Guotai Haitong: Maintains "buy" rating on XUNCE (03317) with potential to explore tokenized payment model to enhance business. Target price of HKD 242.36.

Guotai Haitong released a research report stating that it maintains a "buy" rating for XUNCE (03317). The bank predicts that the company's revenue will be 2.18/3.315/4.71 billion yuan in 2026-2028. Referring to comparable company valuations, considering the company actively exploring tokenized payment business models, it is expected to achieve elevation in business, open up revenue growth space, give the company a 33 times PS in 2026, converted at a rate of 1 Hong Kong dollar to 0.92 yuan, with a target market value of 78.2 billion Hong Kong dollars, corresponding to a target price of 242.36 Hong Kong dollars. Guotai Haitong's main points are as follows: Data demand boom, revenue doubles in 25 years The company achieved revenue of 1.285 billion yuan in 25 years, a year-on-year increase of 103%, with adjusted net profit for 25H2 of 0.5 billion yuan, achieving profitability for the first time on a semi-annual basis. Revenue for the 25H2 alone was 1.087 billion yuan, a year-on-year increase of 211% and a quarter-on-quarter increase of 449%. The company's performance in 25 years is impressive, with revenue doubling year-on-year. the core drivers are: 1) Accelerated deployment of AI large models, exploding data demand, and the company's data infrastructure and solutions penetrating multiple scenarios; 2) The company is accelerating industry expansion, in addition to accelerating the landing in traditional industries, it is also actively deploying in new areas such as Siasun Robot & Automation data platform and commercial aerospace; 3) The company is upgrading cooperation with core customers, with ARPU value growing exponentially, reaching 5.59 million in 2025, a year-on-year increase of 106%. Diversified industries with high-speed growth Looking at the industry breakdown, the company's revenue from the asset management industry in 25 years was 262 million yuan, a year-on-year increase of 7.0%, with a gross profit margin of 71.1%. The revenue level and profitability of the asset management industry have remained relatively stable. The revenue from diversified industries in 25 years was 1.023 billion yuan, a year-on-year increase of 164.0%, with a gross profit margin of 59.3%. With the acceleration of industry expansion and the significant increase in corporate customer data governance needs, the company's diversified industries have seen rapid growth, with revenue share increasing rapidly from 61% in 24 years to 80%. Exploring tokenized payment models, expected to elevate business The company's core is AI Data Agent, building a full-chain technology system covering data acquisition, cleaning, standardization, real-time calculation to large model tuning. As AI large models accelerate landing in B-end enterprises, the vigorous rise in corporate AI data governance demand, token consumption is increasing exponentially, the company is actively exploring tokenized payment business models, accumulating momentum for subsequent performance growth.