Guoyuan International: Maintains a "buy" rating on BAIRONG-W (06608) with a target price of 14.28 Hong Kong dollars.

Guoyuan International released a research report stating that the AIAgent strategy of BAIRONG-W (06608) has achieved large-scale application in multiple fields, serving over 8,000 enterprise customers. Looking ahead, the company will be able to adapt and transform AI solutions for the financial industry, rapidly entering new markets such as telecommunications, retail, healthcare, and government affairs. The company is given a target valuation of 18 times PE for 2026, corresponding to a market value target of 6.68 billion Hong Kong dollars, a target price of 14.28 Hong Kong dollars, an expected increase of 32.24% compared to the current price, and maintaining a "buy" rating. Guoyuan International's key points are as follows: The company has released an important strategy, focusing on "silicon-based employees." At the "Silicon-based Productivity Conference 2026 and AI Strategy and Product Release Conference" held by Bairong Cloud on December 18, 2025, the company announced its future enterprise-level AIAgent strategy, explicitly proposing a new business model called RaaS (Result as a Service) with "delivering results" at its core. The AIAgent strategy is a systematic transformation of the company's business model, business form, and industry value under the wave of AI technology. The core and essence of this strategy are the paradigm shift from "providing tools" to "co-creating results" in business production, centered around "silicon-based labor" and supported by the RaaS business model. By transitioning from traditional MaaS and BaaS models of providing technical tools to delivering quantifiable business results, the company has directly addressed the core pain points of enterprise AI application implementation, and will further commercialize through flexible billing models based on tasks and value sharing. Expanding from the financial industry to more vertical industries, AIAgent services are expected to achieve large-scale application Bairong Cloud's AIAgent strategy has already achieved large-scale application in multiple fields, serving over 8,000 enterprise customers. In terms of cross-industry expansion, Bairong Cloud is leveraging its mature AI capabilities in the financial industry to extend to more high-potential segments. For example, by embedding AI capabilities deeply into telecommunications, healthcare, large-scale retail, finance, education, government affairs, and other scenarios through intelligent voice product VoiceGPT and the BaiGong platform. Through consolidating core businesses and breaking through with new strategies, we maintain a buy rating Looking ahead, the company can adapt and transform AI solutions in the financial industry, quickly enter new markets such as telecommunications, retail, healthcare, and government affairs. The company will also continue to improve the BaiGong ecosystem, vigorously develop the developer community, and launch more user-friendly AIAgent development tools. Some AI applications will also be launched to the consumer end. In terms of business prospects, the continuous release of credit market demand under macroeconomic recovery and the further enhancement of financial institutions' dependence on AIAgent empowerment will continue to fuel growth for the BaaS Cloud, with an expected growth rate of 20%-25%. MaaS business, based on decision-based AI data analysis services, has become essential for financial institutions in risk control and marketing, with future growth depending on existing market demand and stabilizing at 10%-15%. If the BaiGong platform becomes an enterprise-level development tool, the ecosystem revenue is expected to contribute 10%-15% of the revenue share, further boosting overall growth. Risk warning: BaaS business is affected by macroeconomic conditions; intensifying competition in the AIAgent service market; slowing down the company's commercialization scenario expansion.