 111 million yuan, respectively, with revenues of 1.5 billion, 1.66 billion, and 1.81 billion yuan. The company's main business structure is clear with significant technological advantages. Given that its current accounting net profit is still significantly affected by non-cash items such as changes in the fair value of preferred shares, posing a risk of distortion in short-term PE metrics, the bank employs a PS valuation method, assigning the company an 18x PS multiple for 2026. This corresponds to a reasonable market value of 33.12 billion yuan and a target price of HK$222.71 (converted at HK$1 = 0.92 yuan).
The main viewpoints of GTHT are as follows: The company is a leading provider of data intelligence application software in China. In H1 2025, the company achieved operating revenue of 644 million yuan, a year-on-year increase of 13.9%, showing a clear recovery from the -5.5% revenue decline for the full year 2024. From 2022 to 2024, the company's gross profit margins were 53.2%, 50.1%, and 51.6% respectively, further rising to 55.9% in H1 2025. This reflects an increased proportion of high-margin marketing intelligence business and the effectiveness of cost control achieved through product standardization and AI tools in the operational intelligence field, leading to reduced costs and improved efficiency.
Simultaneously, non-cash items related to the company's listing will continue to periodically impact the net profit attributable to shareholders metric; however, the trend towards breakeven at the operational level is already quite clear. The core business is developing steadily, supported by a solid large client base. Segmented by business, the company's revenue primarily comes from three major segments: Marketing Intelligence, Operational Intelligence, and Industry Solutions. The Marketing Intelligence business, including the Miaozhen System and AI-driven social media insights and content generation products, generated revenue of 354 million yuan in H1 2025, a year-on-year increase of 9.75%, accounting for 55.01% of total revenue.
The Operational Intelligence business focuses on conversational intelligence and smart store operation systems, helping offline chain stores achieve "L1-L5 level autonomous operation." It achieved revenue of 269 million yuan in H1 2025, a year-on-year increase of 16.77%, accounting for 41.71% of total revenue. In the Industry Solutions segment, the company has proactively scaled back low-margin, highly customized projects since 2022, reallocating more resources to replicable standardized products and large model agents. The company is increasing investment in large models and agent directions to strengthen its leading position in data intelligence.
The company is continuously increasing R&D investment in multimodal large models and agents, having launched the generative AI product "XiaoMing Assistant" for enterprise decision-making and operational scenarios, and the AIGC product insightFlow CMS, which integrates social media insights with content generation, thereby connecting marketing insights, content production, and placement optimization. Risk warnings include intensified competition in the data intelligence application software industry and the risk that enterprise marketing and IT investments may fall short of expectations due to macroeconomic fluctuations.
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