Guosheng Securities: First to give Qiaoyin shares a "buy" rating, debt restructuring releases potential, AI reshapes growth.

Guosheng Securities research report pointed out that Qiaoyin shares is a leading urban management service operator in the country with excellent performance. The multi-round debt policy has been strengthened to promote the recovery of cash flow and improve performance. Future planning is based on the "multi-modal interactive intelligent body platform" as a technical foundation, focusing on the layout of smart communities, municipal management and maintenance, outpatient consultation, and government services, promoting deep penetration of AI in urban services. Qiaoyin's newly added orders for 2025 have landed a closed loop of "unmanned equipment + AI platform + operation service", bringing over 700 million yuan in commercial value. At the same time, the highly overlapping new order customers of digital intelligence and traditional business customers provide a low-friction landing channel and a trustable scenario for the company's AI transformation. It verifies the formation of a virtuous cycle of "empowering technology upgrade for traditional business, and technology upgrade feeding back and locking traditional markets". The company is a leading enterprise in the field of urban services with rich management experience, and the promotion of the debt policy is expected to improve cash flow. The layout of the AI smart sanitation field opens up the second growth curve, and it is expected that the company's performance will continue to grow steadily. It is expected that the company will achieve a net profit attributable to the parent company of 3.0/3.2/3.4 billion yuan in 2025/2026/2027, corresponding to PE19.5/18.6/17.2x. We give a "buy" rating for the first coverage.