New Stock Preview | With the help of the hot trend of "AI+", Nobikhan, whose debt scale has surged significantly, is heading to Hong Kong for "blood transfusion"

AI+AI+ Taking the transportation, Chinese AI+ energy, and AI+ city as examples, all of these industries hold considerable potential for development.According to Zhushi Consulting, the market size of China's AI + transportation solutions industry will reach 238.4 billion yuan by 2023, and is expected to grow to 518.2 billion yuan by 2028, with a compound annual growth rate of 16.8%; the market size of China's AI + energy solutions industry will be 0.5 trillion yuan in 2023, and is expected to grow to 1.1 trillion yuan by 2028, with a compound annual growth rate of 18.6%; and the market size of China's AI + urban governance solutions industry will reach 0.6 trillion yuan in 2023, and is expected to grow to 1.2 trillion yuan by 2028, with a compound annual growth rate of 14.0%. In such a promising development track, Nobikun has a certain competitive advantage, but also faces development risks. The advantage lies in the fact that the company is a pioneer in the application of artificial intelligence technology, and has already achieved industry leadership in its specific field. In addition, Nobikun has deeply integrated artificial intelligence technology with application scenarios, leading to rapid revenue growth and sustained profitability. For a company in such a large emerging track, rapid revenue growth and sustained profitability are undoubtedly major strengths. However, looking further, Nobikun also faces significant development risks in its development track. On one hand, competition is intensifying, and if the company fails to compete effectively, its business, financial condition, and operating performance may be adversely affected. Specifically, the industry competition in which Nobikun operates is fierce and diversified. The company mainly competes with other companies focusing on AI + technology development and commercialization. In the various vertical fields it has entered, the company also competes with existing participants in those vertical fields who do not have specific AI capabilities, as they may be developing integrated product suites and improving their own AI algorithms. Furthermore, Nobikun's competitors may have longer company operating histories, or may have or obtain more financial resources and more advanced technological capabilities and a wider customer base and relationships. Increased competition can lead to decreased sales, price declines, reduced profits, or loss of market share, adversely affecting the company's business. On the other hand, Nobikun's customer base is concentrated, showing a clear dependency on major customers, which may add uncertainty to the company's overall performance. As of the years ended December 31, 2021, 2022, and 2023, and the six months ended June 30, 2024, the company's largest customer accounted for 23.7%, 27.8%, 30.5%, and 61.0% of revenue respectively, and the top five customers accounted for 85.7%, 61.1%, 85.9%, and 91.5% of revenue respectively, mainly distributors in the AI + transportation business and direct customers and system integrators in the AI + energy and AI + urban governance businesses. With such high customer concentration, defaults or delayed payments from these customers can adversely affect the company's liquidity, financial condition, and operating performance. In summary, while Nobikun operates in the promising "AI+" industry, it faces both strengths such as rapid revenue growth, sustained profitability, and high gross profit margins, and weaknesses such as high debt, tight liquidity, and dependency on major customers. This may lead to investors discounting their interest in the company.